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Custody and control

Is Thaler self-custodial?

Yes. Each vault is a Squads smart account that the user co-owns. The protocol cannot move funds out of a vault without instructions that satisfy the immutable policy the user signed at creation. See Custody and policy.
No. The strategy is non-discretionary. The dedicated worker handles rebalancing, lending leg sizing, and hedge maintenance inside the policy bounds. The user signs at creation, at claim, and at close. Nothing else.
Inside the Squads smart account that the user co-owns. The smart account holds the deposit, the liquid staking token, the lending position, and the perpetual margin. The protocol never has custody of user funds.
No. The Squads policy extension is immutable once signed. If the protocol updates the rule set, it deploys a new policy version. Existing vaults continue under the policy they signed.

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Guarantees

On a normal close, yes. The protocol reserve covers any shortfall caused by ordinary market variance. The protection does not extend to a smart-contract failure of a third-party venue, a loss of user keys, or a close inside the penalty schedule. See Principal protection.
A per-tier minimum return the protocol commits to pay on a full-year hold. The floor is derived from the worst observed twelve-month window in the V12 backtest of the strategy. Realised yield can exceed the floor; it cannot fall below it on a normal close. See Yield floor.
Smart-contract failure of an external venue is the residual risk that no on-chain policy can fully eliminate. If Kamino, the perpetual exchange, or the liquid staking provider lose user funds, the loss flows through to the vaults holding positions in them at the time. The protocol mitigates this by routing only through venues with multi-year track records and capping exposure per venue. See Risk disclosure.

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Deposits and claims

The beta uses a fixed deposit to equalise capacity across early users and to keep operational variance low during the first wave. After the beta closes, deposit sizing becomes variable.
Yes. The Create Vault screen accepts a USDC equivalent. The protocol routes USDC into SOL through a same-chain LI.FI swap before funding the vault. The route and the estimated USDC required are shown before signing.
Once every 24 hours per vault. The cooldown is enforced by the policy at the smart-account level. A claim does not affect the strategy and does not reset the closure penalty schedule. See Claiming yield.
Most claims pay in the liquid staking token of the leg that produced the yield (jitoSOL or mSOL). Some claims pay in SOL when the perpetual funding side dominates the realised amount.

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Closure

A close runs in one transaction. Most closes confirm in under a minute. If a venue is congested, the worker retries until the position is fully unwound.
A closure penalty applies. It starts at 3 % of the deposit on day 0 and decays linearly to 0 % on day 96. After day 96 a close is free. See Closing a vault.
The close transaction settles the hedge as part of the same operation. The user does not need to close the hedge separately or wait for an off-chain confirmation.

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Fees and returns

Three fees: a small vault creation fee at creation, an 11 % service fee on realised yield (collected at claim and at close), and a closure penalty that only applies on closures before day 96. See Fees.
Net. The APY range shown on the Strategies page is the user’s net return after the 11 % service fee is taken. No further subtraction is required to compare across tiers.
The simulator compounds the per-tier APY across the selected holding period. A 30-day holding window at an 11.75 % APY produces about 0.92 % realised ROI; the same band on a 365-day window produces the full 11.75 %. The numbers stay internally consistent with the headline APY.

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Strategy parameters

The headline figures (APY range, yield floor, supported venues) are public on the Strategies page in the app and on this site. Detailed strategy parameters (leverage values, rebalance thresholds, exact venue weights) are not published; they are part of the strategy signature. Auditors and integration partners with a legitimate need can request them under NDA via audit@thaler.finance.
The protocol’s edge depends on the precise calibration of LTV buffers, leverage caps, and rebalance thresholds. Publishing them would let other market participants front-run the rebalances. The on-chain policy is verifiable in aggregate without exposing the detailed numbers.

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