Terms & Conditions
Last updated 4 August 2026
These terms apply to dyield.io and to the dyield™ vault receipt tokens issued by LightVessel DAO LLC, a Wyoming DAO LLC. By using the site you accept them.
dyield™ Prime, High and Ultra are ERC-4626 vault receipt tokens on Base. Each wrapper routes USDC into a Morpho vault operated by an independent curator, and issues you a token representing your share of that position.
LightVessel DAO LLC does not take custody of your assets at any point and does not direct them on your behalf. Assets sit in Morpho's contracts. You hold the receipt token; you can redeem it without our permission or cooperation.
LightVessel earns 10% of the base yield a position actually earns, taken by minting wrapper shares. There is no fee on principal and no fee when there is no yield. The fee is never applied to third-party reward campaigns, which pass through to holders in full.
Each underlying vault is operated by an independent curator who may charge their own performance fee, taken before ours applies to what remains. Curator fees are set by those curators, differ between vaults, and can change at any time without reference to us. We do not restate the current figures here: any number written into this page would go stale the moment a curator changed it, and a stale number is worse than none. The net APY shown for each product is read live from the chain at the moment it is displayed and is already net of both the curator's fee and ours. That figure is the actual yield on your position.
LightVessel earns 10% of vault yield as a performance fee. This is already reflected in the net APY shown above each product. Third-party bonus campaigns are not guaranteed, may end at any time without notice, and pass through to token holders in full — dyield takes no fee on third-party rewards.
Each product is defined as an allocation to a vault meeting published criteria — currently the vault named on the product page. That binding is not permanent. We may migrate a product to a pre-approved alternative vault under our published migration procedure, with same-day public announcement, and you may exit before or after any migration.
Do not rely on any representation that routing is fixed or immutable. It is not.
The underlying vaults are operated by independent third parties. Currently: dyield™ Prime allocates to Steakhouse Prime USDC, curated by Steakhouse Financial; dyield™ High to Steakhouse High Yield USDC, curated by Steakhouse Financial; dyield™ Ultra to Gauntlet USDC Frontier, curated by Gauntlet. Each product also has a pre-approved fallback vault it may migrate to under the procedure below. Each wrapper's address and its underlying vault are published on the product page and readable on-chain.
LightVessel does not control these curators' decisions, their fees, or their risk parameters, and is not responsible for them.
All rates shown are variable, are read live from the underlying vaults, and are not guaranteed. Rates shown are derived from each underlying vault's current rate less our fee; they are not a record of past dyield™ performance. Third-party reward campaigns are discretionary, may end at any time without notice, and form no part of any stated rate.
Capital is at risk and yield may be zero. Risks include smart-contract failure in any contract in the path, curator decisions and fee changes, volatility or failure of the collateral backing the underlying markets, insufficient liquidity to withdraw promptly, reward campaigns ending, and regulatory change.
Redemption depends on available liquidity. The underlying Morpho vaults are lending markets: the USDC behind your position is lent to borrowers, and it can be redeemed only as fast as that liquidity is available. If a large share is currently lent out and borrowers have not repaid, a large redemption may be delayed, or filled only in part, until liquidity returns. Rates rise as a market is more heavily drawn on, which is what attracts repayment and fresh supply, and in practice these markets have met redemptions — but that is a market mechanism, not a promise.
What liquidity does not affect is ownership. The token is the position, held on-chain in your own wallet. All four transfer gates are set to the zero address, so redeeming needs no permission from us or from anyone else, and we never take custody of your assets at any point. Liquidity determines how quickly that claim converts back into USDC. It does not determine whether the claim is yours.
dyield operates on Base, an Ethereum Layer 2 developed and operated by Coinbase, selected for its low transaction costs.
Each product has a pre-approved fallback vault so allocation can be moved quickly. A fallback is not a guarantee of capacity: it may be materially smaller than the vault it would replace, so capacity should be checked on-chain rather than assumed.
Transactions on Base are final. We cannot reverse them, and we cannot recover a lost wallet.
dyield™ deploys Morpho Vault V2 — audited infrastructure built and maintained by Morpho.
The underlying contracts are Morpho's, licensed GPL-2.0-or-later.
Nothing on this site is financial, legal, or tax advice, and nothing here is an offer or solicitation. You are responsible for your own decisions and for any tax arising from them.
You are responsible for determining whether you may lawfully use this site and these products where you are. Do not use them where doing so would breach applicable law.
dyield™ and the dyield™ Prime, High and Ultra product names are marks of LightVessel DAO LLC. The site's design and copy are ours.
The site and the products are provided as-is, without warranty of any kind. To the fullest extent permitted by law, LightVessel DAO LLC is not liable for losses arising from use of the site, the contracts, the underlying vaults, or any third-party service.
These terms are governed by the laws of the State of Wyoming, United States, where LightVessel DAO LLC is organised.
We may update these terms. The date above changes when we do. Continued use constitutes acceptance.
Questions about these terms, or about the products, go to our support address: support@dyield.io · security.txt
dyield tokens are yield-bearing vault receipt tokens, not stablecoins, not bank deposits, not insured.