Staked Overlaid Assets
A Staked Overlaid Asset is the yield-participating representation of an Overlaid Asset. Staking C+, for example, gives you sC+: tokens representing shares in the C+ staking position.
As yield is allocated, each share represents more of the base asset. The underlying stablecoin remains the same; staking changes how you participate in its yield.
How yield accrues
Yield originates from the stablecoin backing supplied to Aave. The portion allocated to stakers, after applicable fees, increases the amount of base Overlaid Assets attributed to the corresponding staking position.
For sC+, this means that each token represents more C+ as yield is distributed. You do not receive additional sC+ tokens or need to claim a separate staking-yield payment: the allocated yield is reflected in the amount of C+ your existing shares represent.
Your token balance stays the same. The amount represented by each token increases.
The conversion ratio
The conversion ratio tells you how much of the base Overlaid Asset one staked token represents. For the C+ family:
C+ per sC+ = total C+ attributed to staking ÷ total sC+ supply
The numerator includes deposited C+ and yield already allocated to the staking position. It is not the entire C+ supply or the full USDC backing of the asset family.
A ratio of 1.10 means that 1 sC+ represents 1.10 C+. The same ratio determines both entry and exit:
sC+ received = C+ staked ÷ conversion ratio
C+ received = sC+ unstaked × conversion ratio
For example, staking 110 C+ at a ratio of 1.10 gives you 100 sC+. Those 100 sC+ represent the same 110 C+ you deposited.
Receiving fewer staked tokens does not, by itself, mean a fee or loss. The units are different: each staked token can represent more than one base token.
Worked example
The following example shows how yield, new deposits and withdrawals affect the staking position.
Assume an initial conversion ratio of 1 C+ per sC+. The 10 C+ of yield shown below is already allocated to stakers after applicable fees. The example ignores rounding and transaction costs and does not assume any time period or APY.
| Event | C+ attributed to staking | Total sC+ supply | C+ per sC+ |
|---|---|---|---|
| Alice stakes 100 C+ and receives 100 sC+. | 100 | 100 | 1.00 |
| The protocol allocates 10 C+ of yield. | 110 | 100 | 1.10 |
| Bob stakes 110 C+ and receives 100 sC+. | 220 | 200 | 1.10 |
| Alice unstakes her 100 sC+ and receives 110 C+. | 110 | 100 | 1.10 |
Alice’s balance remained 100 sC+, but the amount it represented increased from 100 C+ to 110 C+. Her additional 10 C+ came from the yield allocation, not from Bob’s deposit.
Bob entered at the updated ratio. His 110 C+ bought 100 sC+, preserving the same amount of C+ per share for both users. Alice’s subsequent withdrawal also left the ratio unchanged.
Deposits and withdrawals change assets and shares proportionally. Yield allocation increases the assets represented by each share. These are the normal accounting relationships illustrated by the example.
What determines staking yield?
Share accounting explains how yield appears in your position, not what the yield rate will be. The rate depends on the underlying lending return, the proportion of the asset family participating in staking and applicable fees.
The backing of unstaked Overlaid Assets can also contribute to the yield allocated to stakers of the same family. When only part of the supply is staked, that allocation is shared across a smaller participating base. This is Overyield. It changes how yield is distributed, rather than creating a separate source of returns.
The conversion ratio is not an annualized rate. A ratio of 1.10 does not mean a 10% APY: it says how much C+ each sC+ currently represents, without specifying how long that change took.
For the yield source, distribution and rate calculations, see Yield & Overyield. For applicable charges, see Fees.
Exiting a staked position
Unstaking converts your shares back into the base Overlaid Asset at the current conversion ratio. There is no fixed staking lock period.
When you choose C+ as the output, you receive the base asset, including the yield reflected in your sC+ shares. You can keep that C+ liquid, use it elsewhere or redeem it for USDC. The dApp also offers a combined unstake-and-redeem flow that returns USDC directly from sC+, without a separate redemption afterward.
sC+ → Unstake → C+ → Redeem → USDC
Or use the direct path: sC+ → Unstake + Redeem → USDC.
The conversion ratio records an amount in base-token units; it is not a guarantee of market value or protection against losses. See Risks & Mitigations.
For practical instructions, see Stake & Unstake and Mint & Redeem.