Providing liquidity
Liquidity providers own the vault. You deposit SOL and USDC, receive vault shares (OPLP), and your shares rise in value as quoters earn excess over a passive hold. You can leave at any time by requesting a withdrawal, which is served at the next settlement.
What you earn
Each book is measured against holding the inventory it was allocated. At the end of every epoch, positive excess above the book's high-water mark is split:
| Share | Goes to |
|---|---|
| 50% | The vault — every OPLP share rises in value |
| 40% | The quoter, credited to its USDC bond |
| 10% | The protocol |
When a book loses against the hold, the loss is charged to the quoter's bond first, then to any unpaid profit credit, and only then to the vault. Between settlements the vault also carries the hold return of its SOL and USDC: your position moves with the SOL price like any SOL/USDC holding.
Fees and settlement works through the numbers.
Deposit
- Open the Vault page and connect your wallet.
- Enter the most SOL and the most USDC you are willing to deposit.
- Read the preview. The vault takes a basket at its current SOL/USDC ratio, so it uses all of one asset and as much of the other as matches. The preview shows the amounts it expects to take and the shares you will receive.
- Select Deposit and approve in your wallet.
Whatever the basket does not use stays in your wallet. The deposit also sets a minimum number of shares, 2% below the preview by default; if the vault's value moves enough between preview and execution that you would receive fewer, the deposit fails and nothing moves.
A few rules the program applies:
- Deposits pause at the very end of an epoch until it is settled, usually a few seconds.
- The vault has a total cap of $2,000,000 in v0. A deposit that would cross it is refused.
- Each deposit carries a request ID. Retrying the same request after a network error never deposits twice.
Your position
The Vault page shows your shares, their current value, your share of the vault, and any pending withdrawals. Share value is the vault's net asset value per share: its SOL and USDC — idle and allocated to books — at the reference price, less settlement credits owed to quoters and the protocol.
Withdraw
Withdrawals run in two steps, because every book must be recalled and settled before assets leave the vault.
- Request. On the Vault page, enter the shares to withdraw and select Request withdrawal. Your shares move to pending in the current epoch.
- Claim. At the epoch's settlement the program reserves your proportional basket of SOL and USDC. From the next epoch, the request shows Claim; select it to receive the basket in your wallet.
A request made in epoch E is claimable from epoch E+1 — at most two epochs after the request. Reserved assets stop moving with the vault once settlement sets them aside, so the amount you claim is the amount the settlement reserved.
Through the API, a request or a claim can also carry minimum amounts (minBaseLamports, minQuoteMicros); the transaction fails rather than pay out less.
Following the books
Your capital is spread across the live books. The Books page shows each book's state, tier, bond and allocation, and how old its quote is. Epochs shows every settlement: what each book earned or lost and where it went.
Common questions
Can a quoter withdraw my deposit? No. Book inventory moves only through swaps and settlement, and a quoter's keys can only post quotes and manage its own bond. No key — the quoter's, the guardian's or the admin's — can move vault or book assets outside deposit, swap, settlement, withdrawal and bond paths.
What happens if a book loses money? Its bond covers the loss first. The program also stops a book when it loses 0.5% of its allocation within the hourly window or 2% within the epoch, and cuts its allocation at the next settlement.
Why can't I withdraw instantly? Assets in books are trading. Settlement recalls them and prices every share at one settled value, so every withdrawal takes exactly its share.