[RFC] Add 40Acres USDC Vault to create a High Risk USDC Vault on Base

General Discussion Request for Comment [RFCs]
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Summary

Onboarding 40Acres USDC Vault on Base to create a Base USDC High Risk Vault on the Lazy Summer Protocol. Link: https://www.40acres.finance/

40Acres USDC provides a highly competitive USDC yield solution throughout the Base Network, fueled by Aerodrome protocol fees and voter rewards distributed every epoch without the need for additional token incentives. As long as Aerodrome produces revenue, 40Acres lenders will benefit.

What is 40Acres Finance:

40Acres is a lending/borrowing platform that facilitates the underwriting of USDC loans against veNFTs, utilizing future-revenue based financing.

In a long-term vision, 40Acres aims to be the go-to provider for underwriting loans on any DeFi revenue generating assets, like LP Positions; as well as issue eth/btc/etc loans.

Core Features:

  • Self-repaying & Non-liquidating Loans

  • Borrowers retain full control of voting rights despite veAERO being actively used as collateral

  • Voting Automation & vAPR Optimization

  • Simplified on-chain experience powered by Portfolio Accounts

  • Easy to use UX / UI

Comprehensive Risk Management:

  • Isolated lending vaults separated by chain

  • Most Recent audit by Sherlock

  • 80% max borrow utilization cap on all vaults, 20% float

  • Backed by a team with 20+ years of experience in DeFi

Motivation:

  • 40Acres currently offers 7% APY on USDC; the highest yield across Base USDC Vaults. The yields are fueled by aerodrome protocol fees and voting rewards collected each week by borrowers. 20% of borrower rewards are paid to Lenders for their underwriting services.

  • Vault has averaged 14% APR over vaults life-time

Specifications:

Informal Support Indicator

Should Lazy Summer DAO proceed with drafting a SIP to onboard this market as the first offered High Risk Base USDC Vault?

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Lazy Summer Governance Recap [January 2026]
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great to see y’all here cc @jensei

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Can you add to OP:

-which ve33 are allowed as collateral

-how are they valued.. based on marketprice of liquid token?

-can new ve33 NFTs be added
if so, will they have independent LTVs

-80% LTV seems a bit high even for veAERO
if they are non-lquidating, how do you handle defaults on loans? just keep the veNFT and hope the bribes eventually recoup the bad debt?

-are the contracts all behind proxy or immutable?

since you are only asking for base lvUSDC addition, just answers that refer to base instance of 40arces

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Hey! Great questions - let me answer specific to our Base USDC Vault:

  • Collateral: veAERO ( issued by Aerodrome Finance )

  • Loans are originated based on historical rewards data. Not price.

  • The pool we are adding is only lending USDC to veAERO holders.

  • The 80% is not referring to LTV, but the utilization of the vault. When vault usage exceeds 80%, new borrows are restricted to protect the protocol. This ensures sufficient liquidity for withdrawals and maintains system stability.

The actual LTV of loans is between 25-35% ltv

  • The lending contract is non-upgradeable. This contract is what will be integrated with Summerfi.
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thanks for these..

I have another

how are votes handled once a veAERO is collateralized.
do the borrowers forfeit voting power to 40 acres and you guys then vote and liquidate bribes to USDC

or can they maintain voting on a pool they want.

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40acres gives veAero holders two option for voting. They can either use 40acres auto voting feature. Or they can manually vote on approved pools.

All rewards are swapped to USDC and used to pay lenders and any outstanding debt.

ps thank you for all the educational content you made on youtube! sent a lot of your videos to friends and family.

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