Trevee Earn
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Trevee Earn, built on the Rings meta-stablecoin, pools USD and ETH deposits to pay staker yield through chain-specific managed vaults. The 2026-08-15 endpoint reported about $0.90M across Sonic, Ethereum and Plasma, but size is not the first gate: Sonic scAssets use Veda BoringVaults and Plasma plUSD routes USDT into Midas vaults whose curators choose whitelisted lending and staking strategies. Because those downstream allocations can change after deposit, the v1 delegated-allocation dossier controls; multi-chain custody and Sonic disposition remain additional hurdles.
- A named chain and meta-asset publish and enforce an immutable adviser-compatible asset and strategy allowlist with caps and no curator substitution, with backing, roles, losses and bridge exposure continuously independently verifiable
- Demonstrates a proposed-size stressed redemption through the documented 72-hour cooldown and every underlying strategy without new subscriptions
The research file
Applicability to the surveyed record
Trevee Earn documents meta-assets for USD, ETH, and BTC whose backing is placed into managed vault infrastructure and yield strategies, with staked receipts distributing or auto-compounding returns. Sonic scAssets use Veda BoringVaults; Plasma plUSD routes deposited USDT into Midas vaults whose curators allocate to whitelisted lending and staking strategies.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 classified Trevee Earn as Yield Aggregator and showed approximately $0.90M TVL: about $0.80M on Sonic, $0.11M on Ethereum, and a de minimis Plasma balance. Current primary documentation publishes Sonic and Ethereum backing addresses and a live Plasma product, so the registry perimeter is updated from Sonic-only to all three surveyed chains.
Control and exit applicability
Veda, Midas, Trevee, and named curators influence asset whitelists and strategy allocation, while stakers rely on vault accounting and weekly Merkle or ERC-4626 yield distribution. Plasma assets flow to curated external protocols; documentation specifies a 72-hour asset-redemption cooldown and 24-hour timelock for protocol changes, so the receipt is not equivalent to instantly available underlying cash.
Why the class rule decides
The shared v1 delegated-allocation dossier controls regardless of aggregate size because a meta-asset holder accepts Veda, Midas, Trevee and curator decisions over downstream strategies rather than holding one immutable approved exposure. Reopen only for a named chain and meta-asset whose contracts enforce an immutable adviser-compatible asset and strategy allowlist with caps and no curator substitution, with backing, roles, losses, bridges, yield accounting and proposed-size stressed redemption continuously independently verifiable.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Trevee Earn — protocol overview · primary · accessed 2026-08-15
Supports: meta-assets, USD ETH BTC, multi-chain architecture, chain-specific parameters - Trevee Earn — Sonic scAssets · primary · accessed 2026-08-15
Supports: Sonic deployment, scUSD, scETH, scBTC, Veda BoringVault - Trevee Earn — Sonic and Ethereum backing addresses · primary · accessed 2026-08-15
Supports: Ethereum backing, Sonic backing, accepted assets, strategy deployment, treasury addresses - Trevee Earn — Plasma vault and controls · primary · accessed 2026-08-15
Supports: Plasma deployment, Midas vault, curators, whitelisted strategies, lending and staking - Trevee Earn — Plasma safety mechanisms · primary · accessed 2026-08-15
Supports: audits, strategy criteria, 72-hour redemption cooldown, 24-hour timelock - DefiLlama — Trevee Earn survey record · secondary · accessed 2026-08-15
Supports: current TVL, current chains, Yield Aggregator category, survey observation
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Ethereum | Approved | sovereign | No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus. |
| Plasma | Rejected | freezable | the production validator committee is permissioned and the public docs still describe decentralization as a phased future rollout with no fixed access timeline. |