Perpetual Vault
Understand how the vault manages trade exposure, evUSD conversion, and monthly rewards.
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Understand how the vault manages trade exposure, evUSD conversion, and monthly rewards.
The Everstrike Perpetual Vault acts as counterparty to a subset of Everstrike Mainnet trades. Its value changes with those trades, protocol fees, and reward distributions.
When traders profit against the vault, the vault pays their profits.
When traders lose against the vault, their losses are credited to the vault.
Everstrike expects the vault to counterparty 80–90% of trades during Mainnet's first year. This share may decrease to 20–30% as external market-making activity grows. These are operating estimates, not commitments.
The Everstrike DAO may approve a proposal to phase out the vault. If approved, accumulated vault funds are distributed to evUSD holders using the 12-month pro-rata formula.
Vault losses can reduce the evUSD conversion rate. A negative Vault Balance temporarily causes evUSD to trade below its USDC peg.
Rewards depend on the prior month's Vault P/L. They can be zero. The DAO can also change the Vault Distribution Rate.
The vault influences the conversion price of Everstrike USD (evUSD).
evUSD to USDC Conversion Rate = 1 + min(0, Vault Balance / evUSD Supply)
Where:
Vault Balance is the vault's cumulative profit since inception.
evUSD Supply is the circulating supply of evUSD.
When the Vault Balance is positive, the conversion rate remains 1. When it is negative, the conversion rate falls below 1.
Rewards are distributed at 00:00 UTC on the first day of each month.
Total Reward = max(0, Previous Month's Vault P/L) × Vault Distribution Rate
Where:
Previous Month's Vault P/L is the vault's profit or loss during the prior calendar month.
Vault Distribution Rate is set by the Everstrike DAO. It is currently 30%.
Only positive monthly P/L produces rewards. The undistributed share of profit is added to the Vault Balance.
Each eligible holder receives a pro-rata share. The share reflects the holder's average evUSD balance during the previous calendar month.
Hold at least 10 evUSD to receive distributions. Rewards are credited automatically. No manual action is required.
Fifty percent of protocol fees generated on Everstrike Mainnet are deposited into the vault. These deposits increase the Vault Balance.
The vault bootstraps liquidity during Everstrike Mainnet's early operation. It also gives evUSD holders exposure to vault earnings.
No. The vault complements institutional market makers. The DAO can phase it out after market-making activity grows.
A negative Vault Balance reduces the evUSD conversion rate below 1. The rate returns to 1 when the Vault Balance becomes positive.
Use the official stats dashboard.
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