Depositors
atRISKUSDC Vault Participation
How yield-bearing vaults work: exchange-rate appreciation, tiers, and what happens to your deposit.
How It Works
Each atRISKUSDC vault is tied to a market and a specific alpha-generating process. When you stake RISKUSDC into a vault, you receive atRISKUSDC shares at the current exchange rate. As trading generates revenue for that vault, the vault's RISKUSDC balance grows while the share count stays fixed. Your yield is the rising exchange rate.
Example: If the exchange rate is 1.00 when you stake and rises to 1.10, your atRISKUSDC shares are now worth 10% more RISKUSDC than when you entered.
Multiple Vaults
The protocol supports multiple atRISKUSDC vaults, each tied to a market and alpha-generating process. Current vault categories include crypto systematic market neutral and prediction-markets systematic market neutral exposure. Additional vaults targeting different markets and processes may be added over time.
Exchange-Rate Mechanics
- Revenue increases the rate: When trading operations are profitable, the exchange rate goes up.
- Losses decrease the rate: When trading operations lose money, the exchange rate goes down. There is no automatic loss buffer.
- Tier allocation: Different tiers receive different shares of revenue. See Tiers, Lockups, and Auto-Renewal.
What You Are Exposed To
DANGER
Vault participation carries real risk. The atRISKUSDC exchange rate can decrease if trading operations incur losses. You can lose money, including all of it. Holding RISKUSDC without staking does NOT expose you to trading losses.
| State | Trading Risk | Yield |
|---|---|---|
| Holding USDC | None | None |
| Holding RISKUSDC | None | None |
| Holding atRISKUSDC | Yes — exchange-rate exposure | Yes — exchange-rate appreciation |
Exchange-Rate Updates
Yield crystallization is attestation-driven rather than monthly. Realized PnL can be attested and allocated frequently. Once realized PnL is deposited, the split across recipients happens automatically in a single atomic transaction.