> ## Documentation Index > Fetch the complete documentation index at: https://docs.jup.ag/llms.txt > Use this file to discover all available pages before exploring further. > ## Agent Instructions > These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet. > Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt. > When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs. # Jupiter Vaults strategies: lending and looping > How Jupiter Vaults strategies earn yield: lending on Offerbook or Jupiter Lend, looping on yield-bearing assets, and how to see where a vault's funds are. A vault's strategy is the plan its curator follows to earn yield with the deposited funds. Each vault page describes its strategy under the vault name, and the curator alone runs it. See [Curators](https://docs.jup.ag/user-docs/earn/vaults/curators.md). Vaults use two kinds of strategy: > [card] [Lending](https://docs.jup.ag/user-docs/earn/vaults/strategies.md#lending-vaults) > > The vault lends its USDC and earns the interest borrowers pay. > [card] [Looping](https://docs.jup.ag/user-docs/earn/vaults/strategies.md#looping-vaults) > > The vault borrows against a yield-bearing asset to increase its exposure to that asset's yield. ## Lending vaults A lending vault lends its USDC to borrowers and earns the interest they pay. It lends on one or both of these protocols: | | Offerbook | Jupiter Lend | | - | - | - | | How it works | Peer-to-peer loans at a fixed rate. The vault publishes loan offers, and borrowers lock collateral to take them. | A pooled lending protocol with variable rates. The vault supplies USDC and moves it between markets to follow the best rates. | | Learn more | [Lending on Offerbook](https://docs.jup.ag/user-docs/earn/offerbook/lending.md) | [Earn on Jupiter Lend](https://docs.jup.ag/user-docs/earn/lend/earn.md) | On [Offerbook](https://docs.jup.ag/user-docs/earn/offerbook.md), Jupiter's peer-to-peer lending market, some vaults accept a wide range of collateral, and others lend only against one asset, such as sUSDai or nOPAL. If a borrower does not repay by maturity, the vault claims the collateral and may sell it. ## Looping vaults A looping vault holds a yield-bearing asset, borrows USDC against it, and buys more of the same asset with the borrowed USDC. Repeating this raises the vault's exposure to the asset's yield, minus the cost of borrowing. > [!WARNING] > > Looping multiplies both the yield and the risk. If the asset loses value, or its yield falls below the borrowing cost, losses are amplified. The risks also depend on where the vault borrows: | Where the vault borrows | What can go wrong | | - | - | | [Jupiter Lend](https://docs.jup.ag/user-docs/earn/lend/multiply.md) | The position can be liquidated if the collateral's value falls too far against the debt. See [Liquidation](https://docs.jup.ag/user-docs/earn/lend/liquidation-mechanism.md). | | [Offerbook](https://docs.jup.ag/user-docs/earn/offerbook/multiply.md) | The loans have a fixed term and no price-based liquidation, but the vault must repay or renew them before maturity. | The vault's Allocation and Risks sections show which applies. ## Underlying assets Some vaults are exposed to yield-bearing tokens backed by real-world assets (RWA): | Asset | What it is | | - | - | | sUSDai | A yield-bearing stablecoin | | nOPAL | A token from Plume's Nest, backed by short-dated Brazilian credit card receivables | These tokens carry their own risks, including the issuer's ability to freeze or redeem them. See [Strategy and market risks](https://docs.jup.ag/user-docs/earn/vaults/risks.md#strategy-and-market-risks). ## Vault allocation A vault shows its allocation in three places: | Where | What you see | | - | - | | The strategy tag under the vault's name, such as "Stablecoin Lending" | Select it to open Vault strategy, which splits the funds by type: Lending, Looped, Market making, Idle and Other. | | The Allocation section of the vault page | Each market the vault uses, with its Share of the vault, its value in dollars and the market's APY. A Jupiter Lend position spread over several markets is one Jupiter Lend row, with the number of markets, such as "3 markets": open it to see each lending market, then select a market for its supply APY, rewards APY and the token the vault holds for it. These are market rates, before vault fees. | | Curator Activity | Each strategy action recorded onchain. See [Track curator activity](https://docs.jup.ag/user-docs/earn/vaults/curators.md#track-curator-activity) | While the vault's value is being checked again, the Allocation section says "The vault AUM is being validated again." and shows the last validated allocation. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.