> ## Documentation Index
> Fetch the complete documentation index at: https://docs.thaler.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Frequently asked questions

> Short answers to the most common questions about Thaler vaults. Custody, mechanics, fees, and guarantees in one page.

## Custody and control

<AccordionGroup>
  <Accordion title="Is Thaler self-custodial?" defaultOpen>
    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](/overview/custody-and-policy).
  </Accordion>

  <Accordion title="Do I need to manage the position?">
    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.
  </Accordion>

  <Accordion title="Where are the funds while the vault is running?">
    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.
  </Accordion>

  <Accordion title="Can the protocol change the rules after the vault is open?">
    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.
  </Accordion>
</AccordionGroup>

## Guarantees

<AccordionGroup>
  <Accordion title="Is the principal really protected?">
    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](/security/principal-protection).
  </Accordion>

  <Accordion title="What is the yield floor?">
    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](/security/yield-floor).
  </Accordion>

  <Accordion title="What if a venue is exploited?">
    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](/security/risk-disclosure).
  </Accordion>
</AccordionGroup>

## Deposits and claims

<AccordionGroup>
  <Accordion title="Why is the deposit fixed at 2 SOL?">
    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.
  </Accordion>

  <Accordion title="Can I deposit in USDC instead of SOL?">
    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.
  </Accordion>

  <Accordion title="How often can I claim yield?">
    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](/vault/claim).
  </Accordion>

  <Accordion title="What asset does the claim pay out in?">
    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.
  </Accordion>
</AccordionGroup>

## Closure

<AccordionGroup>
  <Accordion title="How long does a close take?">
    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.
  </Accordion>

  <Accordion title="What if I close early?">
    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](/vault/close).
  </Accordion>

  <Accordion title="Can I close before the perpetual hedge settles?">
    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.
  </Accordion>
</AccordionGroup>

## Fees and returns

<AccordionGroup>
  <Accordion title="What fees does Thaler charge?">
    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](/vault/fees).
  </Accordion>

  <Accordion title="Is the headline APY the gross or net rate?">
    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.
  </Accordion>

  <Accordion title="Why does the simulator show different ROI for shorter windows?">
    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.
  </Accordion>
</AccordionGroup>

## Strategy parameters

<AccordionGroup>
  <Accordion title="Where can I see the 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`.
  </Accordion>

  <Accordion title="Why are the exact weights kept private?">
    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.
  </Accordion>
</AccordionGroup>

## Still need help?

<Columns cols={2}>
  <Card title="Open the app" icon="arrow-up-right-from-square" href="https://thaler.finance">
    Connect a Solana wallet and create your first vault.
  </Card>

  <Card title="Email support" icon="envelope" href="mailto:support@thaler.finance">
    Reach the team directly for anything not covered here.
  </Card>
</Columns>