Understanding the Vault System
Vaults are the foundation of PLX — self-contained financial structures that manage assets, exposure, rewards, and accounting autonomously. Each vault has four key components:
Collateral Pool: The real assets (SOL, mSOL, or JitoSOL) deposited by users. These assets earn staking yield while serving as the foundation for synthetic exposure.
Synthetic Position Layer: Smart contracts that establish and maintain leveraged exposure through Solana’s perpetual DEXs or custom on-chain delta hedging mechanisms.
Rebalance Controller: The automated system that monitors exposure and adjusts position sizes whenever leverage deviates from its target ratio.
Accounting Module: Responsible for NAV (net asset value) tracking, share price updates, and reward distribution.
When users deposit into a vault, they receive Vault Share Tokens (vSOL-2x, vSOL-3x, etc.), which represent ownership of the vault’s NAV. Over time, as the vault earns yield and PnL from its synthetic exposure, the value of each share increases.
Every vault is isolated, meaning risks don’t spill over between them. A SOL 2× vault cannot affect a mSOL 3× vault, and each one maintains its own liquidity.
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