Beefy - stEUR–EURe LP Vault
This strategy uses Beefy Finance's auto-compounding vault to optimize yield from a stEUR–EURe liquidity pool. stEUR is Angle Protocol's yield-bearing euro stablecoin (staked EURA), while EURe is Monerium's MiCA-regulated euro e-money token backed 1:1 by fiat euros in safeguarded EU bank accounts. By providing liquidity to this euro-denominated pair and depositing LP tokens into Beefy's vault, users earn trading fees and farming rewards that are automatically compounded.
How the strategy works:
- Provide liquidity to the stEUR–EURe pool on a DEX (e.g., Curve)
- Deposit the resulting LP tokens into Beefy's auto-compounding vault
- Beefy harvests trading fees and farming rewards multiple times daily
- Rewards are automatically sold, converted back to LP tokens, and re-deposited — compounding your position
- You receive mooTokens representing your growing share of the vault
- Withdraw at any time — no lock-ups; your mooTokens are burned and you receive LP tokens plus accumulated yield
Beefy Finance is a multi-chain yield optimizer supporting 25+ blockchains. It has been audited by CertiK (0 critical, 2 major — all resolved) and employs immutable vault contracts that cannot be upgraded. Angle Protocol (stEUR/EURA) has been audited by Chainsecurity, Sigma Prime, and Code4rena. EURe by Monerium is a fully MiCA-compliant e-money token backed by 102% fiat reserves in EU banks.
Basic Information
Fundamentals
TVL
APR
Statistics
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Liquidity
Not calculated yet
Liquidity analysis will be available soon
Strategy
- Acquire stEUR and EURe
- Obtain stEUR by depositing EURA into Angle Protocol's staking contract (no fees, no lock-up)
- Obtain EURe from Monerium or purchase on a DEX — EURe is a regulated euro e-money token
- Provide liquidity to the stEUR–EURe pool
- Deposit both tokens into the stEUR–EURe liquidity pool on the underlying DEX
- Receive LP tokens representing your share of the pool
- Deposit LP tokens into Beefy vault
- Deposit your LP tokens into the Beefy stEUR–EURe vault
- Receive mooTokens — interest-bearing receipts representing your growing vault share
- Alternatively, use Beefy's ZAP feature to enter in a single transaction (0.05% ZAP fee)
- Earn auto-compounded yield
- Beefy harvests trading fees and farming rewards multiple times daily
- Rewards are sold, converted to more LP tokens, and re-deposited automatically
- Your mooToken value increases over time as yield compounds
- Withdraw at any time
- No lock-ups — initiate withdrawal whenever you choose
- mooTokens are burned; you receive LP tokens plus all compounded yield
- Remove liquidity from the DEX pool to get back stEUR and EURe
Yield Source
Yield in this strategy comes from multiple layers: the underlying DEX trading fees, any farming incentives on the LP pool, and the inherent yield of stEUR itself. Beefy's auto-compounding amplifies returns by reinvesting all rewards frequently without manual intervention.
Primary yield sources:
- DEX trading fees: Earned from swaps between stEUR and EURe in the liquidity pool — proportional to your share of the pool
- stEUR native yield: stEUR continuously accrues yield from Angle Protocol's borrowing module and reserve assets, meaning one side of the LP is itself yield-bearing
- Farming rewards: Additional token incentives distributed by the DEX or protocol for providing liquidity
- Auto-compounding: Beefy harvests all rewards, sells them, buys more LP tokens, and re-deposits — compounding multiple times daily
Yield characteristics:
- Euro-denominated: Both assets are pegged to the euro, so yield is earned in EUR terms rather than USD
- Low impermanent loss risk: Both stEUR and EURe track the euro, minimizing IL — though stEUR appreciates over time as yield accrues, creating a small divergence
- Performance fee: Beefy takes a performance fee from harvest profits (already factored into displayed APY), split among BIFI holders, treasury, strategists, and harvesters
The combination of a yield-bearing stablecoin (stEUR) paired with a fiat-backed stablecoin (EURe) in an auto-compounding vault creates a multi-layered yield strategy with relatively low impermanent loss exposure.
Strategy Limits
Deterministic Constraints
- Beefy charges a performance fee on harvested profits (already reflected in displayed APY)
- ZAP deposits/withdrawals incur a 0.05% fee
- Some vaults have a small withdrawal fee to prevent harvest front-running
- Harvest frequency depends on TVL: vaults below $10k on Ethereum may require manual community harvests
- High gas fees (20+ GWei on Ethereum) can pause automatic harvesting
Probabilistic Constraints
- Impermanent loss: stEUR appreciates over time relative to EURe, creating gradual divergence in the pair
- Trading volume fluctuation: lower volume in the stEUR–EURe pool reduces fee-based yield
- stEUR yield variability: Angle Protocol's savings rate can change based on borrowing demand and reserve composition
- Euro stablecoin liquidity: euro-denominated pools typically have lower liquidity than USD pools, potentially increasing slippage during large exits
Underlying Assets/Allocations
Risk Analysis
Potential Risks
Based on the Beefy vault documentation, Angle Protocol docs, and Monerium documentation:
- Smart Contract Risk (Multi-Layer) - Vulnerability in Beefy vault contracts, Angle's stEUR/EURA contracts, the DEX pool, or EURe token contracts could lead to loss of funds
- Impermanent Loss - stEUR appreciates over time as yield accrues while EURe stays pegged at €1, creating gradual price divergence and IL exposure
- EURA Depeg Risk - If Angle Protocol's EURA loses its euro peg, stEUR value would be directly impacted, affecting the LP position
- EURe Issuer Risk - Monerium EMI insolvency or regulatory action could affect EURe's 1:1 euro backing and redeemability
- DEX Pool Risk - Underlying DEX (e.g., Curve) could experience exploits, pool imbalances, or governance attacks
- Liquidity Risk - Euro pools have lower liquidity than USD pools; large withdrawals may face significant slippage
- Harvest Strategy Risk - Beefy's automated harvesting could execute at unfavorable prices or fail during network congestion
- Underlying Platform Risk - Failure of the farming platform to deliver promised rewards would reduce vault yields
- EUR/USD Exchange Rate Risk - For users whose base currency is not EUR, fluctuations in the EUR/USD rate affect the dollar value of the position
Risk Analysis (3rd Parties)
Summary
The Beefy stEUR–EURe LP vault auto-compounds yield from a euro-denominated liquidity pool pairing Angle Protocol's yield-bearing stEUR with Monerium's MiCA-regulated EURe. The strategy benefits from multiple yield layers — DEX trading fees, stEUR's native savings rate, and farming rewards — all compounded automatically by Beefy's battle-tested vault infrastructure. Security is supported by audits across all three protocols: CertiK for Beefy, Chainsecurity and Sigma Prime for Angle, and full MiCA regulatory compliance for EURe. However, the multi-protocol stack introduces compounded smart contract risk, and euro-denominated pools typically have lower liquidity than USD equivalents. Impermanent loss is minimal given both assets track the euro, though stEUR's gradual appreciation creates slight divergence. Users should consider the EUR/USD exchange rate exposure if their base currency is not EUR, and be aware that thin euro pool liquidity may cause slippage on larger exits.
See the Beefy Finance audit reports: Beefy Audits Repository
Beefy Finance Audits: Core vault contracts audited by CertiK — 0 critical vulnerabilities, 2 major issues (all resolved). Vault contracts are immutable and cannot be upgraded after deployment, preventing rug-pull scenarios. Beefy also runs a bug bounty program.
Angle Protocol Audits: EURA and stEUR smart contracts audited by Chainsecurity, Sigma Prime, and Code4rena. Angle offers up to $500,000 in bug bounties. EURA is over-collateralized with more value in reserves than stablecoins in circulation.
EURe Regulation: EURe is issued by Monerium EMI ehf., a licensed Electronic Money Institution fully compliant with MiCA regulation. Backed by 102% fiat reserves in safeguarded EU bank accounts with 1:1 redemption rights. Available on Ethereum, Gnosis, Polygon, Arbitrum, Linea, and Noble.
Multi-Layer Dependency: This strategy stacks three protocols (Beefy + Angle + Monerium) on top of a DEX (e.g., Curve). A vulnerability or failure in any layer — the vault, the staking contract, the stablecoin backing, or the DEX pool — could impact user funds. Each additional layer adds smart contract risk.
Euro Pool Liquidity: Euro-denominated DeFi pools generally have significantly lower liquidity than USD equivalents. During periods of market stress, thin liquidity could result in elevated slippage or delayed exits, particularly for larger positions.