Abstract
Thaler is a Solana protocol that converts a SOL deposit into a delta-neutral yield position. Each vault allocates capital across three coordinated strategies: liquid staking, a lending loop, and a short perpetual hedge. Because the long staking exposure and the short perpetual exposure cancel out, the realised return tracks the rates earned (staking yield, deposit-borrow spread, perpetual funding), not the price of SOL. The protocol guarantees a per-tier minimum return and protects the principal through a public, on-chain reserve. This documentation describes the product at a level suitable for depositors, integrators, and reviewers. It does not publish strategy parameters, position sizes, or operational thresholds.Document map
The pages are designed to be read in order, but each is self-contained.| Section | Page | Purpose |
|---|---|---|
| Overview | What is Thaler | Product description and the case for delta-neutrality |
| Architecture | The four components of a vault and how they coordinate | |
| Custody and policy | Self-custody model, the policy extension, and how to verify a vault | |
| Strategies | Strategies overview | The three-pillar design and the six Thaler One tiers |
| Liquid staking | The staking leg, supported tokens, and provider selection | |
| Lending markets | The deposit-borrow loop on Kamino | |
| Perpetual markets | The short hedge on Hyperliquid and Pacifica | |
| Vault lifecycle | Creating a vault | Walk-through of the creation flow |
| Claiming yield | How yield accrues and the 24-hour claim cooldown | |
| Closing a vault | The single-transaction unwind and the penalty decay schedule | |
| Fees | The three fee components and a worked example | |
| Security | Principal protection | What protection means and how to verify the reserve |
| Yield floor | How the floor is derived and honoured | |
| Risk disclosure | Residual risks that no on-chain policy can eliminate | |
| Help | FAQ | Short answers to the most common questions |
Position summary
Beta program
The current beta accepts a fixed deposit of 2 SOL per vault. The fixed size equalises
capacity across early users and keeps operational variance low during the first wave.
Variable deposit sizing opens after the beta closes.
Where to next
Open the app
Connect a Solana wallet and create a vault.
Read the overview
Start with the product description.
FAQ
Short answers to the most common questions.