Smart Contracts
PLX’s architecture is modular, built for composability and long-term scalability. Each vault is its own smart contract instance that operates semi-autonomously while reporting data back to the Core PLX Controller, a master contract responsible for global system parameters, reward distribution, and oracle validation.
Every vault, such as SOL2X, SOL5X, PUMP2X, PUMP5X, or CHILLGUY2X, has its own configuration profile — defining its target leverage, collateral type, and exposure logic. For example:
SOL2X Vault: Targets double exposure to SOL while maintaining low volatility decay.
SOL5X Vault: Provides amplified returns for traders seeking higher directional exposure.
PUMP2X and PUMP5X: Synthetic leverage vaults tied to trending memecoins, using smaller position windows and higher rebalance tolerance.
CHILLGUY2X: A lighter volatility vault optimized for slower, more stable performance curves.
These vaults all communicate with the Rebalance Engine and Oracle Layer through standardized interfaces. The Core Controller validates price data, ensures vault exposure aligns with the system’s global safety parameters, and routes protocol fees to the Treasury Module. This layered design makes PLX inherently upgradable: new vaults can be launched, modified, or sunset without affecting the existing ecosystem.
At a lower level, every vault executes two critical processes in sync:
Exposure Maintenance: Keeping leverage at the target multiple (2× or 5×).
Delta Optimization: Ensuring that vaults stay delta-neutral in volatility bands and efficiently rebalance on directional trends.
Because everything operates on Solana, PLX benefits from sub-second transaction speeds and ultra-low fees — essential for a protocol that must continuously rebalance and stream live performance data. The PLX smart contract ecosystem consists of four main layers:
Vault Contracts – Handle user deposits, mint vault shares, manage synthetic exposure, and process withdrawals. Each vault (e.g., SOL2X) is a standalone contract that interacts with derivatives venues to maintain leverage exposure.
Controller Contract – The brain of the protocol. It governs global settings such as maximum leverage ratios, fee parameters, and reward emission rates. It also authorizes vault creation and orchestrates rebalancing permissions.
Oracle Contract – Fetches and aggregates pricing data from Pyth, Switchboard, and in-house TWAP feeds. It provides median price points and volatility indicators for precise rebalance decisions.
Reward Contract – Tracks user contributions to vault performance and distributes Leverage Rally Rewards or protocol fees proportionally to volume generated.
Each contract is lightweight, permissionless, and upgradeable. The design follows a modular dependency pattern, meaning updates to one vault or module don’t compromise the rest of the protocol. All key variables — from exposure thresholds to funding rate inputs — are on-chain and transparent, allowing external developers to audit and integrate them freely.
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