The vault
Deposit, and cash out.
USDG buys vLIQ at what the vault holds per share. Cashing out is the same card the other way, paid in the same transaction, with nothing taken off.
Paid in the same transaction
The call burns your vLIQ and sends the USDG. There is no request to make and nothing to cancel.
Nothing comes off
What your vLIQ is worth at the price on the day is what you are paid. There is no exit fee.
It cannot be paused
Deposits can be paused by governance. Cashing out cannot, so a holder can always leave.
What stands behind a share
USDG in the vault— not deployed
Reserved as escrowat most 80% of it
Free to pay cash-outsthe rest, always
Income50% of fees + 50% of skew fees ± the book
Escrow is what the book owes winning traders in the worst case, reserved before it can be owed. See net escrow.
What can go wrong. The vault is the other side of the book. When traders on the crowded side are right, the vault pays them and the price of vLIQ falls. Skew fees and the cap limit how much, and how fast; they do not make it zero.
USDG
vLIQ
Put in an amount and this line says, in words, exactly what happens.
Price of one vLIQ1.0000 USDG · genesis
Deposit fee · exit feeNone · none
Minimum100 USDG
Preview. AmphiVault is written but not deployed. This card reads it the moment its address is set; until then no USDG can be sent from here.