> For the complete documentation index, see [llms.txt](https://docs.plutus.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.plutus.fi/products/plsassets/plscyph.md).
# plsCYPH
A quick reference on [plsASSETs](/products/plsassets.md).
**plsCYPH** is powered by Cypher Industries, an Automated Market Maker (AMM) operating in the Ethereum Layer 1.
With plsCYPH, users **earn xCYPH yield** **while staying liquid**. Additionally, plsCYPH, like all plsASSETs, benefits from **compounding yield** through overcollaterization, **amplifying rewards** over time.
plsCYPH can be pooled into a [LP Token](/products/plsassets.md#liquidity-pool-tokens) via the Plutus [dApp](https://plutus.fi/Pools).
## Rewards
* **Permanent xCYPH Staking**: The underlying xCYPH is staked permanently, and rewards are paid out in generally CYPH or plsCYPH.
* **Note**: Rewards are determined by Cypher Industries and passed directly to plsCYPH stakers. Info on Cypher's protocol earnings [here](https://docs.cyphereth.com/docs/tokenomics/protocol-earnings).
## Fees
Plutus takes a 12% **performance fee** on the underlying **xCYPH yield**. Generally this fee is outweighed by the overcollaterization, resulting in higher net yield for your staked plsCYPH, but the protocol can't guarantee that to be always the case. This fee is used to **overcollaterize** and provide liquidity. Additionally, the fee is taken into account in performance metrics, so what you see is what you get.
## Overcollaterization
Like all other plsASSETs, plsCYPH is an overcollaterized asset, meaning there are more yield-bearing than yield-earning tokens. The level of overcollaterization defines the amount of **extra yield** paid to staked plsCYPH holders from the underlying locked xCYPH.
## plsCYPH Diagram
## Additional Reading
### Cypher Industries Info
[Cypher Docs](https://docs.cyphereth.com/)