AMM vault

Vault strategy

Quotes both sides of every market around a fair price built from the oracle and major venues' prices, skews against inventory, and sizes quotes to its capital. The strategy runs inside the Confidential Execution Engine; its inventory is as private as any account's. Its key can quote and reduce inventory but cannot withdraw capital.

Information barrier

The strategy reads public market data, meaning index, oracle, and mark prices, funding, and the aggregate book, together with the vault's own orders, fills, and inventory. It has no access to other accounts' orders, stops, or liquidation prices.

Its orders enter the same matching queue as client orders, pass the same checks, and pay the same fees, maker rebates included (Order lifecycle).

Backstop role

The vault takes over accounts below two thirds of maintenance with their remaining margin and takes any position auto-deleveraging cannot place with a holder. Depositors carry the results of both (Margin and liquidation).

Vault shares

Shares carry vault gains and losses in proportion. The vault's 20% fee share and launch pool fees are paid into vault equity and raise every holder's share value; no other part of the fee split is ever redirected to cover a vault loss. Fees are routed before any mint or redemption, so a new deposit never captures fees earned before it.

The vault’s opening shares belong to the treasury multisig, which put in no capital for them. They carry gains and losses like any share and earn no depositor SUB.

Deposits and withdrawals

Deposits come from free margin and lock the owner’s shares for 4 days, restarted by each deposit. After the lock a withdrawal redeems shares in one step at NAV. Neither carries a fee.

Depositor rewards

Each reward period reserves 20% of its SUB for depositors, scored on shares held over time (Emissions and trade-to-own). Protocol accounts take no part in it, so the lane goes in full to depositors.