SOL Vault
Vaults are the core liquidity structures that power PLX. Each vault represents a self-balancing leverage strategy, combining staked collateral (SOL or LSTs) with synthetic exposure (through delta-tracking perps or swaps). Unlike traditional margin systems, vaults don’t borrow — they replicate leverage mathematically.
The lifecycle of a vault looks like this:
Deposit: Users deposit SOL, mSOL, or JitoSOL.
Synthesis: The vault uses a portion of this collateral to open an equal or greater synthetic long exposure via decentralized perps (Drift, Zeta, or Jupiter-integrated markets).
Rebalancing: Exposure is maintained automatically to match the vault’s target leverage ratio.
Yield Flow: The collateral portion continues earning staking yield or validator rewards, compounding passive yield alongside leveraged returns.
Each vault is isolated and parameterized. The protocol maintains strict boundaries between them to prevent contagion — a spike in volatility in the SOL5X vault cannot affect users in PUMP2X. The SOL Vaults are the backbone of PLX, offering the most stable and high-liquidity leverage exposure on the platform.
SOL2X: Designed for long-term leveraged exposure with lower volatility decay. Ideal for users who want to compound SOL growth without managing liquidation risk. It dynamically rebalances exposure at ±4% drift thresholds, ensuring smooth curve tracking.
SOL5X: The high-octane version. It amplifies returns through aggressive synthetic replication and narrower rebalance bands (±1.5%). While the risk of short-term drawdown is higher, the vault’s adaptive decay controls prevent losses from cascading.
Both vaults interact directly with the Solana staking layer, using yield from mSOL/JitoSOL collateral to offset the costs of exposure management. As a result, the vaults naturally hedge against sideways markets — even when SOL’s price stagnates, stakers still earn base yield.
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