Questions
The same answers for both sides of the desk.
For investors
What am I holding?
brUSDC shares. Their price is the vault's value divided by the shares in issue, and it is the price a withdrawal is settled at.
Where does the return come from?
Traders borrow from the vault and keep most of what they make. The vault receives a share of every realised profit, and that raises the share price.
What happens if a trader loses money?
Their own collateral absorbs the loss first. Only past it does the vault take any, and then the share price falls.
Can I withdraw whenever I want?
You can request a withdrawal at any time. It is filled in the order requests were made, as cash returns to the vault.
For traders
How much can I borrow?
Your level sets a multiple of the collateral you post, and each asset has its own multiple on top of that. The lower of the two binds.
How is my level decided?
You choose it when you open the account. Each level has its own minimum deposit, and the program refuses a deposit below the one your level needs.
When am I closed out?
When your losses pass your loss buffer, which is a percentage of your collateral set by your level. Positions are sold to repay the vault.
What can I buy?
Only assets on the approved list. It is maintained from measured pool depth and risk, and anything removed can still be sold.
About the platform
Who holds my money?
The program does, on chain. Deposits, collateral and the vault are all program accounts; nothing is held by a company account.
What does the keeper do?
It values books, maintains the approved list, and cosigns trades so they can be checked against the rules before they are sent. It cannot move your money on its own.
Is the program open source?
No. The vault's balances can be read on chain by anyone; its rules cannot.