> ## 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.

# Thaler Finance

> Self-custodial, delta-neutral yield vaults on Solana. The deposit stays yours, the strategy is enforced on chain, and the principal is protected.

## 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.

<table>
  <thead>
    <tr><th>Section</th><th>Page</th><th>Purpose</th></tr>
  </thead>

  <tbody>
    <tr><td rowSpan={3}>Overview</td><td>[What is Thaler](/overview/what-is-thaler)</td><td>Product description and the case for delta-neutrality</td></tr>
    <tr><td>[Architecture](/overview/architecture)</td><td>The four components of a vault and how they coordinate</td></tr>
    <tr><td>[Custody and policy](/overview/custody-and-policy)</td><td>Self-custody model, the policy extension, and how to verify a vault</td></tr>
    <tr><td rowSpan={4}>Strategies</td><td>[Strategies overview](/strategies/index)</td><td>The three-pillar design and the six Thaler One tiers</td></tr>
    <tr><td>[Liquid staking](/strategies/liquid-staking)</td><td>The staking leg, supported tokens, and provider selection</td></tr>
    <tr><td>[Lending markets](/strategies/lending-markets)</td><td>The deposit-borrow loop on Kamino</td></tr>
    <tr><td>[Perpetual markets](/strategies/perpetual-markets)</td><td>The short hedge on Hyperliquid and Pacifica</td></tr>
    <tr><td rowSpan={4}>Vault lifecycle</td><td>[Creating a vault](/vault/create)</td><td>Walk-through of the creation flow</td></tr>
    <tr><td>[Claiming yield](/vault/claim)</td><td>How yield accrues and the 24-hour claim cooldown</td></tr>
    <tr><td>[Closing a vault](/vault/close)</td><td>The single-transaction unwind and the penalty decay schedule</td></tr>
    <tr><td>[Fees](/vault/fees)</td><td>The three fee components and a worked example</td></tr>
    <tr><td rowSpan={3}>Security</td><td>[Principal protection](/security/principal-protection)</td><td>What protection means and how to verify the reserve</td></tr>
    <tr><td>[Yield floor](/security/yield-floor)</td><td>How the floor is derived and honoured</td></tr>
    <tr><td>[Risk disclosure](/security/risk-disclosure)</td><td>Residual risks that no on-chain policy can eliminate</td></tr>
    <tr><td>Help</td><td>[FAQ](/faq)</td><td>Short answers to the most common questions</td></tr>
  </tbody>
</table>

## Position summary

| Property               | Value                                                           |
| ---------------------- | --------------------------------------------------------------- |
| Deposit asset          | SOL (or USDC, swapped on-chain via LI.FI)                       |
| Deposit size (beta)    | 2 SOL, fixed                                                    |
| Custody                | Self-custodial Squads smart account                             |
| Strategy mandate       | Immutable Squads policy extension, signed at creation           |
| Execution              | Dedicated worker, agent wallet co-signs within the policy       |
| Claim cadence          | On demand, subject to a 24-hour cooldown per vault              |
| Closure                | Single transaction, penalty decays from 3 % to 0 % over 96 days |
| Net APY (per tier)     | 8.2 % to 19.8 %, depending on tier                              |
| Yield floor (per tier) | 7.0 % to 8.1 %, guaranteed by protocol reserve                  |
| Service fee            | 11 % of realised yield only                                     |

## Beta program

<Note>
  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.
</Note>

The beta is otherwise identical to the production target. Same custody model, same claim mechanics, same closure rules.

## Where to next

<Columns cols={3}>
  <Card title="Open the app" icon="arrow-up-right-from-square" href="https://thaler.finance">
    Connect a Solana wallet and create a vault.
  </Card>

  <Card title="Read the overview" icon="book-open" href="/overview/what-is-thaler">
    Start with the product description.
  </Card>

  <Card title="FAQ" icon="circle-question" href="/faq">
    Short answers to the most common questions.
  </Card>
</Columns>