# Protocol Overview

## *Fortune Favours The Fold*

Origami is a first-in-class automated leverage protocol on Ethereum and Plasma.\
\
Fully integrated with third-party lenders, Origami creates folded exposure within Tokenised Balance Sheet (TBS) vaults with full automation, maximising capital efficiency whilst minimising risk of liquidation and bad debt. No health factor monitoring. No position management. Just true one-click leverage.<br>


# Getting Started

Choose a section below to learn more about Origami V3.

***

<table data-view="cards"><thead><tr><th data-type="content-ref"></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a href="/pages/VvkXXFRn8O4DxA1Sd46f">/pages/VvkXXFRn8O4DxA1Sd46f</a></td><td>Check out the latest developments in V3.</td><td><a href="/files/dtoyEUv4wPAAfv1ZsntQ">/files/dtoyEUv4wPAAfv1ZsntQ</a></td></tr><tr><td><a href="/pages/3on06vLTXkulb1Q6AaBv">/pages/3on06vLTXkulb1Q6AaBv</a></td><td>Discover more about the logic framework that drives OPAL vaults.</td><td><a href="/files/egi53tljIhuZtjxFG7f6">/files/egi53tljIhuZtjxFG7f6</a></td></tr><tr><td><a href="/pages/orP88vLU3n1OXnZEi0Tp">/pages/orP88vLU3n1OXnZEi0Tp</a></td><td>Learn about the deterministic operations that manage multiple balance sheets.</td><td><a href="/files/rvbL1QnVx2V5oQ0skpAM">/files/rvbL1QnVx2V5oQ0skpAM</a></td></tr><tr><td><a href="/pages/4n3Za5ClimIGwLCULKYP">/pages/4n3Za5ClimIGwLCULKYP</a></td><td>Quick technical overview on vault share valuations.</td><td><a href="/files/4P5ygplgxeco5aEs2J0T">/files/4P5ygplgxeco5aEs2J0T</a></td></tr><tr><td><a href="/pages/TqPdvCxVZOl7cWCvG844">/pages/TqPdvCxVZOl7cWCvG844</a></td><td>Browse through all active vaults currently live in the OPAL Perpetual PT collection.</td><td><a href="/files/9JcRzFkxmmspIhKxNGVu">/files/9JcRzFkxmmspIhKxNGVu</a></td></tr><tr><td><a href="/pages/7baHovnhO7JA5VU7MayA">/pages/7baHovnhO7JA5VU7MayA</a></td><td>A non-exhaustive list of risks associated with OPAL V3 vaults.</td><td><a href="/files/GpMdV4VEzIAtF2OTmMsw">/files/GpMdV4VEzIAtF2OTmMsw</a></td></tr><tr><td><a href="/pages/DgqRkPsROBYec0m3AZbQ">/pages/DgqRkPsROBYec0m3AZbQ</a></td><td>Summary of how yield is captured and reflected in vault shares.</td><td><a href="/files/1M9SBfhjbHg2yMbggHL4">/files/1M9SBfhjbHg2yMbggHL4</a></td></tr><tr><td><a href="/pages/kjrW7WMc4w9V7olQtuuK">/pages/kjrW7WMc4w9V7olQtuuK</a></td><td>Insight on OPAL V3 performance, deposit, and exit fees.</td><td><a href="/files/7K3dYylBCibVaI240YGf">/files/7K3dYylBCibVaI240YGf</a></td></tr><tr><td><a href="/pages/S0XaBlUdHoJ8CHKnjsGZ">/pages/S0XaBlUdHoJ8CHKnjsGZ</a></td><td>Updated table of fees for all active and live OPAL vaults.</td><td><a href="/files/yzRQv1Y04g3BOvIBoC2e">/files/yzRQv1Y04g3BOvIBoC2e</a></td></tr></tbody></table>


# What's New in V3

### NEW FEATURES

#### OPAL: The Autonomous Balance Sheet

V3 introduces OPAL (Origami's Portfolio of Assets and Liabilities), a new vault architecture that manages multiple asset and liability positions simultaneously across different protocol integrations. OPAL vaults implement the Tokenised Balance Sheet (TBS) V2 interface, meaning the vault share price reflects the net value of an entire portfolio rather than a single token position.

Key differences from V2 leveraged vaults:

<figure><img src="/files/R7KL4HTJxcor7MG39seY" alt=""><figcaption></figcaption></figure>

#### Perpetual PT Vaults

OPAL enables a new category of vault: the Perpetual PT Vault. These vaults hold leveraged Pendle Principal Token (PT) positions and automatically roll the position to the next maturity when a PT expires. The depositor's vault share remains valid across maturities. There is no need to withdraw, wait for a new vault, and redeposit.

#### Immutable Adapter Configuration

Every protocol integration in an OPAL vault is configured through immutable bytecode arguments baked into the adapter contract at deployment. The pool address, token configuration, and protocol parameters cannot be modified by governance, admin keys, or any other mechanism after deployment. Risk parameters such as `maxSafeLtv` remain governance-adjustable.&#x20;

See [How Does an OPAL Vault Work? — The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work#the-adapter-layer) for details.

#### Atomic Managed Rebalances

All multi-step vault operations (leverage adjustments, PT rollovers, inter-adapter migrations) execute as atomic bundles within a single transaction using Origami's fork of Morpho Bundler3. If any step fails, the entire transaction reverts and the vault returns to its pre-operation state.

{% hint style="danger" %}
Make sure you understand the Risks associated with Origami Finance before opting to use any of its products.
{% endhint %}

Ready to get started? Visit the dApp here 👉 [https://origami.finance](https://origami.finance/)


# How Does an OPAL Vault Work?

OPAL vaults manage a live balance sheet of asset and liability positions across multiple protocol integrations. This page explains the core mechanics: the adapter layer, the allocation engine, atomic rebalances, and vault share behaviour.

### The Adapter Layer

#### What Is an Adapter?

An *adapter* is a dedicated smart contract deployment that encapsulates one specific position in one external protocol. Each adapter exposes a standardised interface to the vault manager (`OpalManager`) for reading its state and executing operations.

Adapters are not routing contracts or general-purpose integrations. Each adapter is scoped to a single position with a fixed token configuration.

#### Adapter Types

<figure><img src="/files/jT8LTgJmt3LKK3VX6hpP" alt=""><figcaption></figcaption></figure>

A single OPAL vault can register multiple adapters of different types simultaneously.

#### Live Health Metrics

Every adapter continuously exposes three health metrics to `OpalManager`:

* `currentLtv()` : the current Loan-to-Value ratio of the position
* `liquidationLtv()` : the LTV threshold at which the position becomes subject to liquidation
* `healthFactor()` : the ratio of liquidation LTV to current LTV

These are live reads from the underlying protocol, not cached or periodic snapshots. `OpalManager` uses these metrics to detect when a position is approaching unsafe territory and to trigger corrective action via a managed rebalance.

#### Immutable Configuration

Adapter configuration is encoded as immutable arguments in the contract bytecode at deployment, read at runtime via `ClonesImmutableReader`. The following parameters are fixed permanently at deployment:

* The `OpalManager` instance the adapter belongs to
* The protocol integration target (Aave V3 pool, Morpho market, etc.)
* The token configuration (collateral tokens, debt tokens, aToken pairs)
* Protocol-specific parameters (market ID, oracle address, interest rate model)

The following parameters are governance-adjustable by Elevated Access:

* EMODE category settings (Aave V3)
* `maxSafeLtv` (Morpho): the conservative LTV ceiling below liquidation LTV
* Max loan utilisation ratio on `join` operations
* Collateral usage flags (Aave V3)

If a position's token composition needs to change e.g., to accommodate a new PT market or to include a new money market pool, a new adapter is deployed with updated immutable arguments, capital is migrated atomically, and the old adapter is deprecated. A history of all active and deprecated vault adapters for a given OPAL vault can be viewed on-chain.

{% hint style="warning" %}
Every adapter's complete configuration is permanently readable from its deployed bytecode. Auditors and integrating protocols can verify any adapter's parameters by inspecting the bytecode directly.
{% endhint %}


# Allocation and Capacity

#### Proportional Allocation

When a user deposits into an OPAL vault, `OpalManager` distributes the incoming capital across every adapter in proportion to what each adapter already holds. Withdrawals reclaim from each adapter in the same proportions.

The allocation algorithm is deterministic: given the same portfolio state, it produces the same result every time. The sum of all per-adapter allocations equals the aggregate input exactly, with no rounding residue.

Every deposit reinforces the existing portfolio composition. Every withdrawal preserves it.

#### The Token Index

OPAL vaults can hold multiple asset tokens and multiple liability tokens across multiple adapters, each with its own internal token ordering. `OpalManager` maintains a global token index (`assetTokens[]` and `liabilityTokens[]`, bounded at MAX\_TOKENS = 10 each) that reconciles adapter-local views into a single coherent aggregate.

A `tokensHash` value (bytes32) represents the current token layout of the vault. Integrations and managed rebalance bundles can assert the expected `tokensHash` at runtime. If the token layout has changed since the bundle was composed, the transaction reverts.

#### Group-Aware Capacity

DeFi lending markets impose supply caps and borrow ceilings. Adapters that share the same underlying market declare the same `groupId`. When computing vault-level capacity (`maxJoin` / `maxExit`), `OpalManager` scales each adapter's raw capacity by the group's share of the combined total, then takes the minimum across all adapters.

This prevents a large deposit from hitting a protocol supply cap at the transaction boundary. The vault returns the correct deposit ceiling before the transaction is attempted.

#### Bounded Complexity

All allocation operations are bounded by **MAX\_ADAPTERS = 10** and **MAX\_TOKENS = 10**, enforced at the contract level. Every vault operation has a known worst-case gas cost regardless of operational history or portfolio complexity.

***

### Atomic Rebalances

#### The Bundler3 Execution Model

Managed rebalances in OPAL are executed through Origami's fork of Morpho Bundler3, an independently audited multi-step transaction engine. `OpalManager` functions as a permissioned Bundler that accepts a list of declarative call steps and executes them sequentially on target plugin contracts.

Every adapter enforces the `withApprovedBundler` modifier on all state-changing functions. Only `OpalManager` can move capital in or out of any adapter. External contracts, compromised wallets, and governance proposals cannot directly touch adapter positions.

#### Access Tiers

| Operation                        | Access Required                 |
| -------------------------------- | ------------------------------- |
| User deposit (`join`)            | None                            |
| User withdrawal (`exit`)         | None                            |
| Managed rebalance (`multicall`)  | Elevated Access only            |
| Add / deprecate / remove adapter | Elevated Access only            |
| Whitelist adapter implementation | OpalAdapterFactory owner only   |
| Approve new external plugin      | Manager owner / Elevated Access |

#### Atomicity via Flash Loans

Multi-step operations (leverage construction, PT rollovers, inter-adapter migrations) are collapsed into a single transaction using the AaveV3Flash plugin. The flash loan provides capital within the same transaction block. A post-execution balance sheet assertion (via the TbsV2 plugin) checks the result against expected ranges.

If every step succeeds and the assertion passes, the position is live. If any step fails or the assertion is off, the entire transaction reverts and the vault returns to its exact pre-operation state.

#### Reentry Safety

Flash loan callbacks are constrained by a predeclared hash mechanism. Before initiating a flash loan, the bundle specifies a hash of the exact nested callback steps. An unexpected callback reverts immediately.

#### Plugin Whitelist

All external integrations (flash loan providers, DEX routers, inter-vault operations) must be registered in `OpalManager`'s plugin whitelist. A bundle step targeting an unregistered address reverts the entire bundle.


# Vault Share Mechanics

#### ERC-20 Shares

OPAL vault shares are standard, fully transferable ERC-20 tokens. Each share represents a proportional claim on the net asset value of the vault's balance sheet (total assets minus total liabilities).

$$
\text{Share Price} = \frac{\sum \text{Asset Values} - \sum \text{Liability Values}}{\text{Total Share Supply}}
$$

Shares can be transferred to any EVM wallet, used as collateral on lending protocols that accept ERC-20 tokens, held in institutional custody solutions (Fireblocks, Gnosis Safe), and integrated into yield aggregators or structured products.

#### Performance Fees

Fees are collected by minting new shares to the fee collector address. The performance fee rate is capped by the `MAX_PERFORMANCE_FEE_BPS` constant. Fee accrual is visible in real time by monitoring the share supply.

#### Deposits and Withdrawals

Users deposit the vault's accepted input token (e.g., USDT for the Perpetual sUSDe PT vault). The vault mints shares proportional to the deposited value relative to the current share price.

On withdrawal, the user redeems shares and receives the proportional claim on the vault's withdrawable reserves.

{% hint style="danger" %}
The withdrawable amount may be less than the total NAV per share if a portion of reserves is deployed as collateral against outstanding debt. See the vault-specific Token Flow page for details.
{% endhint %}


# OPAL Perpetual PT Collection

The OPAL Perpetual PT Collection contains vaults that hold leveraged Pendle Principal Token (PT) positions with automated maturity rollover. Each vault targets a specific underlying asset and rolls its PT position to the next available maturity when the current PT expires. \
\
Every user deposit or exit is instantly settled into the current aggregate vault position in terms of asset and debt per vault share. The vault will autonomously manage any necessary operation to maintain the target leverage as well execute the rollover.&#x20;

***

#### All currently active and live vaults on <https://www.origami.finance/>

{% content-ref url="/pages/UyXwlmjnlBmVGA6cY0eC" %}
[Perpetual sUSDe PT (Plasma)](/the-third-fold-opal/opal-perpetual-pt-collection/perpetual-susde-pt-plasma)
{% endcontent-ref %}

{% content-ref url="/pages/ZOTj0mXqGkqcxcjn9wlu" %}
[Perpetual sUSDe PT (Ethereum)](/the-third-fold-opal/opal-perpetual-pt-collection/perpetual-susde-pt-ethereum)
{% endcontent-ref %}

{% content-ref url="/pages/SO93BNAtRWtYucB2lKIq" %}
[Liquid Leverage sUSDe/USDe (Plasma)](/the-third-fold-opal/opal-perpetual-pt-collection/liquid-leverage-susde-usde-plasma)
{% endcontent-ref %}


# Perpetual sUSDe PT (Plasma)

<table data-view="cards"><thead><tr><th data-card-target data-type="content-ref"></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a href="/pages/JsY0ZKC3D4fIQNKwqfF6">/pages/JsY0ZKC3D4fIQNKwqfF6</a></td><td>Learn more about the various integrations used in the Perpetual sUSDe PT vault architecture. </td><td><a href="/files/4P5ygplgxeco5aEs2J0T">/files/4P5ygplgxeco5aEs2J0T</a></td></tr><tr><td><a href="/pages/o8ZF1nCFQWbIguHfA36J">/pages/o8ZF1nCFQWbIguHfA36J</a></td><td>Overview on the token flows for Perpetual sUSDe PT (Plasma).</td><td><a href="/files/9b4ZPNmjhxisWfqi6GV8">/files/9b4ZPNmjhxisWfqi6GV8</a></td></tr><tr><td><a href="/pages/CxHqpVJpgWPnzQGECfXJ">/pages/CxHqpVJpgWPnzQGECfXJ</a></td><td>Refer to this user interaction guide to navigate the dapp with confidence.</td><td><a href="/files/8uYfGxue4faz6i5tJXqT">/files/8uYfGxue4faz6i5tJXqT</a></td></tr><tr><td><a href="/pages/zFhp3OhsfomjOPsUBoT5">/pages/zFhp3OhsfomjOPsUBoT5</a></td><td>Stay updated on information relating to vault fee schedules.</td><td><a href="/files/yzRQv1Y04g3BOvIBoC2e">/files/yzRQv1Y04g3BOvIBoC2e</a></td></tr></tbody></table>


# Vault Synopsis

The Perpetual sUSDe PT vault provides leveraged exposure to Pendle PT-sUSDe on Plasma with automated rollover to the next maturity at expiry.

#### Strategy Overview

The vault holds PT-sUSDe tokens as collateral on Aave V3 (Plasma) and borrows USDT0 to achieve leveraged exposure to the fixed yield embedded in the PT discount. At maturity, the PT position is rolled to the next available sUSDe PT market through an atomic managed rebalance. The depositor's vault share remains valid across maturities.

The yield source is the difference between the PT discount rate (the fixed yield earned by holding PT to maturity) and the USDT0 borrow cost on the lending market. As long as the PT discount rate exceeds the borrow rate, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{PT Discount Rate} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter         | Value                           |
| ----------------- | ------------------------------- |
| Chain             | Plasma                          |
| Underlying        | sUSDe (Ethena)                  |
| Current PT Market | PT-sUSDe (June 2026 expiry)     |
| Lending Market(s) | Aave V3 (Plasma)                |
| Debt Token        | USDT                            |
| Deposit Token     | sUSDe or Any (Zap-enabled)      |
| Share Token       | opal-PT-sUSDe-PLASMA-a (ERC-20) |
| Target Leverage   | 9x (may vary)                   |
| Current LTV       | 89%                             |
| Liquidation LTV   | 92%                             |

{% hint style="info" %}
The "Current PT Market" will be updated when the position is rolled to the next maturity.
{% endhint %}

#### Vault Actions

| Action   | User Provides                 | User Receives                 |
| -------- | ----------------------------- | ----------------------------- |
| Deposit  | sUSDe                         | opal-PT-sUSDe-PLASMA-a shares |
| Withdraw | opal-PT-sUSDe-PLASMA-a shares | sUSDe                         |

#### How Rollover Works

{% stepper %}
{% step %}
Unwinds the expiring PT position: redeem PT at maturity and repay debt.
{% endstep %}

{% step %}
Acquires the next PT-sUSDe token: swap into the new PT market.
{% endstep %}

{% step %}
Constructs the new leveraged position: supply new PT as collateral and borrow USDT0.
{% endstep %}

{% step %}
Asserts the post-rollover balance sheet against expected ranges.
{% endstep %}
{% endstepper %}

All four steps execute in a single transaction. If any step fails, the entire rollover reverts and the vault is unchanged.

{% hint style="danger" %}
During the brief window between PT maturity and rollover execution, the vault may hold spot sUSDe or USDT0 in a SpotAsset adapter rather than a leveraged PT position. The share price reflects the actual portfolio state at all times. See PT Maturity and Rollover Risk for details.
{% endhint %}

#### Adapters in This Vault

| Adapter             | Type      | Purpose                                          |
| ------------------- | --------- | ------------------------------------------------ |
| PT-sUSDe Collateral | Aave V3   | Holds PT-sUSDe as collateral, borrows USDT0      |
| Spot Buffer         | SpotAsset | Holds USDT0 or sUSDe during rollover transitions |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work#the-adapter-layer) for details on how new adapters are deployed and migrated.


# Token Flow

#### Deposit Flow

{% stepper %}
{% step %}
User approves sUSDe (or any whitelisted asset via zap) spend for the vault contract.
{% endstep %}

{% step %}
User calls `join()` with the desired sUSDe amount.
{% endstep %}

{% step %}
`OpalManager` distributes sUSDe across adapters proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter uses the sUSDe to acquire PT-sUSDe (via swap), supplies PT-sUSDe as collateral, and borrows additional USDT0 to acquire more PT-sUSDe (via swap) to achieve the target leverage.
{% endstep %}

{% step %}
The vault mints opal-PT-sUSDe-PLASMA-a shares to the user proportional to the vault's current holdings.
{% endstep %}
{% endstepper %}

#### Withdrawal Flow

{% stepper %}
{% step %}
User calls `exit()` with the number of opal-PT-sUSDe shares and USDT0 to redeem.
{% endstep %}

{% step %}
`OpalManager` reclaims from each adapter proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap PT-sUSDe back to USDT0).
{% endstep %}

{% step %}
The vault burns the user's opal-PT-sUSDe-PLASMA-a shares.
{% endstep %}

{% step %}
sUSDe is transferred to the user.
{% endstep %}
{% endstepper %}

#### Managed Rebalance Flow (Leverage Adjustment)

{% stepper %}
{% step %}
Flash loan USDT0 from Aave V3.
{% endstep %}

{% step %}
Swap USDT0 to PT-sUSDe.
{% endstep %}

{% step %}
Supply PT-sUSDe as additional collateral.
{% endstep %}

{% step %}
Borrow USDT against the new collateral.
{% endstep %}

{% step %}
Repay the flash loan.
{% endstep %}

{% step %}
Assert the post-rebalance balance sheet.
{% endstep %}
{% endstepper %}

For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to USDT, repay flash loan, assert balance sheet.

{% hint style="info" %}
Users do not need to take any action during a managed rebalance. Share balances and redemption rights are unaffected.
{% endhint %}


# dApp Instructions

<figure><img src="/files/2yJEQTVEORquhA4ctoqh" alt=""><figcaption><p>Browse the selection of OPAL vaults in the lovEthena collection</p></figcaption></figure>

***

#### Prerequisites

* A wallet connected to the Plasma network
* sUSDe (or any other suitable asset via zap) in your wallet
* Sufficient native gas token for transaction fees

***

### How to Deposit (Zap)

<figure><img src="/files/xV8TrABZ55Ah9Azm3dim" alt=""><figcaption><p>Click on the <code>ZAP</code> header.</p></figcaption></figure>

<figure><img src="/files/IStHeIISpgqXN4ZkXjxo" alt=""><figcaption><p>Choose the asset from the dropdown menu for the intended zap in.</p></figcaption></figure>

<figure><img src="/files/NgUAPMNopWM7lRKn0Ue2" alt=""><figcaption><p>Input the amount of tokens intended for the zap to receive a quote.</p></figcaption></figure>

<figure><img src="/files/Yv5kOgz6958jGfkb4pEA" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the zap in transaction.</p></figcaption></figure>

<figure><img src="/files/FZi7lAhDrYtvEb6zFUWv" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/stABiw4hhNZmRmMTctzb" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/L20oJu3gGjhNKkbVhLiE" alt=""><figcaption><p>Sign the approval message for the desired amount of tokens to zap into the vault.</p></figcaption></figure>

<figure><img src="/files/sVaGzJjLqyFwPRZfp3Fl" alt=""><figcaption><p>Sign the transaction for the swap.</p></figcaption></figure>

<figure><img src="/files/NhrMFlcwNvXa1KtRtPgr" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-PT-sUSDe-PLASMA-a shares that are now in your wallet.</p></figcaption></figure>

***

### How to Deposit (Mint)

<figure><img src="/files/5BUV3BQNhdBLMkokkzw7" alt=""><figcaption><p>Click on the <code>MINT</code> header.</p></figcaption></figure>

<figure><img src="/files/oc5DLYV51uPk5VMVknfH" alt=""><figcaption><p>Input the amount of tokens intended for the mint to receive a quote.</p></figcaption></figure>

<figure><img src="/files/CxFz6A9e13xVv7ooNeNb" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the minting transaction.</p></figcaption></figure>

<figure><img src="/files/FZi7lAhDrYtvEb6zFUWv" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/stABiw4hhNZmRmMTctzb" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/wwMfJXOgieeSdlsBmyQe" alt=""><figcaption><p>Sign the approval message for the desired amount of tokens to mint.</p></figcaption></figure>

<figure><img src="/files/E4IdcfTZhYd3TAsaW7z2" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-PT-sUSDe-PLASMA-a shares and USDT0 that are now in your wallet.</p></figcaption></figure>

***

### How to Withdraw (Redeem)

<figure><img src="/files/WKpXRyWjupDyFzgLvPsG" alt=""><figcaption><p>Click on the <code>REDEEM</code> header.</p></figcaption></figure>

<figure><img src="/files/V2kBFEocZM2UAIG26Jo2" alt=""><figcaption><p>Input the amount of shares intended for the redemption to receive a quote, or select <code>Max</code>  to use up all available shares.</p></figcaption></figure>

<figure><img src="/files/E80TyzTwXcxiMn9WZPP6" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/FZi7lAhDrYtvEb6zFUWv" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/stABiw4hhNZmRmMTctzb" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/XNHIEOUH3mydwYQEakcR" alt=""><figcaption><p>Sign the approval message for the desired amount of shares to redeem.</p></figcaption></figure>

<figure><img src="/files/DjJtF73yxxlMC2ZrNrdX" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful redemption of vault shares for the underlying PT-sUSDe tokens that are now in your wallet.</p></figcaption></figure>

{% hint style="danger" %}
The sUSDe received on withdrawal reflects the vault's current net asset value per share, which accounts for accrued yield, borrow costs, and any fees. The output may differ from the original deposit amount.
{% endhint %}


# Fee Schedule

| Fee Type        | Rate            | Description                                                                                        |
| --------------- | --------------- | -------------------------------------------------------------------------------------------------- |
| Deposit Fee     | 0%              | Applied on deposit. Deducted from the deposit amount before shares are minted.                     |
| Exit Fee        | 0%              | Applied on withdrawal. Deducted from the withdrawal amount before USDT is transferred.             |
| Performance Fee | 0.5% annualised | Collected by minting new shares to the fee collector address. Capped at `MAX_PERFORMANCE_FEE_BPS`. |

Performance fees accrue continuously and are visible in real time by monitoring the share supply.

For general information on Origami fee types, see [What Fees We Collect](/the-second-fold-v2/what-fees-we-collect).


# Perpetual sUSDe PT (Ethereum)

<table data-view="cards"><thead><tr><th data-card-target data-type="content-ref"></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a href="/pages/JsY0ZKC3D4fIQNKwqfF6">/pages/JsY0ZKC3D4fIQNKwqfF6</a></td><td>Learn more about the various integrations used in the Perpetual sUSDe PT vault architecture. </td><td><a href="/files/4P5ygplgxeco5aEs2J0T">/files/4P5ygplgxeco5aEs2J0T</a></td></tr><tr><td><a href="/pages/o8ZF1nCFQWbIguHfA36J">/pages/o8ZF1nCFQWbIguHfA36J</a></td><td>Overview on the token flows for Perpetual sUSDe PT (Ethereum).</td><td><a href="/files/9b4ZPNmjhxisWfqi6GV8">/files/9b4ZPNmjhxisWfqi6GV8</a></td></tr><tr><td><a href="/pages/CxHqpVJpgWPnzQGECfXJ">/pages/CxHqpVJpgWPnzQGECfXJ</a></td><td>Refer to this user interaction guide to navigate the dapp with confidence.</td><td><a href="/files/8uYfGxue4faz6i5tJXqT">/files/8uYfGxue4faz6i5tJXqT</a></td></tr><tr><td><a href="/pages/zFhp3OhsfomjOPsUBoT5">/pages/zFhp3OhsfomjOPsUBoT5</a></td><td>Stay updated on information relating to vault fee schedules.</td><td><a href="/files/yzRQv1Y04g3BOvIBoC2e">/files/yzRQv1Y04g3BOvIBoC2e</a></td></tr></tbody></table>


# Vault Synopsis

The Perpetual sUSDe PT vault provides leveraged exposure to Pendle PT-sUSDe on Ethereum with automated rollover to the next maturity at expiry.

#### Strategy Overview

The vault holds PT-sUSDe tokens as collateral on Aave V3 (Core) and borrows USDC to achieve leveraged exposure to the fixed yield embedded in the PT discount. At maturity, the PT position is rolled to the next available sUSDe PT market through an atomic managed rebalance. The depositor's vault share remains valid across maturities.

The yield source is the difference between the PT discount rate (the fixed yield earned by holding PT to maturity) and the USDC borrow cost on the lending market. As long as the PT discount rate exceeds the borrow rate, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{PT Discount Rate} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter         | Value                      |
| ----------------- | -------------------------- |
| Chain             | Ethereum                   |
| Underlying        | sUSDe (Ethena)             |
| Current PT Market | PT-sUSDe (May 2026 expiry) |
| Lending Market(s) | Aave V3 (Core)             |
| Debt Token        | USDC                       |
| Deposit Token     | sUSDe or Any (Zap-enabled) |
| Share Token       | opal-PT-sUSDe-a (ERC-20)   |
| Target Leverage   | 9x (may vary)              |
| Current LTV       | 89%                        |
| Liquidation LTV   | 92%                        |

{% hint style="info" %}
The "Current PT Market" will be updated when the position is rolled to the next maturity.
{% endhint %}

#### Vault Actions

| Action   | User Provides              | User Receives              |
| -------- | -------------------------- | -------------------------- |
| Deposit  | sUSDe or Any (Zap-enabled) | opal-PT-sUSDe-a shares     |
| Withdraw | opal-PT-sUSDe-a shares     | sUSDe or Any (Zap-enabled) |

#### How Rollover Works

{% stepper %}
{% step %}
Unwinds the expiring PT position: redeem PT at maturity and repay debt.
{% endstep %}

{% step %}
Acquires the next PT-sUSDe token: swap into the new PT market.
{% endstep %}

{% step %}
Constructs the new leveraged position: supply new PT as collateral and borrow USDC.
{% endstep %}

{% step %}
Asserts the post-rollover balance sheet against expected ranges.
{% endstep %}
{% endstepper %}

All four steps execute in a single transaction. If any step fails, the entire rollover reverts and the vault is unchanged.

{% hint style="danger" %}
During the brief window between PT maturity and rollover execution, the vault may hold spot sUSDe or USDC in a SpotAsset adapter rather than a leveraged PT position. The share price reflects the actual portfolio state at all times. See PT Maturity and Rollover Risk for details.
{% endhint %}

#### Adapters in This Vault

| Adapter             | Type      | Purpose                                         |
| ------------------- | --------- | ----------------------------------------------- |
| PT-sUSDe Collateral | Aave V3   | Holds PT-sUSDe as collateral, borrows USDC      |
| Spot Buffer         | SpotAsset | Holds USDC or sUSDe during rollover transitions |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work#the-adapter-layer) for details on how new adapters are deployed and migrated.


# Token Flow

#### Deposit Flow

{% stepper %}
{% step %}
User approves sUSDe (or any whitelisted asset via zap) spend for the vault contract.
{% endstep %}

{% step %}
User calls `join()` with the desired sUSDe amount.
{% endstep %}

{% step %}
`OpalManager` distributes sUSDe across adapters proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter uses the sUSDe to acquire PT-sUSDe (via swap), supplies PT-sUSDe as collateral, and borrows additional USDT to acquire more PT-sUSDe (via swap) to achieve the target leverage.
{% endstep %}

{% step %}
The vault mints opal-PT-sUSDe-a shares to the user proportional to the vault's current holdings.
{% endstep %}
{% endstepper %}

#### Withdrawal Flow

{% stepper %}
{% step %}
User calls `exit()` with the number of opal-PT-sUSDe-a shares and USDT to redeem.
{% endstep %}

{% step %}
`OpalManager` reclaims from each adapter proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap PT-sUSDe back to USDC).
{% endstep %}

{% step %}
The vault burns the user's opal-PT-sUSDe-a shares.
{% endstep %}

{% step %}
sUSDe is transferred to the user.
{% endstep %}
{% endstepper %}

#### Managed Rebalance Flow (Leverage Adjustment)

{% stepper %}
{% step %}
Flash loan USDC from Aave V3.
{% endstep %}

{% step %}
Swap USDT to PT-sUSDe.
{% endstep %}

{% step %}
Supply PT-sUSDe as additional collateral.
{% endstep %}

{% step %}
Borrow USDC against the new collateral.
{% endstep %}

{% step %}
Repay the flash loan.
{% endstep %}

{% step %}
Assert the post-rebalance balance sheet.
{% endstep %}
{% endstepper %}

For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to USDC, repay flash loan, assert balance sheet.

{% hint style="info" %}
Users do not need to take any action during a managed rebalance. Share balances and redemption rights are unaffected.
{% endhint %}


# dApp Instructions

<figure><img src="/files/2yJEQTVEORquhA4ctoqh" alt=""><figcaption><p>Browse the selection of OPAL vaults in the lovEthena collection</p></figcaption></figure>

***

#### Prerequisites

* A wallet connected to the Ethereum network
* sUSDe (or any other suitable asset via zap) in your wallet
* Sufficient native gas token for transaction fees

***

### How to Deposit (Zap)

<figure><img src="/files/On1TR4nQ0miqCXNpfU9Z" alt=""><figcaption><p>Click on the <code>ZAP</code> header.</p></figcaption></figure>

<figure><img src="/files/IStHeIISpgqXN4ZkXjxo" alt=""><figcaption><p>Choose the asset from the dropdown menu for the intended zap in.</p></figcaption></figure>

<figure><img src="/files/08PEm2GFTYJiAe81ePaB" alt=""><figcaption><p>Input the amount of tokens intended for the zap to receive a quote.</p></figcaption></figure>

<figure><img src="/files/69caQjR5rAXR0crbI8Tp" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the zap in transaction.</p></figcaption></figure>

<figure><img src="/files/FZi7lAhDrYtvEb6zFUWv" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/stABiw4hhNZmRmMTctzb" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/N4mcdumWvLT3kC62egsy" alt=""><figcaption><p>Sign the approval message for the desired amount of tokens to zap into the vault.</p></figcaption></figure>

<figure><img src="/files/gx05roqPPXGUFrWooIts" alt=""><figcaption><p>Sign the transaction for the swap.</p></figcaption></figure>

<figure><img src="/files/l5D74RdHsDRHi5YBMKmM" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-PT-sUSDe-a shares that are now in your wallet.</p></figcaption></figure>

***

### How to Deposit (Mint)

<figure><img src="/files/LUAPllWtnDeDaLgga7SZ" alt=""><figcaption><p>Click on the <code>MINT</code> header.</p></figcaption></figure>

<figure><img src="/files/x5wVae3YuoKCyeu1PFO3" alt=""><figcaption><p>Input the amount of tokens intended for the mint to receive a quote.</p></figcaption></figure>

<figure><img src="/files/W9oY6783raDxcTGNsyNi" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the minting transaction.</p></figcaption></figure>

<figure><img src="/files/FZi7lAhDrYtvEb6zFUWv" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/stABiw4hhNZmRmMTctzb" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/yzw7mSs0DYfYWeNMIBLP" alt=""><figcaption><p>Sign the approval message for the desired amount of tokens to mint.</p></figcaption></figure>

<figure><img src="/files/yzw7mSs0DYfYWeNMIBLP" alt=""><figcaption><p>Sign and confirm the mint transaction.</p></figcaption></figure>

<figure><img src="/files/vCjek2LlUHKwWDBf7C0i" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-PT-sUSDe-a shares and USDC that are now in your wallet.</p></figcaption></figure>

***

### How to Withdraw (Redeem)

<figure><img src="/files/6ERtcInncft7L9BcofrB" alt=""><figcaption><p>Click on the <code>REDEEM</code> header.</p></figcaption></figure>

<figure><img src="/files/6QYmgd7UDoKW8K946LEK" alt=""><figcaption><p>Input the amount of shares intended for the redemption to receive a quote, or select <code>Max</code>  to use up all available shares.</p></figcaption></figure>

<figure><img src="/files/BcQbyT42yfgBe8HvszWh" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/FZi7lAhDrYtvEb6zFUWv" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/stABiw4hhNZmRmMTctzb" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/wvVgk671HsmtVsDUeSY5" alt=""><figcaption><p>Sign the approval message for the desired amount of shares to redeem.</p></figcaption></figure>

<figure><img src="/files/m3dgUbXkzU05W8sOaBup" alt=""><figcaption><p>Sign and confirm the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/dR6fXhY2pd9ESrGq6PAy" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful redemption of vault shares for the underlying PT-sUSDe tokens that are now in your wallet.</p></figcaption></figure>

{% hint style="danger" %}
The sUSDe received on withdrawal reflects the vault's current net asset value per share, which accounts for accrued yield, borrow costs, and any fees. The output may differ from the original deposit amount.
{% endhint %}


# Fee Schedule

| Fee Type        | Rate          | Description                                                                                        |
| --------------- | ------------- | -------------------------------------------------------------------------------------------------- |
| Deposit Fee     | 0%            | Applied on deposit. Deducted from the deposit amount before shares are minted.                     |
| Exit Fee        | 0%            | Applied on withdrawal. Deducted from the withdrawal amount before USDC is transferred.             |
| Performance Fee | 1% annualised | Collected by minting new shares to the fee collector address. Capped at `MAX_PERFORMANCE_FEE_BPS`. |

Performance fees accrue continuously and are visible in real time by monitoring the share supply.

For general information on Origami fee types, see [What Fees We Collect](/the-second-fold-v2/what-fees-we-collect).


# Liquid Leverage sUSDe/USDe (Plasma)

<table data-view="cards"><thead><tr><th data-card-target data-type="content-ref"></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a href="/pages/JsY0ZKC3D4fIQNKwqfF6">/pages/JsY0ZKC3D4fIQNKwqfF6</a></td><td>Learn more about the various integrations used in the Liquid Leverage sUSDe/USDe vault architecture. </td><td><a href="/files/4P5ygplgxeco5aEs2J0T">/files/4P5ygplgxeco5aEs2J0T</a></td></tr><tr><td><a href="/pages/o8ZF1nCFQWbIguHfA36J">/pages/o8ZF1nCFQWbIguHfA36J</a></td><td>Overview on the token flows for Liquid Leverage sUSDe/USDe (Plasma).</td><td><a href="/files/9b4ZPNmjhxisWfqi6GV8">/files/9b4ZPNmjhxisWfqi6GV8</a></td></tr><tr><td><a href="/pages/CxHqpVJpgWPnzQGECfXJ">/pages/CxHqpVJpgWPnzQGECfXJ</a></td><td>Refer to this user interaction guide to navigate the dapp with confidence.</td><td><a href="/files/8uYfGxue4faz6i5tJXqT">/files/8uYfGxue4faz6i5tJXqT</a></td></tr><tr><td><a href="/pages/zFhp3OhsfomjOPsUBoT5">/pages/zFhp3OhsfomjOPsUBoT5</a></td><td>Stay updated on information relating to vault fee schedules.</td><td><a href="/files/yzRQv1Y04g3BOvIBoC2e">/files/yzRQv1Y04g3BOvIBoC2e</a></td></tr></tbody></table>


# Vault Synopsis

The Liquid Leverage sUSDe/USDe vault provides liquid leveraged exposure to sUSDe native yield, USDe lending rates and Merkl rewards on Plasma.

#### Strategy Overview

The vault holds sUSDe and USDe tokens as collateral on Aave V3 (Core) and borrows USDT0 to achieve liquid leveraged exposure to the spread on the supply/lend yields. The depositor's vault share remains valid across all incentive campaign periods.

The yield source is the difference between the sum of yield from staking USDe, Merkl reward yields and the USDT0 borrow cost on the lending market. As long as the borrow costs are lower than the reward yields, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{(Staking yield + Merkl Reward Yields)} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter             | Value                              |
| --------------------- | ---------------------------------- |
| Chain                 | Plasma                             |
| Underlying            | sUSDe (Ethena)                     |
| Current Reward Market | sUSDe/Merkl                        |
| Lending Market(s)     | Aave V3 (Core)                     |
| Debt Token            | USDT0                              |
| Deposit Token         | sUSDe or Any (Zap-enabled)         |
| Share Token           | opal-sUSDe-merkl-PLASMA-a (ERC-20) |
| Target Leverage       | 9x (may vary)                      |
| Current LTV           | 89%                                |
| Liquidation LTV       | 92%                                |

{% hint style="info" %}
Liquid Leverage addresses the 7-day unstaking cooldown issue for sUSDe users. By maintaining at least half the position in USDe and employing leverage, it creates a loop that keeps a portion of the funds liquid, free from the 7-day cooldown constraint.
{% endhint %}

#### Vault Actions

| Action   | User Provides              | User Receives              |
| -------- | -------------------------- | -------------------------- |
| Deposit  | sUSDe or Any (Zap-enabled) | opal-sUSDe-merkl-PLASMA-a  |
| Withdraw | opal-sUSDe-merkl-PLASMA-a  | sUSDe or Any (Zap-enabled) |

#### Adapters in This Vault

| Adapter                | Type    | Purpose                                           |
| ---------------------- | ------- | ------------------------------------------------- |
| Multi-asset Collateral | Aave V3 | Holds sUSDe and USDe as collateral, borrows USDT0 |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work#the-adapter-layer) for details on how new adapters are deployed and migrated.


# Token Flow

#### Deposit Flow

{% stepper %}
{% step %}
User approves sUSDe (or any whitelisted asset via zap) spend for the vault contract.
{% endstep %}

{% step %}
User calls `join()` with the desired sUSDe amount.
{% endstep %}

{% step %}
`OpalManager` distributes sUSDe and USDe evenly as collateral in the adapter.
{% endstep %}

{% step %}
The Aave V3 adapter uses the sUSDe to acquire USDe (via swap), supplies sUSDe as collateral, and borrows additional USDT0 to acquire more sUSDe (via swap) to achieve the target leverage.
{% endstep %}

{% step %}
The vault mints opal-sUSDe-merkl-PLASMA-a shares to the user proportional to the vault's current holdings.
{% endstep %}
{% endstepper %}

#### Withdrawal Flow

{% stepper %}
{% step %}
User calls `exit()` with the number of opal-sUSDe-merkl-PLASMA-a shares and USDT0 to redeem.
{% endstep %}

{% step %}
`OpalManager` reclaims from each adapter proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap sUSDe back to USDT0).
{% endstep %}

{% step %}
The vault burns the user's opal-sUSDe-merkl-PLASMA-a shares.
{% endstep %}

{% step %}
sUSDe and USDe is transferred to the user.
{% endstep %}
{% endstepper %}

#### Managed Rebalance Flow (Leverage Adjustment)

{% stepper %}
{% step %}
Flash loan USDT0 from Aave V3.
{% endstep %}

{% step %}
Swap USDT0 to sUSDe.
{% endstep %}

{% step %}
Supply sUSDe as additional collateral.
{% endstep %}

{% step %}
Borrow USDT0 against the new collateral.
{% endstep %}

{% step %}
Repay the flash loan.
{% endstep %}

{% step %}
Assert the post-rebalance balance sheet.
{% endstep %}
{% endstepper %}

For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to USDT0, repay flash loan, assert balance sheet.

{% hint style="info" %}
Users do not need to take any action during a managed rebalance. Share balances and redemption rights are unaffected.
{% endhint %}


# dApp Instructions

<figure><img src="/files/mZedluaxvK2W5MdrucKc" alt=""><figcaption><p>Browse the selection of OPAL vaults in the lovEthena collection</p></figcaption></figure>

***

#### Prerequisites

* A wallet connected to the Plasma network
* sUSDe (or any other suitable asset via zap) in your wallet
* Sufficient native gas token for transaction fees

***

### How to Deposit (Zap)

<figure><img src="/files/aPhYqlpTORc5QW1i9yxb" alt=""><figcaption><p>Click on the <code>ZAP</code> header.</p></figcaption></figure>

<figure><img src="/files/GkEFpHquS9h1dG59L8aq" alt=""><figcaption><p>Choose the asset from the dropdown menu for the intended zap in.</p></figcaption></figure>

<figure><img src="/files/TG1bAh4lvsGQWS89WNPs" alt=""><figcaption><p>Input the amount of tokens intended for the zap to receive a quote.</p></figcaption></figure>

<figure><img src="/files/wHgikI40InCmkn9QNUWi" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the zap in transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/o6WtnBfLB0XydboRVqv6" alt=""><figcaption><p>Sign the transaction for the swap.</p></figcaption></figure>

<figure><img src="/files/q1R1kNqWOZZ020ispTO7" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-sUSDe-merkl-PLASMA-a shares that are now in your wallet.</p></figcaption></figure>

***

### How to Deposit (Mint)

<figure><img src="/files/TWHizqrnkWQa53T7nhye" alt=""><figcaption><p>Click on the <code>MINT</code> header.</p></figcaption></figure>

<figure><img src="/files/OXXPHBJcCkIeQowUA7d2" alt=""><figcaption><p>Input the amount of tokens intended for the mint to receive a quote.</p></figcaption></figure>

<figure><img src="/files/CoUgCteNNGbE4HjrYQ8r" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the minting transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/eyq75IVzY6aQwsUe06Eh" alt=""><figcaption><p>Sign and confirm the mint transaction for the desired amount of tokens to mint.</p></figcaption></figure>

<figure><img src="/files/4W5L2dJG03yf9IjMSEMC" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-sUSDe-merkl-PLASMA-a and USDT0 that are now in your wallet.</p></figcaption></figure>

***

### How to Withdraw (Redeem)

<figure><img src="/files/PT4wWspwvxn8g3sj5huy" alt=""><figcaption><p>Click on the <code>REDEEM</code> header.</p></figcaption></figure>

<figure><img src="/files/f4YzNQaJkACLoVIsTnXB" alt=""><figcaption><p>Input the amount of shares intended for the redemption to receive a quote, or select <code>Max</code>  to use up all available shares.</p></figcaption></figure>

<figure><img src="/files/wrybFIKxAZ9jyTgwCga7" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/CuaD6hx9ea024l8ST2gt" alt=""><figcaption><p>Sign and confirm the redemption transaction for the desired amount of shares to redeem.</p></figcaption></figure>

<figure><img src="/files/m3dgUbXkzU05W8sOaBup" alt=""><figcaption><p>Sign and confirm the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/q1LQqLpvGjsyBcH85mI6" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful redemption of vault shares for the underlying sUSDe &#x26; USDe tokens that are now in your wallet.</p></figcaption></figure>

{% hint style="danger" %}
The sUSDe and USDe received on withdrawal reflects the vault's current net asset value per share, which accounts for accrued yield, borrow costs, and any fees. The output may differ from the original deposit amount.
{% endhint %}


# Fee Schedule

| Fee Type        | Rate            | Description                                                                                        |
| --------------- | --------------- | -------------------------------------------------------------------------------------------------- |
| Deposit Fee     | 0%              | Applied on deposit. Deducted from the deposit amount before shares are minted.                     |
| Exit Fee        | 0%              | Applied on withdrawal. Deducted from the withdrawal amount before USDC is transferred.             |
| Performance Fee | 0.5% annualised | Collected by minting new shares to the fee collector address. Capped at `MAX_PERFORMANCE_FEE_BPS`. |

Performance fees accrue continuously and are visible in real time by monitoring the share supply.

For general information on Origami fee types, see [What Fees We Collect](/the-second-fold-v2/what-fees-we-collect).


# Liquid Leverage sUSDe/USDe (Ethereum)

<table data-view="cards"><thead><tr><th data-card-target data-type="content-ref"></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a href="/pages/JsY0ZKC3D4fIQNKwqfF6">/pages/JsY0ZKC3D4fIQNKwqfF6</a></td><td>Learn more about the various integrations used in the Liquid Leverage sUSDe/USDe vault architecture. </td><td><a href="/files/4P5ygplgxeco5aEs2J0T">/files/4P5ygplgxeco5aEs2J0T</a></td></tr><tr><td><a href="/pages/o8ZF1nCFQWbIguHfA36J">/pages/o8ZF1nCFQWbIguHfA36J</a></td><td>Overview on the token flows for Liquid Leverage sUSDe/USDe (Ethereum).</td><td><a href="/files/9b4ZPNmjhxisWfqi6GV8">/files/9b4ZPNmjhxisWfqi6GV8</a></td></tr><tr><td><a href="/pages/CxHqpVJpgWPnzQGECfXJ">/pages/CxHqpVJpgWPnzQGECfXJ</a></td><td>Refer to this user interaction guide to navigate the dapp with confidence.</td><td><a href="/files/8uYfGxue4faz6i5tJXqT">/files/8uYfGxue4faz6i5tJXqT</a></td></tr><tr><td><a href="/pages/zFhp3OhsfomjOPsUBoT5">/pages/zFhp3OhsfomjOPsUBoT5</a></td><td>Stay updated on information relating to vault fee schedules.</td><td><a href="/files/yzRQv1Y04g3BOvIBoC2e">/files/yzRQv1Y04g3BOvIBoC2e</a></td></tr></tbody></table>


# Vault Synopsis

The Liquid Leverage sUSDe/USDe vault provides liquid leveraged exposure to sUSDe native yield, USDe lending rates and Merkl rewards on Ethereum.

#### Strategy Overview

The vault holds sUSDe and USDe tokens as collateral on Aave V3 (Core) and borrows USDT to achieve liquid leveraged exposure to the spread on the supply/lend yields. The depositor's vault share remains valid across all incentive campaign periods.

The yield source is the difference between the sum of yield from staking USDe, Merkl reward yields and the USDT borrow cost on the lending market. As long as the borrow costs are lower than the reward yields, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{(Staking yield + Merkl Reward Yields)} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter             | Value                       |
| --------------------- | --------------------------- |
| Chain                 | Ethereum                    |
| Underlying            | sUSDe (Ethena)              |
| Current Reward Market | sUSDe/Merkl                 |
| Lending Market(s)     | Aave V3 (Core)              |
| Debt Token            | USDT                        |
| Deposit Token         | sUSDe or Any (Zap-enabled)  |
| Share Token           | opal-sUSDe-merkl-b (ERC-20) |
| Target Leverage       | 9x (may vary)               |
| Current LTV           | 89%                         |
| Liquidation LTV       | 92%                         |

{% hint style="info" %}
Liquid Leverage addresses the 7-day unstaking cooldown issue for sUSDe users. By maintaining at least half the position in USDe and employing leverage, it creates a loop that keeps a portion of the funds liquid, free from the 7-day cooldown constraint.
{% endhint %}

#### Vault Actions

| Action   | User Provides              | User Receives              |
| -------- | -------------------------- | -------------------------- |
| Deposit  | sUSDe or Any (Zap-enabled) | opal-sUSDe-merkl-b         |
| Withdraw | opal-sUSDe-merkl-b         | sUSDe or Any (Zap-enabled) |

#### Adapters in This Vault

| Adapter                | Type    | Purpose                                          |
| ---------------------- | ------- | ------------------------------------------------ |
| Multi-asset Collateral | Aave V3 | Holds sUSDe and USDe as collateral, borrows USDT |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work#the-adapter-layer) for details on how new adapters are deployed and migrated.


# Token Flow

#### Deposit Flow

{% stepper %}
{% step %}
User approves sUSDe (or any whitelisted asset via zap) spend for the vault contract.
{% endstep %}

{% step %}
User calls `join()` with the desired sUSDe amount.
{% endstep %}

{% step %}
`OpalManager` distributes sUSDe and USDe evenly as collateral in the adapter.
{% endstep %}

{% step %}
The Aave V3 adapter uses the sUSDe to acquire USDe (via swap), supplies sUSDe as collateral, and borrows additional USDT to acquire more sUSDe (via swap) to achieve the target leverage.
{% endstep %}

{% step %}
The vault mints opal-sUSDe-merkl-b shares to the user proportional to the vault's current holdings.
{% endstep %}
{% endstepper %}

#### Withdrawal Flow

{% stepper %}
{% step %}
User calls `exit()` with the number of opal-sUSDe-merkl-b shares and USDT to redeem.
{% endstep %}

{% step %}
`OpalManager` reclaims from each adapter proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap sUSDe back to USDT).
{% endstep %}

{% step %}
The vault burns the user's opal-sUSDe-merkl-b shares.
{% endstep %}

{% step %}
sUSDe and USDe is transferred to the user.
{% endstep %}
{% endstepper %}

#### Managed Rebalance Flow (Leverage Adjustment)

{% stepper %}
{% step %}
Flash loan USDT from Aave V3.
{% endstep %}

{% step %}
Swap USDT to sUSDe.
{% endstep %}

{% step %}
Supply sUSDe as additional collateral.
{% endstep %}

{% step %}
Borrow USDT against the new collateral.
{% endstep %}

{% step %}
Repay the flash loan.
{% endstep %}

{% step %}
Assert the post-rebalance balance sheet.
{% endstep %}
{% endstepper %}

For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to USDT0, repay flash loan, assert balance sheet.

{% hint style="info" %}
Users do not need to take any action during a managed rebalance. Share balances and redemption rights are unaffected.
{% endhint %}


# dApp Instructions

<figure><img src="/files/OcHVK3xvjQS8TrpFJbYC" alt=""><figcaption><p>Browse the selection of OPAL vaults in the lovEthena collection</p></figcaption></figure>

***

#### Prerequisites

* A wallet connected to the Ethereum network
* sUSDe (or any other suitable asset via zap) in your wallet
* Sufficient native gas token for transaction fees

***

### How to Deposit (Zap)

<figure><img src="/files/PBFvg2SLX3ZCmLIBcJ6H" alt=""><figcaption><p>Click on the <code>ZAP</code> header.</p></figcaption></figure>

<figure><img src="/files/tKpqfPLNrnryzw5Hy2B7" alt=""><figcaption><p>Choose the asset from the dropdown menu for the intended zap in.</p></figcaption></figure>

<figure><img src="/files/WCu8NCebYA1di0xQooBu" alt=""><figcaption><p>Input the amount of tokens intended for the zap to receive a quote.</p></figcaption></figure>

<figure><img src="/files/GwTBfuqRt4lr46lEWntK" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the zap in transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/1nyvoP0i8zKLHWELcF1j" alt=""><figcaption><p>Sign the transaction for the swap.</p></figcaption></figure>

<figure><img src="/files/Uo7NmHFikHr8AKw1Yj6p" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-sUSDe-merkl-b shares that are now in your wallet.</p></figcaption></figure>

***

### How to Deposit (Mint)

<figure><img src="/files/7IKvMT5jDxOHrKVMsQK9" alt=""><figcaption><p>Click on the <code>MINT</code> header.</p></figcaption></figure>

<figure><img src="/files/eeHr0jR5ThRGdvWaT8LA" alt=""><figcaption><p>Input the amount of tokens intended for the mint to receive a quote.</p></figcaption></figure>

<figure><img src="/files/6e33ESVEVY5HoaRn2woC" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the minting transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/YAcWdIUfahE7Dxgty7Cp" alt=""><figcaption><p>Sign and confirm the mint transaction for the desired amount of tokens to mint.</p></figcaption></figure>

<figure><img src="/files/VXNLnaPgl8ajMq6O8dLP" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-sUSDe-merkl-b and USDT that are now in your wallet.</p></figcaption></figure>

***

### How to Withdraw (Redeem)

<figure><img src="/files/iwvT6m0NBT9l5FdSdhdv" alt=""><figcaption><p>Click on the <code>REDEEM</code> header.</p></figcaption></figure>

<figure><img src="/files/ANC6YqymJdnn9V7F7ESg" alt=""><figcaption><p>Input the amount of shares intended for the redemption to receive a quote, or select <code>Max</code>  to use up all available shares.</p></figcaption></figure>

<figure><img src="/files/Y9KMkIZeSnWYQL4LE4If" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/wSjBF5ha5KoKF0P9VEJ7" alt=""><figcaption><p>Sign and confirm the redemption transaction for the desired amount of shares to redeem.</p></figcaption></figure>

<figure><img src="/files/xYVxzh6Aqqyq2RBfwRDT" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful redemption of vault shares for the underlying sUSDe &#x26; USDe tokens that are now in your wallet.</p></figcaption></figure>

{% hint style="danger" %}
The sUSDe and USDe received on withdrawal reflects the vault's current net asset value per share, which accounts for accrued yield, borrow costs, and any fees. The output may differ from the original deposit amount.
{% endhint %}


# Fee Schedule

| Fee Type        | Rate            | Description                                                                                        |
| --------------- | --------------- | -------------------------------------------------------------------------------------------------- |
| Deposit Fee     | 0%              | Applied on deposit. Deducted from the deposit amount before shares are minted.                     |
| Exit Fee        | 0%              | Applied on withdrawal. Deducted from the withdrawal amount before USDC is transferred.             |
| Performance Fee | 0.5% annualised | Collected by minting new shares to the fee collector address. Capped at `MAX_PERFORMANCE_FEE_BPS`. |

Performance fees accrue continuously and are visible in real time by monitoring the share supply.

For general information on Origami fee types, see [What Fees We Collect](/the-second-fold-v2/what-fees-we-collect).


# OPAL Leveraged weETH (Ethereum)

<table data-view="cards"><thead><tr><th data-card-target data-type="content-ref"></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a href="/pages/JsY0ZKC3D4fIQNKwqfF6">/pages/JsY0ZKC3D4fIQNKwqfF6</a></td><td>Learn more about the various integrations used in the OPAL Leveraged weETH vault architecture. </td><td><a href="/files/4P5ygplgxeco5aEs2J0T">/files/4P5ygplgxeco5aEs2J0T</a></td></tr><tr><td><a href="/pages/o8ZF1nCFQWbIguHfA36J">/pages/o8ZF1nCFQWbIguHfA36J</a></td><td>Overview on the token flows for OPAL Leveraged weETH.</td><td><a href="/files/9b4ZPNmjhxisWfqi6GV8">/files/9b4ZPNmjhxisWfqi6GV8</a></td></tr><tr><td><a href="/pages/CxHqpVJpgWPnzQGECfXJ">/pages/CxHqpVJpgWPnzQGECfXJ</a></td><td>Refer to this user interaction guide to navigate the dapp with confidence.</td><td><a href="/files/8uYfGxue4faz6i5tJXqT">/files/8uYfGxue4faz6i5tJXqT</a></td></tr><tr><td><a href="/pages/zFhp3OhsfomjOPsUBoT5">/pages/zFhp3OhsfomjOPsUBoT5</a></td><td>Stay updated on information relating to vault fee schedules.</td><td><a href="/files/yzRQv1Y04g3BOvIBoC2e">/files/yzRQv1Y04g3BOvIBoC2e</a></td></tr></tbody></table>


# Vault Synopsis

The OPAL Leveraged weETH vault provides liquid leveraged exposure to weETH native yield and wETH lending rates on Ethereum mainnet.

#### Strategy Overview

The vault holds weETH tokens as collateral on Aave V3 (Core) and borrows wETH to achieve liquid leveraged exposure to the spread on the supply/lend yields. The depositor's vault share remains valid across all incentive campaign periods.

The yield source is the difference between the sum of yield from staking weETH and the wETH borrow cost on the lending market. As long as the borrow costs are lower than the reward yields, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{(Staking yield)} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter             | Value                      |
| --------------------- | -------------------------- |
| Chain                 | Ethereum                   |
| Underlying            | weETH (Ethena)             |
| Current Reward Market | weETH                      |
| Lending Market(s)     | Aave V3 (Core)             |
| Debt Token            | wETH                       |
| Deposit Token         | weETH or Any (Zap-enabled) |
| Share Token           | opal-weETH-a (ERC-20)      |
| Target Leverage       | 12.5x (may vary)           |
| Current LTV           | 92%                        |
| Liquidation LTV       | 95%                        |

#### Vault Actions

| Action   | User Provides              | User Receives              |
| -------- | -------------------------- | -------------------------- |
| Deposit  | weETH or Any (Zap-enabled) | opal-weETH-a               |
| Withdraw | opal-weETH-a               | weETH or Any (Zap-enabled) |

#### Adapters in This Vault

| Adapter                | Type    | Purpose                                 |
| ---------------------- | ------- | --------------------------------------- |
| Multi-asset Collateral | Aave V3 | Holds weETH as collateral, borrows wETH |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work#the-adapter-layer) for details on how new adapters are deployed and migrated.


# Token Flow

#### Deposit Flow

{% stepper %}
{% step %}
User approves weETH (or any whitelisted asset via zap) spend for the vault contract.
{% endstep %}

{% step %}
User calls `join()` with the desired weETH amount.
{% endstep %}

{% step %}
`OpalManager` distributes weETH evenly as collateral in the adapter.
{% endstep %}

{% step %}
The Aave V3 adapter uses the weETH to acquire wETH (via swap), supplies weETH as collateral, and borrows additional wETH to acquire more weETH (via swap) to achieve the target leverage.
{% endstep %}

{% step %}
The vault mints opal-weETH-a shares to the user proportional to the vault's current holdings.
{% endstep %}
{% endstepper %}

#### Withdrawal Flow

{% stepper %}
{% step %}
User calls `exit()` with the number of opal-weETH-a shares and wETH to redeem.
{% endstep %}

{% step %}
`OpalManager` reclaims from each adapter proportionally.
{% endstep %}

{% step %}
The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap weETH back to wETH).
{% endstep %}

{% step %}
The vault burns the user's opal-weETH-a shares.
{% endstep %}

{% step %}
weETH is transferred to the user.
{% endstep %}
{% endstepper %}

#### Managed Rebalance Flow (Leverage Adjustment)

{% stepper %}
{% step %}
Flash loan wETH from Aave V3.
{% endstep %}

{% step %}
Swap wETH to weETH.
{% endstep %}

{% step %}
Supply weETH as additional collateral.
{% endstep %}

{% step %}
Borrow wETH against the new collateral.
{% endstep %}

{% step %}
Repay the flash loan.
{% endstep %}

{% step %}
Assert the post-rebalance balance sheet.
{% endstep %}
{% endstepper %}

For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to wETH, repay flash loan, assert balance sheet.

{% hint style="info" %}
Users do not need to take any action during a managed rebalance. Share balances and redemption rights are unaffected.
{% endhint %}


# dApp Instructions

<figure><img src="/files/F8btZMOrOm3LAmxvS5CM" alt=""><figcaption><p>Browse the selection of OPAL vaults in the lovETH collection</p></figcaption></figure>

***

#### Prerequisites

* A wallet connected to the Ethereum network
* weETH (or any other suitable asset via zap) in your wallet
* Sufficient native gas token for transaction fees

***

### How to Deposit (Zap)

<figure><img src="/files/QgeGIOJnhuQ9uKaOu6G1" alt=""><figcaption><p>Click on the <code>ZAP</code> header.</p></figcaption></figure>

<figure><img src="/files/s9yE640TUzSOSARemliw" alt=""><figcaption><p>Choose the asset from the dropdown menu for the intended zap in.</p></figcaption></figure>

<figure><img src="/files/qSW5I5pBVjz6sXqV1W30" alt=""><figcaption><p>Input the amount of tokens intended for the zap to receive a quote.</p></figcaption></figure>

<figure><img src="/files/W3tpKN0LURrfFNyvbAqo" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the zap in transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/1KV4q79Hn1hF70EwF0YO" alt=""><figcaption><p>Sign the transaction for the swap.</p></figcaption></figure>

<figure><img src="/files/Sac68tsPp8tSm8FCxL03" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-weETH-a shares that are now in your wallet.</p></figcaption></figure>

***

### How to Deposit (Mint)

<figure><img src="/files/hG8xe45C3eHDGCpzvIMQ" alt=""><figcaption><p>Click on the <code>MINT</code> header.</p></figcaption></figure>

<figure><img src="/files/a97uqWU6JOKXZvz4Dh9w" alt=""><figcaption><p>Input the amount of tokens intended for the mint to receive a quote.</p></figcaption></figure>

<figure><img src="/files/YHEeZwHcN3OUoGv2o5Bb" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the minting transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/Y8ol2yjGycOcu85kZcuy" alt=""><figcaption><p>Sign and confirm the mint transaction for the desired amount of tokens to mint.</p></figcaption></figure>

<figure><img src="/files/IW4qIvN7p6d0KGCvVj7e" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful zap into the vault for the opal-weETH-a and wETH that are now in your wallet.</p></figcaption></figure>

***

### How to Withdraw (Redeem)

<figure><img src="/files/HChpLc0H0UcgkZ0WE4tv" alt=""><figcaption><p>Click on the <code>REDEEM</code> header.</p></figcaption></figure>

<figure><img src="/files/y3OQoWVJDV2LpqX6qwaZ" alt=""><figcaption><p>Input the amount of shares intended for the redemption to receive a quote, or select <code>Max</code>  to use up all available shares.</p></figcaption></figure>

<figure><img src="/files/NLmGbScbCUmB7Sps1as2" alt=""><figcaption><p>Click <code>CONFIRM</code> to initiate the redemption transaction.</p></figcaption></figure>

<figure><img src="/files/JKfcdyxXNOdUgrs2kL9C" alt=""><figcaption><p>Check all the boxes once you have acknowledged the Terms of Service and sign the message.</p></figcaption></figure>

<figure><img src="/files/YwwtX4P2c8hpI9gzsLPQ" alt=""><figcaption><p>Sign and confirm the transaction to agree to the Terms of Service.</p></figcaption></figure>

<figure><img src="/files/h7WHkdbWKJyGS4hxk3sA" alt=""><figcaption><p>Sign and confirm the redemption transaction for the desired amount of shares to redeem.</p></figcaption></figure>

<figure><img src="/files/Jrbxzv1ZXk6tquZqp02E" alt=""><figcaption><p>Click <code>DONE</code> to acknowledge the successful redemption of vault shares for the underlying weETH tokens that are now in your wallet.</p></figcaption></figure>

{% hint style="danger" %}
The weETH received on withdrawal reflects the vault's current net asset value per share, which accounts for accrued yield, borrow costs, and any fees. The output may differ from the original deposit amount.
{% endhint %}


# Fee Schedule

| Fee Type        | Rate            | Description                                                                                        |
| --------------- | --------------- | -------------------------------------------------------------------------------------------------- |
| Deposit Fee     | 0%              | Applied on deposit. Deducted from the deposit amount before shares are minted.                     |
| Exit Fee        | 0%              | Applied on withdrawal. Deducted from the withdrawal amount before USDC is transferred.             |
| Performance Fee | 0.5% annualised | Collected by minting new shares to the fee collector address. Capped at `MAX_PERFORMANCE_FEE_BPS`. |

Performance fees accrue continuously and are visible in real time by monitoring the share supply.

For general information on Origami fee types, see [What Fees We Collect](/the-second-fold-v2/what-fees-we-collect).


# Risks

A non-exhaustive list of risks associated with OPAL V3 vaults.

For risks associated with crypto assets in general, please visit: <https://origami.finance/disclaimer>

### Liquidation Risk

OPAL vaults hold leveraged positions on external lending markets. If the value of collateral declines relative to debt, or if the lending market's liquidation parameters change, the position may be partially or fully liquidated.

`OpalManager` monitors live health metrics (`currentLtv()`, `healthFactor()`) from each adapter and can trigger corrective rebalances to reduce leverage before a liquidation threshold is reached. However, automation infrastructure outages, extreme market conditions, or oracle failures may result in liquidation before corrective action can be executed.

### Third-Party Risks

OPAL vaults integrate with external protocols including Aave V3, Morpho, Euler, Pendle, and DEX aggregators. Each integration introduces dependency on the security, availability, and correct functioning of third-party smart contracts. A vulnerability or outage in any integrated protocol may affect OPAL vault operations and share value.

### Interest Rate / Liquidity Risk

The yield generated by a leveraged PT vault depends on the spread between the PT discount rate and the borrow cost. If borrow rates rise above the PT discount rate, the vault's net yield may become negative. Extended periods of negative yield spread will reduce the share price.

Borrow liquidity on lending markets is not guaranteed. In periods of high utilisation, the vault may be unable to increase leverage, reduce leverage, or execute rollovers until liquidity conditions improve.

### PT Maturity and Rollover Risk

This risk is specific to Perpetual PT Vaults and does not apply to V2 lov-Token vaults.

When a PT position approaches maturity, the vault must roll the position to the next available PT market. The rollover is executed as an atomic managed rebalance. Risks include:

* **Rollover delay.** The time between PT maturity and rollover execution is not instant. During this window, the vault may hold spot assets rather than a leveraged PT position, resulting in lower yield.
* **New PT market availability.** If no suitable next-maturity PT market exists (insufficient liquidity, unfavourable pricing, or no Pendle market listed), the rollover may be delayed or the vault may temporarily hold a non-leveraged spot or supply position on a money market which may provide lower or no yield. This does not affect redemption rights; only the composition of the vault at the time of share redemption.
* **Rollover slippage.** The swap from expiring PT to the new PT market may incur slippage, particularly in thin markets. The bundle-level balance sheet assertion mitigates extreme slippage by reverting the rollover if the post-operation state falls outside expected ranges. In most cases, the slippage will revert to the nominal range once market volatility subsides.

### Smart Contract Risk

OPAL smart contracts have undergone independent security audits. However, no audit can guarantee the absence of vulnerabilities. Users should consider smart contract risk as part of their overall risk assessment. See Audits for the full list of completed audits: <https://docs.origami.finance/technical-reference/audits>


# Rewards

Yield from OPAL V3 vaults is reflected in the vault share price. As the portfolio generates positive yield spread (PT discount minus borrow cost), the net asset value per share increases. There is no separate reward claim process.

Users can monitor their position value at any time through the Origami dApp or by querying the vault's share price on-chain.

For vaults that participate in external reward programmes (e.g., Pendle points, lending protocol incentives), details will be documented on the vault-specific pages as applicable.


# What Fees We Collect

Origami collects fees on OPAL V3 vaults through the following mechanisms:

### Performance Fee

A percentage of the vault's positive yield is collected by minting new shares to the fee collector address. The performance fee rate is set per vault and is capped by the immutable `MAX_PERFORMANCE_FEE_BPS` constant in the vault contract. Fee accrual is continuous and visible in real time by monitoring the total share supply.

{% hint style="info" %}
Each vault will display the current performance fee which is set to 0.5% for most OPAL vaults.
{% endhint %}

The performance fee is subject to change. Fee collection may be paused if the yield is less than 1% for an extended period of time. If the OPAL vault returns are high, the performance fee may be raised to no more than 10% of the APY e.g. if the OPAL vault yield was consistently at 50%, the performance fee may be raised to 5%. There is no automatic performance fee increase or decrease.&#x20;

### Deposit and Exit Fees

Some vaults may charge a fee on deposits, withdrawals, or both. These fees are deducted from the respective token amount before shares are minted (deposit), or before tokens are transferred to the user (exit). Deposit and exit fee rates are documented on each vault's Fee Schedule page.


# Vault Fee Schedule

| Vault              | Chain    | Deposit Fee | Exit Fee | Performance Fee |
| ------------------ | -------- | ----------- | -------- | --------------- |
| Perpetual sUSDe PT | Plasma   | 0%          | 0%       | 0.5% annualised |
| Perpetual sUSDe PT | Ethereum | 0%          | 0%       | 1% annualised   |

This table will be updated as new vaults are added to the OPAL Perpetual PT Collection.


# Getting Started

Choose one of the sections below to learn more about Origami.

{% content-ref url="/pages/5l1HVBOv0on4LTlg79RT" %}
[What's New in V2](/the-second-fold-v2/whats-new-in-v2)
{% endcontent-ref %}

{% content-ref url="/pages/c5ukZtx5NEEzCQmvitZv" %}
[How Does a Leveraged Origami Vault Work?](/the-second-fold-v2/how-does-a-leveraged-origami-vault-work)
{% endcontent-ref %}

{% content-ref url="/pages/zqOZchYNZCHDoRVw5YO5" %}
[Collection and Vault User Guides](/the-second-fold-v2/collection-and-vault-user-guides)
{% endcontent-ref %}

{% content-ref url="/pages/5A1n2Yi3x4KZkNzNLT8r" %}
[Risks](/the-second-fold-v2/risks)
{% endcontent-ref %}

{% content-ref url="/pages/vugAurxmuLVU0HM2TXoe" %}
[Rewards](/the-second-fold-v2/rewards)
{% endcontent-ref %}

{% content-ref url="/pages/IQn0xC5WTc2Pj9qfVoZ5" %}
[What Fees We Collect](/the-second-fold-v2/what-fees-we-collect)
{% endcontent-ref %}

{% content-ref url="/pages/arfdAJd36qBKNT4p8ka2" %}
[Vault Fee Schedule](/the-second-fold-v2/vault-fee-schedule)
{% endcontent-ref %}

{% content-ref url="/pages/AHt1h3Xnwx8qGHQjhoPP" %}
[Deprecated Vaults](/the-second-fold-v2/deprecated-vaults)
{% endcontent-ref %}


# What's New in V2

## NEW FEATURES

### Token Folding

**Frictionless Folding Strategy:** Leveraged Origami Vaults (lov) turbocharge yield potential by utilising automated leverage for yield-bearing tokens (YBT). This could enhance user yields for the supported token without the need for active position management.

**Streamlined Risk Management:** Intelligent leverage automates borrowing and repayment to maintain a target exposure to the underlying YBT. No need for the user to actively monitor their health factor.&#x20;

**Deep and Scalable Liquidity:** Origami is fully integrated with the top third-party lending protocols in DeFi such as [Morpho Finance](https://app.morpho.org/) and [Spark Finance](https://app.spark.fi/) to provide a seamless liquidity experience.&#x20;

**Transparent and Low Fees:** Origami is committed to affordability with a highly transparent and competitive fee structure to make folding strategies more accessible than ever.

{% hint style="warning" %}
Make sure you understand the [risks](/the-second-fold-v2/risks) associated with Origami Finance before opting to use any of its products.
{% endhint %}

Ready to get started? Visit the dApp here 👉 [origami.finance](https://origami.finance)


# How Does a Leveraged Origami Vault Work?

### Why Is Origami Needed?

Historically, users could increase their exposure to a yield-bearing token (YBT) or airdrop farming strategy by depositing that same token to borrow on a money market where it was whitelisted as a collateral. The borrowed funds would be swapped to generate more of the same collateral. By looping or folding this debt position repeatedly, a highly leveraged exposure up to 10x or more could be achieved depending on the maximum LTV (Loan-to-Value) parameters for the pool.

However, manually entering the folded position this way was tedious, risky, and gas-intensive. The user would have to carefully monitor their health ratio to ensure that market volatility or high interest rate would not bring their debt position above the liquidation threshold.

### How Did Origami Devs Fix This?

Origami Leveraged Vault (lov) also known as lov-Strategy vaults simplifies the entire folding process into a one-click experience. Users can instantly create a leveraged yield-bearing token position that automatically maintains a consistently high LTV to maximise returns for select YBT such as sUSDe while minimising liquidation risk. In the case of USDe for farming [Ethena Sats](https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/GTbzFynrve4gzSjIEKL0vz7Kq0UHkIiekHkup0EXgjU), users may maximise their potential farming power by applying leverage relative to their actual deposit to create a much larger notional position e.g. 5x or 7x.

### What Leveraged Origami Vaults Are Available at Launch?

The two main Origami v2 vaults lov-wstETH and lov-sUSDe will be available at launch. Other vaults such as lov-weETH, lov-wOETH, lov-USDe will soon follow. These vaults utilise the deposit token as both asset and collateral to generate a relatively *delta neutral* position.  These vaults will deploy user deposits to their respective Morpho or Spark Pools to provide more Points farming power and leverage for any applicable native yield e.g. sUSDe, weETH, wOETH, and wstETH.

### Where Does the Origami Vault Borrow Liquidity Come From?&#x20;

The liquidity required for lov-Strategy vaults may be supplied externally through a lending platform such as Spark Finance or Morpho Finance. The specific token pairing in each lov-Strategy vault cannot be changed and is tied to the lending platform to which the vault is integrated. For instance, the lov-USDe would borrow more DAI from Morpho Finance to increase its USDe holdings, whereas the lov-wstETH vault would borrow more WETH from Spark Finance to increase its wstETH holdings

The Origami user can deposit the underlying YBT token into a lov-Strategy vault to mint vault share tokens (lov-Token). The reserve asset in a lov-Strategy vault is the actual yield-bearing or collateral token e.g. sUSDe for the lov-sUSDe vault and USDe for the lov-USDe vault. The user deposit enables the vault to apply leverage on the user’s behalf.

### How Do I Claim My Vault Yield?

The user's share of the lov-Token supply reflects their share of the lov-Strategy vault’s withdrawable reserves. The non-withdrawable portion of lov-Strategy reserves is used to collateralise the outstanding loan principal and any accrued interest.

Similar to other repricing share tokens that are redeemable for assets e.g. Spark Dai (sDAI), as the ratio of USDe-to-sUSDe grows, the amount of reserves required to back the outstanding loan will decrease, which in turn increases the amount of sUSDe that users can withdraw when they redeem their vault shares. The amount of user-withdrawable reserves will grow on a per lov-Token basis as long as the yield APR on the YBT exceeds the borrow APR from the lender over time.

For lov-Strategy vaults such as lov-USDe, the farmed points that reflect the total vault farming potential is reflected on the front-end and updated daily. When Ethena Protocol fulfills its commitment at the end of Season 2 (and Season 3), Origami users will be able to [claim their rewards](https://app.liquifi.finance/) on a pro-rata basis proportional to the Sats that they've earned through their Origami deposit. In the meantime, the user can assess the implied APR from the Points or Sats through the eAPR vault metric. See the [Rewards section](/the-second-fold-v2/rewards#how-we-calculate-implied-apy-for-ethena-sats) for more details.

{% hint style="info" %}
Positive yield spread in a lov-Strategy vault is not guaranteed! A negative yield spread stemming from high interest rates on the external lending market may impact returns. For more information, see the [Rewards](/the-second-fold-v2/rewards) and [Risks](/the-second-fold-v2/risks) sections.
{% endhint %}

>


# Targeted Exposure

<figure><img src="/files/mMpy5r5YmWynGVSuUdu0" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/HfL4BDfdXSW6A7mI3V9Z" alt=""><figcaption><p>Fig 1. Rebalances for the Lov-Token vault are called by bots when certain conditions are met</p></figcaption></figure>

The A/L ratio configurations for each lov-Strategy vault help ensure that the vault will *operate programmatically* within its target ***Effective Exposure*** range most of the time to generate consistent leverage levels. At deployment, each lov-Strategy vault is configured with bespoke A/L ratio (LTV) floor and ceiling thresholds.&#x20;

The [RebalanceUp](/the-second-fold-v2/how-does-a-leveraged-origami-vault-work/rebalancing-up) and [RebalanceDown](/the-second-fold-v2/how-does-a-leveraged-origami-vault-work/rebalancing-down) function calls are automated and executed via Flashbots to avoid MEV attacks. Both the size of the Rebalance and the odds of a successful call are randomised to further mitigate risk of front-running or arbitrage (Fig 1).

For capital efficiency, a Rebalance will not be triggered by normal market price fluctuations or relatively small vault flows while still ensuring the vault can automatically repay lenders should the leverage position health ratio deteriorate significantly. See the [Limits](/the-second-fold-v2/how-does-a-leveraged-origami-vault-work/vault-limits) section for more details about the Effective Exposure range that the vault Rebalance mechanism will target.

{% hint style="info" %}
The programmatic vault rebalance mechanism may not function as expected in severe or extended depeg scenarios. Origami Team does not perform active, discretionary, or "manual" rebalances on a vault, nor does it have custody over vault user deposits.&#x20;
{% endhint %}


# Rebalancing Down

<figure><img src="/files/hbOgxUQ3xWNWESEH82wu" alt=""><figcaption></figcaption></figure>

### Vault Function Overview

***RebalanceDown*** is a vault function that gets called by a bot when the Asset / Liabilities (A/L) ratio rises above the preset threshold (<mark style="color:green;">REBALANCE\_AL\_CEILING</mark>). In response, the lov-Strategy vault will supply its vault reserve asset as collateral to a liquidity provider to increase its debt and exposure to the collateral asset. This transaction will reduce the A/L ratio (LTV goes up). The net effect is that Effective Exposure (EE) to the lov-Strategy vault reserve asset will be increased on a per vault share basis.

### A/L Factors That May Trigger RebalanceDown:

#### Price Volatility

* Spot price of vault reserve asset increases relative to the borrowed token
* Value of vault reserve asset increases due to accrued yield, rebases, or farming rewards

#### Interest Rate Volatility

* The Interest rate falls for the borrowed token

#### Inflows

* New user deposits of the vault reserve asset e.g. sUSDe or wstETH

#### **Example RebalanceDown Scenario (described in stETH terms for simplicity)**

lov-stETH WETH liabilities priced in stETH terms i.e. assume 1 stETH = 1 WETH\ <mark style="color:green;">REBALANCE\_AL\_CEILING</mark> = 1.6

T0\
Assets: 9,000 stETH\
Liabilities: 6,000 stETH\
Target A/L: 1.5\
Effective Exposure: 3X Leverage (3,000 stETH collateral // 9,000 stETH exposure)

T1\
Starting Assets: 9,000 + 600 = 9,600 stETH\
Starting Liabilities: 6,000 stETH\
Current A/L: 1.6\
Effective Exposure: 2.67X Leverage (3600 stETH collateral // 9600 stETH exposure)

Bob deposits 600 stETH to the lov-stETH Vault\
This pushes A/L ratio to the <mark style="color:green;">REBALANCE\_AL\_CEILING</mark> of 1.6\
RebalanceUp will be triggered to borrow 1,200 WETH to add 1,200 stETH to wstETH reserves

T2\
Assets: 9,600 + 1,200 = 10,800 stETH\
Liabilities: 6,000 + 1,200 = 7,200 stETH\
Current A/L: 1.5\
Effective Exposure: 3X Leverage (3,600 stETH collateral // 10,800 stETH exposure)


# Rebalancing Up

<figure><img src="/files/y7rBcN3911X7IcuP8JcZ" alt=""><figcaption></figcaption></figure>

## Vault Function Overview

***RebalanceUp*** is a vault function that gets called by a bot when the Asset / Liabilities (A/L) ratio falls below the preset threshold (<mark style="color:green;">REBALANCE\_AL\_FLOOR</mark>). In response, the lov-Strategy vault will sell vault reserve assets back to the token it borrowed in order to repay its debt to the liquidity provider and reduce its exposure to the collateral asset. This transaction will increase the A/L ratio (LTV goes down). The net effect is that Effective Exposure (EE) to the lov-Strategy vault reserve asset will be reduced on a per vault share basis.

{% hint style="info" %}
*Users should note that due to the leverage factor, the vault share price may fall if additional collateral is being withheld to back the debt due to deteriorating price. Similarly, if additional collateral is sold to repay debt to restore Target Effective Exposure, the lov-Strategy vault share price will be impacted.*
{% endhint %}

### A/L Factors That May Trigger RebalanceUp:

#### Price Volatility

* Spot price of vault reserve asset decreases relative to the borrowed token

#### Interest Rate Volatility

* The Interest Rate rises for the borrowed token

#### Outflows

* New user withdrawals of the vault reserve asset e.g. sUSDe or wstETH

#### **Example RebalanceUp Scenario (described in stETH terms for simplicity)**

lov-stETH WETH liabilities priced in stETH terms i.e. 1 stETH = 1 WETH\ <mark style="color:green;">REBALANCE\_AL\_FLOOR</mark> = 1.2

T0\
Assets: 9,000 stETH\
Liabilities: 6,000 stETH\
Target A/L: 1.5\
Effective Exposure: 3X Leverage (3,000 stETH collateral // 9,000 stETH exposure)

T1\
Assets: 9,000 - 1,800 = 7,200 stETH\
Liabilities: 6,000 stETH\
Current A/L: 1.2\
Effective Exposure: 6X Leverage (1,200 stETH collateral // 7,200 stETH exposure)

Alice redeems 1,800 stETH from the lov-stETH Vault\
This pushes A/L ratio to the <mark style="color:green;">REBALANCE\_AL\_FLOOR</mark> of 1.2\
RebalanceUp will be triggered to sell 3,600 stETH from wstETH reserves to repay 3,600 WETH

T2\
Assets: 7,200 - 3,600 = 3,600 stETH\
Liabilities: 6,000 - 3,600 = 2,400 stETH\
Current A/L: 1.5\
Effective Exposure: 3X Leverage (1,200 stETH collateral // 3,600 stETH exposure)


# Vault Limits

<figure><img src="/files/6SsVTgAcyESs4ElXmMGq" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/zI7YAmOVYw6TtlnY15x3" alt=""><figcaption><p><strong>Fig 2. Chart displaying targeted effective exposure range for USDe 5x vault which utilises</strong> <a href="https://risk.morpho.org/market?id=0xc581c5f70bd1afa283eed57d1418c6432cbff1d862f94eaf58fdd4e46afbb67f"><strong>Morpho USDe/DAI 86% LLTV Pool</strong></a></p></figcaption></figure>

<figure><img src="/files/UAfv15QUclQloeuJAR9Y" alt=""><figcaption><p><strong>Fig 3. Chart displaying targeted effective exposure range for USDe 7x vault which utilises</strong> <a href="https://risk.morpho.org/market?id=0x8e6aeb10c401de3279ac79b4b2ea15fc94b7d9cfc098d6c2a1ff7b2b26d9d02c"><strong>Morpho's USDe/DAI 91.5% LLTV Pool</strong></a></p></figcaption></figure>

<figure><img src="/files/6dRi9Ap1wqFlES6J7BWH" alt=""><figcaption><p><strong>Fig 4. Chart displaying targeted effective exposure range for sUSDe 5x vault which utilises</strong> <a href="https://risk.morpho.org/market?id=0x39d11026eae1c6ec02aa4c0910778664089cdd97c3fd23f68f7cd05e2e95af48"><strong>Morpho's sUSDe/DAI 86% LLTV Pool</strong></a></p></figcaption></figure>

<figure><img src="/files/pZtoHcZFxr7BjGCUDqI3" alt=""><figcaption><p><strong>Fig 5. Chart displaying targeted effective exposure range for sUSDe 7x vault which utilises</strong> <a href="https://risk.morpho.org/market?id=0x1247f1c237eceae0602eab1470a5061a6dd8f734ba88c7cdc5d6109fb0026b28&#x26;network=ethereum"><strong>Morpho's sUSDe/DAI 91.5% LLTV Pool</strong></a></p></figcaption></figure>

<figure><img src="/files/y0lZeVttlPKRor7sIleD" alt=""><figcaption><p>Fig 6. Chart displaying targeted effective exposure range for weETH 4x vault <strong>which utilises</strong> <a href="https://risk.morpho.org/market?id=0x698fe98247a40c5771537b5786b2f3f9d78eb487b4ce4d75533cd0e94d88a115"><strong>Morpho's weETH/WETH 86% LLTV Pool</strong></a></p></figcaption></figure>

<figure><img src="/files/Mhl94ASP2Pg5Qownriw9" alt=""><figcaption><p>Fig 7. Chart displaying targeted effective exposure range for wstETH 11x vault which utilises the WETH pool from <a href="https://app.spark.fi/dashboard">Spark Finance</a></p></figcaption></figure>

<figure><img src="/files/fV9aVPk9bU5Hp9LQmuiZ" alt=""><figcaption><p>Fig 8. Chart displaying targeted effective exposure range for wstETH 14x vault which utilises the WETH pool from <a href="https://app.spark.fi/dashboard">Spark Finance</a></p></figcaption></figure>

<figure><img src="/files/rnJU8YzOgu9DsYQX31ZF" alt=""><figcaption><p>Fig 9. Chart displaying targeted effective exposure range for wETH-DAI-long 2x vault which utilises the WETH pool from <a href="https://app.spark.fi/dashboard">Spark Finance</a></p></figcaption></figure>

<figure><img src="/files/zvdCT52JxT94FSUVTQms" alt=""><figcaption><p>Fig 10. Chart displaying targeted effective exposure range for wETH-sDAI-short 2x vault which utilises the sDAI pool from <a href="https://app.spark.fi/dashboard">Spark Finance</a></p></figcaption></figure>

<figure><img src="/files/L2aVLerrYc0SXTzoommD" alt=""><figcaption><p>Fig 11. Chart displaying targeted effective exposure range for AAVE-USDC-long 1.5x vault which utilises the USDC pool from AAVE protocol</p></figcaption></figure>

<figure><img src="/files/ZI8QyZt7heXFdrQSGXAF" alt=""><figcaption><p>Fig 12. Chart displaying targeted effective exposure range for USD0++ 5x vault which utilises the <a href="https://risk.morpho.org/market?id=0xb48bb53f0f2690c71e8813f2dc7ed6fca9ac4b0ace3faa37b4a8e5ece38fa1a2&#x26;network=ethereum">USD0++/USDC 86% LLTV Pool </a>from Morpho</p></figcaption></figure>

<figure><img src="/files/iIZMLqALOZQHojCTBocX" alt=""><figcaption><p>Fig 13. Chart displaying targeted effective exposure range for sDAI 11x vault which utilises the <a href="https://app.morpho.org/market?id=0x3bb29b62affbedc60b8446b235aaa349d5e3bad96c09bca1d7a2d693c06669aa&#x26;network=mainnet&#x26;morphoPrice=0.75">sDAI/USDC 94.5% LLTV Pool</a> from Morpho</p></figcaption></figure>

<figure><img src="/files/sBCTM4CZv4IFm3fPz0Vt" alt=""><figcaption><p>Fig 14. Chart displaying targeted effective exposure range for rswETH 11x vault which utilises the rswETH/WETH 94.5% LLTV Pool from Morpho</p></figcaption></figure>

<figure><img src="/files/6X1XnvNBxl1XkiTw4ZRZ" alt=""><figcaption><p>Fig 15. Chart displaying targeted effective exposure range for PT-cornLBTC-Dec24 8x vault which utilises the <a href="https://app.zerolend.xyz/reserve-overview/?underlyingAsset=0x8236a87084f8b84306f72007f36f2618a5634494&#x26;marketName=proto_mainnet_btc_v3">LBTC 90% LLTV Pool</a> from ZeroLend</p></figcaption></figure>

<figure><img src="/files/N0UmTwbfc9aXIyFh1KCu" alt=""><figcaption><p>Fig 16. Chart displaying targeted effective exposure range for PT-eBTCDec24 8x vault which utilises the <a href="https://app.zerolend.xyz/reserve-overview/?underlyingAsset=0x657e8c867d8b37dcc18fa4caead9c45eb088c642&#x26;marketName=proto_mainnet_btc_v3">eBTC 90% LLTV Pool</a> from ZeroLend</p></figcaption></figure>

<figure><img src="/files/nHZ5iznO87Dkvstza2hz" alt=""><figcaption><p> Fig 17. Chart displaying targeted effective exposure range for WETH/cbBTC-3x-long vault which utilises the <a href="https://app.aave.com/reserve-overview/?underlyingAsset=0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf&#x26;marketName=proto_mainnet_v3">WETH/cbBTC 73% LLTV</a> Pool from Aave</p></figcaption></figure>

<figure><img src="/files/kuNx94xxi1Slcw6vq8Lp" alt=""><figcaption><p> Fig 18. Chart displaying targeted effective exposure range for PT-sUSDe-Mar-2025 7x vault which utilises the <a href="https://app.morpho.org/market?id=0x5e3e6b1e01c5708055548d82d01db741e37d03b948a7ef9f3d4b962648bcbfa7&#x26;network=mainnet">PT-sUSDe/DAI 91.5% LLTV Poo</a>l from Morpho.</p></figcaption></figure>

<figure><img src="/files/nu6E1bFefrClqzaNaeiX" alt=""><figcaption><p>Fig 19. Chart displaying targeted effective exposure range for PT-sUSDe-May-2025 7x vault which utilises the <a href="https://app.morpho.org/ethereum/market/0x407d8c123443d362ffdfe73208068ef158a21d1a44a988c9acc23a51bade7905/pt-susde-29may2025-dai">PT-sUSDe/DAI 91.5% LLTV Pool from Morpho.</a></p></figcaption></figure>

**lov-Strategy Vault Deposit and Withdrawal Limits**

Users should note that lov-Strategy vaults are subject to deposit and withdrawal limits based on the current Asset to Liability (A/L) ratio for that vault. The A/L ratio is simply the inverse of the Loan-to-Value ratio (LTV). These protective thresholds protect the integrity of the vaults and mitigate the risk of bad debt. In short, if a new lov-Strategy vault deposit or withdrawal would push the Asset / Liability ratio (or LTV) above the upper vault threshold or below the lower vault threshold, the transaction will revert.

The A/L ceiling (<mark style="color:green;">USER\_AL\_CEILING</mark>) prevents new deposits from reducing the leverage applied in the vault too much until a RebalanceDown can be executed. For the USDe 5x and the sUSDe 5x vaults, <mark style="color:green;">USER\_AL\_CEILING</mark> are both set to 70% LTV (Fig 2 and 4) whereas for the lov-wstETH vault, it is set to 86% LTV (Fig 7).&#x20;

Similarly the A/L floor (<mark style="color:green;">USER\_AL\_FLOOR</mark>) prevents withdrawals that increase vault leverage too much until vault health ratio permits, or a RebalanceUp can be executed. For USDe 5x and sUSDe 5x vaults, the <mark style="color:green;">USER\_AL\_FLOOR</mark> is set to 83.5% and 84.5% LTV respectively (Fig 2 and 4) whereas for the lov-stETH vault, it is set to 89.9% LTV (Fig 7).

Once the vault automation adjusts the vault holdings back to the ***Targeted Effective Exposure*** range, or if user flows move the vault A/L ratio back to the nominal range, new deposits and withdrawals can then resume.

When <mark style="color:green;">USER\_AL\_CEILING</mark> is reached:

* No new deposits until a RebalanceDown is triggered
* RebalanceDown may allow new deposits to occur after the A/L ratio is reduced
* Any new Deposits that would move the A/L ratio above the ceiling will revert

When <mark style="color:green;">USER\_AL\_FLOOR</mark> is reached:

* No new withdrawals until a RebalanceUp is triggered
* RebalanceUp may allow new withdrawals to occur after the A/L ratio is raised
* Any new Withdrawals that would move the A/L ratio below the floor will revert


# Collection and Vault User Guides

<figure><img src="/files/S7bUzrZgxFEFGrhWGDuK" alt=""><figcaption></figcaption></figure>

***

### Collections

***

{% content-ref url="/pages/7FJRQog8o835ZhvMloRp" %}
[lovOlympus Collection](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovolympus-collection)
{% endcontent-ref %}

{% content-ref url="/pages/4BsSuZHjMnZzcaYvavYF" %}
[lovETH Collection](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/loveth-collection)
{% endcontent-ref %}

{% content-ref url="/pages/59F0gsHJqPnQsT4ivRyE" %}
[lovEthena Collection](/the-second-fold-v2/deprecated-vaults/lovethena-collection)
{% endcontent-ref %}

{% content-ref url="/pages/L74le9nAs8GVIv6uJPGz" %}
[lovStables Collection](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovstables-collection)
{% endcontent-ref %}


# What Are Collections?

<figure><img src="/files/lZgrr5C3XNZo3C3P8IHn" alt=""><figcaption></figcaption></figure>

As the number of strategy vaults continues to grow, a new feature is being used to organise Origami vaults into categories. These vault categories may be comprised of Liquid Staking Tokens and Liquid Restaking Tokens (lovLST), or Protocol-specific offerings from Ethena (lovEthena) and Pendle (lovPendle Collection). This new feature is called Collections and is designed to simplify the vault browsing experience. We want to make it easier than ever for our users to find the perfect Origami vault.&#x20;

{% hint style="info" %}
If you prefer to see all the vaults on one page instead of sorted by Collections, simply click on ALL VAULTS to apply the desired Filter to the complete list of vaults.
{% endhint %}

<figure><img src="/files/zsfhB98F7abx11HMaBhg" alt=""><figcaption></figcaption></figure>


# lovOlympus Collection

<figure><img src="/files/yCMqHNDXu2k3hX0OrZxy" alt=""><figcaption></figcaption></figure>

The lovOlympus Collection allows users to review all active vaults where the underlying reserve token is OHM.

<figure><img src="/files/VMkAdjjemvXokIylcrdv" alt=""><figcaption><p>Click on the lovOlympus Collection to view all relevant vaults</p></figcaption></figure>

<figure><img src="/files/zqwnCws3DCaqxGe5peeV" alt=""><figcaption><p>Browse all listings of active lovOlympus Vaults</p></figcaption></figure>

***

Active lovOIympus Vaults

***

{% content-ref url="/pages/ofyLFM47ZXPIuNTrKvpf" %}
[hOHM](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovolympus-collection/hohm)
{% endcontent-ref %}


# hOHM

### Strategy Overview

<figure><img src="/files/VCWdTGVLgsVvSsLCJQv9" alt=""><figcaption><p>Fig 27. Flow chart displaying the token flow for the hOHM Vault.</p></figcaption></figure>

The hOHM Vault is an Origami Tokenised Balance Sheet Vault (TBS) which is derived from the ERC-4626 standard. TBS vaults utilises a novel balance sheet framework to track multiple reserve assets and liabilities.&#x20;


# Vault Synopsis

The hOHM Vault tokenises leveraged OHM generated against perpetually maximised Cooler debt.

### OHM Looping Powered by Lov

hOHM delivers a new DeFi primitive for a liquid, maximally leveraged OHM token by taking advantage of new features introduced in the new Cooler V2 from OlympusDAO and building atop the robust foundation of Origami's battle-tested automation backend for looping money market applications. hOHM also drew inspiration from [TempleDAO Protocol's battle-tested lending smart contract](https://reports.electisec.com/08-2023-TempleDAO-Lending-Recheck),&#x20;

<figure><img src="/files/WpVl7PENzFTU5zSD0vpX" alt=""><figcaption></figcaption></figure>

### Welcome hOHM

Olympus' Cooler Loans V2--also known as MonoCooler--unveiled key improvements over Cooler V1. Specifically for hOHM, the two most important additions for Cooler v2 are:

* Single, consolidated USDS loan position for each user instead of multiple positions.
* Origination Loan-to-Value (OLTV) increases automatically to a fixed target over time.&#x20;

Through governance, OlympusDAO will approve a sensible OLTV target to be reached by a certain date and the current OLTV will rise linearly until the target OLTV is reached. This new OLTV drip mechanic is derived from [TempleDAO's Treasury Price Index](https://docs.templedao.link/temple-codex/treasury-price-index). Users who want to maximise their exposure to OHM premium by taking out a USDS loan up to the maximum OLTV would have to do so continually and manually manage their debt position. hOHM steps into the void to meet this need.

hOHM introduces a tokenised Balance Sheet framework that maintains reserve assets and liabilities without relying on any external oracle pricing. The vault share price is seeded upon initialisation and dynamically tracks both gOHM/hOHM (collateral balance) and USDS/hOHM (debt). The unique oracle-free feature of hOHM allows scaling beyond traditional liquidity pool and price impact constraints.

| Vault Action | User Deposit | User Withdraw |
| ------------ | ------------ | ------------- |
| `mint ()`    | gOHM         | USDS, hOHM    |
| `redeem ()`  | USDS, hOHM   | gOHM          |

{% hint style="warning" %}
hOHM cannot be minted out of thin air by elevated access. Each hOHM in circulation was minted by providing the vault reserve gOHM and incurring the reserve USDS debt on a per share basis.
{% endhint %}

The hOHM vault will always max out the OLTV and maintain a nominal amount of surplus USDS. Idle USDS is deposited into the [Origami sUSDS+s Vault](https://origami.finance/collections/stables-collection/1-0x0f90a6962e86b5587b4c11bA2B9697dC3bA84800/info) to earn yield on idle funds at a risk-free rate. When below the threshold, the USDS buffer would support interest repayments under zero OLTV growth scenarios. Once the USDS buffer is above a policy threshold, funds will be deployed towards`sweeps()` i.e. repurchase of hOHM from a [sUSDS/hOHM Uni V3 pool](https://app.uniswap.org/explore/tokens/ethereum/0x1DB1591540d7A6062Be0837ca3C808aDd28844F6?inputCurrency=0xa3931d71877c0e7a3148cb7eb4463524fec27fbd). Up to 3.3% of the repurchased hOHM will be sent to Origami as a performance fee, while the remaining 96.7% of hOHM will be burned to increase gOHM backing (and USDS debt) per hOHM.&#x20;

{% hint style="info" %}
The Uni V3 sUSDS/hOHM liquidity will be bootstrapped by TempleDAO, one of the largest gOHM holders and a strategic Partner to Origami Finance.
{% endhint %}

While there is no mint fee for hOHM, users who wish to exit the vault will incur a 1%`exitFee` (updatable) to withdraw their gOHM collateral on top of repaying the then-current USDS debt. This fee is also referred to as a Retention Bonus as the retained hOHM is removed from circulating supply for the benefit of existing hOHM holders i.e. reserve backing will rise for remaining hOhmies.


# Token Flow

<figure><img src="/files/JCqeqzFKPV7R9OWtVAGs" alt=""><figcaption><p>Fig 28. Displaying the user flow for tokenised max-leveraged OHM via hOHM</p></figcaption></figure>

1. Users mint hOHM and withdraw USDS by depositing gOHM collateral
2. Users redeem their shares of gOHM by burning hOHM and repaying USDS
3. hOHM maximises Cooler OLTV and maintains a nominal USDS buffer
4. USDS surplus is deposited into Origami's sUSDS+s Vault
5. TempleDAO provides liquidity for sUSDS/hOHM for direct hOHM swaps
6. Incentivised PoL for hOHM on Berachain to scale access to hOHM
7. OLTV linear drip drives up debt capacity for gOHM increasing available USDS via Cooler v2
8. Surplus sUSDS+s deployed towards buybacks and burn of hOHM


# dApp Instructions

### Mint

<figure><img src="/files/zqwnCws3DCaqxGe5peeV" alt=""><figcaption><p>Select the hOHM vault from the Collection to access the vault features</p></figcaption></figure>

<figure><img src="/files/Wc6HspAoVqognrtJjAMk" alt=""><figcaption><p>Click on the Mint header to access mint features</p></figcaption></figure>

<figure><img src="/files/zFxSyVIO8Kx9aaog5cCG" alt=""><figcaption><p>gOHM is the only whitelisted asset for minting hOHM</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/1lLNnOH0TqXbieR016Q9" alt=""><figcaption><p>Input the amount of gOHM you wish to allocate for minting hOHM and USDS</p></figcaption></figure>

<figure><img src="/files/KK8AgAnV06zhAYXaLV27" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/9qaQaIHts376Q03n2Era" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>

### Redeem

<figure><img src="/files/0o4rFc852ZTFqs5EkRRH" alt=""><figcaption><p>Click on the Redeem header to access redemption features</p></figcaption></figure>

<figure><img src="/files/F7oTAKORqXvlgVpRntPb" alt=""><figcaption><p>hOHM and USDS are the only whitelisted assets for redeeming gOHM</p></figcaption></figure>

<figure><img src="/files/P1hFU7XAKFmzJdjeyNAD" alt=""><figcaption><p>Input the amount of hOHM you wish to allocate for redeeming gOHM. The proportional USDS debt will be calculated for the redemption amount</p></figcaption></figure>

<figure><img src="/files/tnGl31QygXtPLAcWGp83" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/BLrGbK0pi5lk0LmMttMS" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>

### Delegate

{% hint style="info" %}
&#x20;Delegations are auto rescinded for balances that have dropped below 0.1 total voting power. Choosing a delegate address may be performed any time in advance. Once an account has accrued more total voting power, this new voting balance will be auto-updated and auto-delegated to the previously selected address.
{% endhint %}

<figure><img src="/files/FF7XeI9P8gjtFSg0zRsu" alt=""><figcaption><p>Click on the Delegate header to navigate to the delegation features</p></figcaption></figure>

<figure><img src="/files/PbrkpdAe0BfBq5g2e2Ix" alt=""><figcaption><p>Available total voting power is reflected based on user balance</p></figcaption></figure>

<figure><img src="/files/lEeig5ge72vm2cro1hEA" alt=""><figcaption><p>Select the chosen entity for delegating voting power</p></figcaption></figure>

<figure><img src="/files/UbEHc8QXWsybEXO0A7NP" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/Z1aKpyLuBP5spIb5nEo7" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>

<figure><img src="/files/4naOmusMFfEJLmFMNhC9" alt=""><figcaption><p>For undelegating, simply select the undelegate option and click Submit. This will allow you to select a new chosen delegate after completing the undelegation process on-chain</p></figcaption></figure>

<figure><img src="/files/lbIogSAjqCaTPAfxnklh" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/7g2F9WhgB9dFp2T1RA9Z" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter         | Value                                            | Notes |
| --------------------- | ------------------------------------------------ | ----- |
| `EXIT_FEE_BPS`        | 1%                                               |       |
| `LevFactor`           | Variable (inversely correlated with OHM premium) |       |
| `PERFORMANCE_FEE_BPS` | Up to 3.3%                                       |       |

{% hint style="info" %}
*100% of Exit Fees are burned for the benefit of current vault shareholders and not to Origami Protocol Treasury. The hOHM Vault does not impose any entry fees.*
{% endhint %}


# hOHM-HONEY (Origami LP Auto-Staker)

### Strategy Overview

<figure><img src="/files/srh2luhY0iswKKtI9b15" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oAS hOHM-HONEY LP Strategy.</p></figcaption></figure>

oAS hOHM-HONEY is a wrapped Origami liquid yield bearing LP token of hOHM-HONEY LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-staking the rewards into oriBGT


# Vault Synopsis

The oAS-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0x2a6f7008a884563df6fbf2d7676e696a44bb8896?chain=berachain_mainnet) who stake on earn rewards in the form of $iBGT. By depositing into the oAS hOHM-HONEY Vault, users are able to auto-stake rewards from their LP positions without the need for manual management into the oriBGT vault. This means that the principal remains the same for the initial deposit while rewards are continuously harvested and staked to grow the user's oriBGT rewards.


# Token Flow

<figure><img src="/files/3Yew5wb7cxczKRL0rFaL" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding hOHM-HONEY LP tokens with the oAS hOHM-HONEY vault.</p></figcaption></figure>

1. Users deposit hOHM-HONEY LP into the oAS hOHM-HONEY LP vault
2. Users exit into the same amount of LP tokens as the initial deposit
3. oAS hOHM-HONEY LP deploys to Infrared Protocol to farm iBGT
4. oAS hOHM-HONEY LP vault autostakes iBGT rewards into oriBGT
5. oAS hOHM-HONEY LP tokens amount stays the same as initial deposit throughout the deposit term
6. Origami autostakes iBGT rewards into the oriBGT vault
7. Origami sets discreet orders for swapping iBGT yield farmed to hOHM-HONEY LP growing the vault reserves
8. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/A1gECEWOl1EuE1JpDr4O" alt=""><figcaption><p>Select the hOHM-HONEY vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/faT0lWs8ow4TH8imUZPE" alt=""><figcaption><p>hOHM-HONEY is the only whitelisted asset for deposits into the hOHM-HONEY vault</p></figcaption></figure>

<figure><img src="/files/NJRqEsO5wDrI8SkNqaE6" alt=""><figcaption><p>Click Deposit to access the hOHM-HONEY vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/5t7CMmd49wntaO9ofBGy" alt=""><figcaption><p>Key in the amount of hOHM-HONEY tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/Avknc1DtN51OCfv25LMh" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/vj0y9rmTkkpK661g0d7P" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# lovInfrared Collection

<figure><img src="/files/mwlsRKTblzvJElE3I2r9" alt=""><figcaption></figcaption></figure>

The lovInfrared Collection allows users to review all active vaults where the underlying reserve token is currently live on Infrared Finance.

<figure><img src="/files/Eq0Bkt5f1w7et50zWB48" alt=""><figcaption><p>Click on the lovInfrared Collection to view all relevant vaults</p></figcaption></figure>

<figure><img src="/files/bIRRYnygowAJeWd8Ola9" alt=""><figcaption><p>Browse all listings of active lovInfrared Vaults</p></figcaption></figure>

***

Active lovInfrared Vaults

***

{% content-ref url="/pages/cWTn95Pvg8IEXuANU52p" %}
[oriBGT](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/oribgt)
{% endcontent-ref %}

{% content-ref url="/pages/mKnPaO3keJXdUzO2FgiZ" %}
[oriBGT Smart Leverage (Tulipa Cluster)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/oribgt-smart-leverage-tulipa-cluster)
{% endcontent-ref %}

{% content-ref url="/pages/mUd9SJDLwK6aceH2SA6V" %}
[Auto-Compounders](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders)
{% endcontent-ref %}

{% content-ref url="/pages/E8MEyuPwDLm6oeCmrBH4" %}
[Auto-Stakers](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-stakers)
{% endcontent-ref %}

***


# oriBGT

### Strategy Overview

<figure><img src="/files/pVFxf9mfsehTGb3u9dLS" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oriBGT Strategy.</p></figcaption></figure>

oriBGT is an ERC-4626 Origami liquid wrapper for iBGT that automatically harvests and compounds staked iBGT yield to more iBGT reserves every 10 minutes.


# Vault Synopsis

The oriBGT vault accepts deposits denominated in iBGT.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA. \
\
By holding iBGT, users are not only able to further direct bribes and emissions to boost existing LPs but also retain the flexibility of staying liquid. This allows for further iBGT use cases via integrations across the Berachain DeFi ecosystem such as borrow/lending, providing LP in iBGT pools or even simple liquid staking opportunities.&#x20;

The iBGT staked in staking vaults on Infrared earns rewards from delegations to validators on top of fees and rewards incentivised through the chain's [native dapps](https://hub.berachain.com/). Origami's $oriBGT vault offers users a more convenient opportunity to autocompound their iBGT positions with earned rewards in an automated fashion without the need to manually manage these positions. As a liquid wrapper on iBGT, $oriBGT will provide further use cases with strategic partner protocols to offer new money lego opportunities for users seeking to juice their yields.


# Token Flow

<figure><img src="/files/KaukyATxL3rEZDC4ZRAQ" alt=""><figcaption><p>Fig 30. Displaying the user flow for earning iBGT yield and Ori Points with the oriBGT vault.</p></figcaption></figure>

1. Users deposit iBGT into the oriBGT vault for shares
2. Users burn their shares of oriBGT for iBGT when exiting
3. oriBGT farms iBGT yield and ORI points on Origami
4. oriBGT vault wraps iBGT as a liquid yield bearing token for autocompounding earned rewards
5. oriBGT automates harvesting of Infrared boosted yields in wBERA + HONEY without the need for manual management
6. Origami sets discreet orders for swapping wBERA+HONEY yield farmed to iBGT growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/4JJswzMFxer8maYfEbds" alt=""><figcaption><p>Select the oriBGT vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/a9QQxo5U7YcYcPLA6Bda" alt=""><figcaption><p>iBGT is the only whitelisted assets for deposits into the oriBGT vault</p></figcaption></figure>

<figure><img src="/files/LaMRCPrOPWlBUZdhF8xI" alt=""><figcaption><p>Click Deposit to access the oriBGT vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/8fUxByOod9quJZuaG1GE" alt=""><figcaption><p>Key in the amount of iBGT tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/FKP6G6c0oJaEXFizSPRB" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/2EgMZVuKS87ILQC2pGSr" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# oriBGT Smart Leverage (Tulipa Cluster)

### Strategy Overview

<figure><img src="/files/dp7sZq4dlAQHQ0IKd0tB" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oriBGT Smart Leverage Strategy (Tulipa Cluster).</p></figcaption></figure>

oriBGT is a wrapped Origami liquid yield bearing token of iBGT automating harvesting and autocompounding of iBGT for the Infrared Protocol on Berachain. With smart leverage, the oriBGT Booping Vault A targets a variable effective exposure between 1.33x - 4x relative to the iBGT price premium to WBERA.


# Vault Synopsis

The oriBGT vault accepts deposits denominated in oriBGT.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA. \
\
By holding iBGT, users are not only able to further direct bribes and emissions to boost existing LPs but also retain the flexibility of staying liquid. This allows for further iBGT use cases via integrations across the Berachain DeFi ecosystem such as borrow/lending, providing LP in iBGT pools or even simple liquid staking opportunities.&#x20;

The iBGT staked in staking vaults on Infrared earns rewards from delegations to validators on top of fees and rewards incentivised through the chain's [native dapps](https://hub.berachain.com/). Origami's $oriBGT vault offers users a more convenient opportunity to autocompound their iBGT positions with earned rewards in an automated fashion without the need to manually manage these positions. As a liquid wrapper on iBGT, $oriBGT will provide further use cases with strategic partner protocols to offer new money lego opportunities for users seeking to juice their yields.

The oriBGT Booping Vault A allows users to increase their effective exposure to the underlying oriBGT between 1.33-4x by folding their oriBGT collateral on Euler. This means that *at the Target Leverage of 3.57x*, the user will receive 3.57x the spot yield for native base oriBGT yield minus the associated cost of leverage as represented by the borrow APY in the [oriBGT/WBERA 75% LLTV Euler pool (Tulipa Cluster) ](https://app.euler.finance/positions/0xac0476A04c567EBcd49Db0A5b8b294A119d7849D/0xCaa70d2aa873Ef057980844e18D9a9560bdfFcC0?network=berachain\&tab=multiply)for the oriBGT Booping Vault A.


# Token Flow

<figure><img src="/files/HiBKL3TvKJCs41oK3L2O" alt=""><figcaption><p>Fig 30. Displaying the user flow for earning levered iBGT yield and Infrared Points with the oriBGT Booping Vault A.</p></figcaption></figure>

1. Users deposit iBGT into the oriBGT Booping Vault A for shares
2. Users burn their shares of oriBGT Booping Vault A for oriBGT when exiting
3. oriBGT Booping Vault A deploys to Infrared by holding oriBGT reserves
4. oriBGT Booping Vault A borrows wBERA to swap into oriBGT for 2x variable effective exposure
5. oriBGT Booping Vault A shares are worth more oriBGT as yield is earned
6. oriBGT Booping Vault A captures variable 1x unlevered yield and 1 spread on yield after leverage
7. Rebalancing down triggers the oriBGT Booping Vault A to borrow more wBERA using flashloans
8. Rebalancing up flashloans to sell oriBGT into wBERA to pay down debt owed to the Euler position


# dApp Instructions

<figure><img src="/files/LizkR7ayoxlRKC7cSr4m" alt=""><figcaption><p>Select the oriBGT Booping Vault A from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/9EX5iFDntu3es6yA8TBZ" alt=""><figcaption><p>oriBGT is the only whitelisted assets for deposits into the oriBGT Booping Vault A</p></figcaption></figure>

<figure><img src="/files/p98wdD3deI8DFHHanypI" alt=""><figcaption><p>Click Deposit to access the oriBGT Booping Vault A</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/lsVazzeuK1GryoeD3tsG" alt=""><figcaption><p>Key in the amount of oriBGT tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/SHLZZgcaWtt97FgG2WnZ" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/dtKFQztWtLbXjYBKjwRS" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter            | Value | Notes |
| ------------------------ | ----- | ----- |
| `FixedDepositFeePercent` | 0%    |       |
| `FixedExitFeePercent`    | 2%    |       |
| `LevFactor`              | N/A   |       |
| `Protocol Fee`           | 2%    |       |

{% hint style="info" %}
`FixedExitFeePercent` *is a vault operational cost for entering and unwinding leveraged positions. This is incurred upon a user burning their vault shares for the underlying reserves at exit.*&#x20;

*The vault fees do not go to the Origami Treasury.*&#x20;

*For leveraged vaults, 2% of the exiting vault shares are burned and not returned to the user. By burning these shares, reserve per share will increased for the remaining vault depositors.*
{% endhint %}


# Auto-Compounders

***

Browse Active Auto-Compounders

***

{% content-ref url="/pages/3ts7Np1LRp6kpY7ZidBF" %}
[OHM-HONEY (Origami LP Auto-Compounder)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders/ohm-honey-origami-lp-auto-compounder)
{% endcontent-ref %}

{% content-ref url="/pages/somTgKmfcBvhDWI4V2VS" %}
[rUSD-HONEY (Origami LP Auto-Compounder)](/the-second-fold-v2/deprecated-vaults/rusd-honey-origami-lp-auto-compounder)
{% endcontent-ref %}

{% content-ref url="/pages/cYbpxtIR0LHloFQ8ynDu" %}
[BYUSD-HONEY (Origami LP Auto-Compounder)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders/byusd-honey-origami-lp-auto-compounder)
{% endcontent-ref %}

{% content-ref url="/pages/xO6G0NPbp7qX5UJaS6zb" %}
[wBERA-iBERA (Origami LP Auto-Compounder)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders/wbera-ibera-origami-lp-auto-compounder)
{% endcontent-ref %}

{% content-ref url="/pages/X4ZIUysfi0U31UmADfDb" %}
[wBERA-HONEY (Origami LP Auto-Compounder)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders/wbera-honey-origami-lp-auto-compounder)
{% endcontent-ref %}

{% content-ref url="/pages/avs35DOHRzwStsVoMDv3" %}
[wBERA-iBGT (Origami LP Auto-Compounder)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders/wbera-ibgt-origami-lp-auto-compounder)
{% endcontent-ref %}

{% content-ref url="/pages/SiFxKEZ0eqG0Agd655rc" %}
[eWBERA-osBGT (Origami LP Auto-Compounder)](/the-second-fold-v2/collection-and-vault-user-guides/what-are-collections/lovinfrared-collection/auto-compounders/ewbera-osbgt-origami-lp-auto-compounder)
{% endcontent-ref %}

***


# OHM-HONEY (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/mtRlmThVHkPuNoCPtAXU" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oAC OHM-HONEY LP Strategy.</p></figcaption></figure>

oAC OHM-HONEY is a wrapped Origami liquid yield bearing LP token of OHM-HONEY LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0x98bdeede9a45c28d229285d9d6e9139e9f505391?farm=0x815596fa7c4d983d1ca5304e5b48978424c1b448\&chain=berachain_mainnet) who stake on [Infrared](https://infrared.finance/vaults/kodiak-ohm-honey) earn rewards in the form of $iBGT. By depositing into the oAC OHM-HONEY Vault, users are able to autocompound their LP positions without the need for manual management. This means that rewards are automatically converted into more of the underlying LP tokens growing a user's shares of the vault in the underlying principal LP tokens.


# Token Flow

<figure><img src="/files/RR6xtmXYbSIvEXxIArNU" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding OHM-HONEY LP tokens with the oAC OHM-HONEY vault.</p></figcaption></figure>

1. Users deposit OHM-HONEY LP into the oAC OHM-HONEY LP vault for shares
2. Users burn their shares of oAC OHM-HONEY LP for OHM-HONEY LP when exiting
3. oAC OHM-HONEY LP farms iBGT yield and ORI points on Origami
4. oAC OHM-HONEY LP vault wraps OHM-HONEY LP as a liquid yield bearing LP token for autocompounding earned rewards
5. oAC OHM-HONEY LP automates harvesting of Infrared boosted yields in iBGT without the need for manual management
6. Origami sets discreet orders for swapping iBGT yield farmed to OHM-HONEY LP growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/cUBZPby7RlxEVvx2wt83" alt=""><figcaption><p>Select the OHM-HONEY vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/BhTMVzenTAVvIM2lT3rH" alt=""><figcaption><p>OHM-HONEY is the only whitelisted asset for deposits into the OHM-HONEY vault</p></figcaption></figure>

<figure><img src="/files/gFTzU3lfSwD7r8Zfo4zA" alt=""><figcaption><p>Click Deposit to access the OHM-HONEY vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/bdtyzLL2J4WARodTXRKb" alt=""><figcaption><p>Key in the amount of OHM-HONEY tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/GaVpB7JBaraOdj3KMViX" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/GAAJBwYUKQatjTdtxN75" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# BYUSD-HONEY (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/TJpd77DYNRuSuecxJFsf" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oAC BYUSD-HONEY LP Strategy.</p></figcaption></figure>

oAC BYUSD-HONEY is a wrapped Origami liquid yield bearing LP token of BYUSD-HONEY LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [BEX Whitelisted Vaults](https://hub.berachain.com/pools/0xde04c469ad658163e2a5e860a03a86b52f6fa8c8000000000000000000000000/details/) who stake on [Infrared](https://infrared.finance/vaults/bex-byusd-honey) earn rewards in the form of $iBGT. By depositing into the oAC BYUSD-HONEY Vault, users are able to autocompound their LP positions without the need for manual management. This means that rewards are automatically converted into more of the underlying LP tokens growing a user's shares of the vault in the underlying principal LP tokens.


# Token Flow

<figure><img src="/files/zsIo1WfGHJkhbMX0LHlD" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding BYUSD-HONEY LP tokens with the oAC BYUSD-HONEY vault.</p></figcaption></figure>

1. Users deposit BYUSD-HONEY LP into the oAC BYUSD-HONEY LP vault for shares
2. Users burn their shares of oAC BYUSD-HONEY LP for BYUSD-HONEY LP when exiting
3. oAC BYUSD-HONEY LP farms iBGT yield and ORI points on Origami
4. oAC BYUSD-HONEY LP vault wraps BYUSD-HONEY LP as a liquid yield bearing LP token for autocompounding earned rewards
5. oAC BYUSD-HONEY LP automates harvesting of Infrared boosted yields in iBGT without the need for manual management
6. Origami sets discreet orders for swapping iBGT yield farmed to BYUSD-HONEY LP growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/hNz12i1ty2bdPdDPDkmT" alt=""><figcaption><p>Select the BYUSD-HONEY vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/vx6LKtNM2KvVu01Vldwt" alt=""><figcaption><p>BYUSD-HONEY is the only whitelisted assets for deposits into the BYUSD-HONEY vault</p></figcaption></figure>

<figure><img src="/files/7lyd1ZqUMcfEy70tDOpY" alt=""><figcaption><p>Click Deposit to access the BYUSD-HONEY vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/5R5qjwcrwUIrPtdfkCXg" alt=""><figcaption><p>Key in the amount of BYUSD-HONEY tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/5h7Y08PRgYQuvAQ9UBLo" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/cA2ZVCVTakWd3kj2xiOS" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# wBERA-iBERA (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/zTHP7IEoNUY7WelYlzhE" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oAC wBERA-iBERA Strategy.</p></figcaption></figure>

oAC wBERA-iBERA is a wrapped Origami liquid yield bearing LP token of wBERA-iBERA LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0xe3eeb9e48934634d8b5b39a0d15dd89ee0f969c4?farm=0xa2c5adb20a446fa71a1762002e3c9b4dd37dbaf4\&chain=berachain_mainnet) who stake on [Infrared](https://infrared.finance/vaults/kodiak-wbera-ibera) earn rewards in the form of $iBGT. By depositing into the oAC wBERA-iBERA Vault, users are able to autocompound their LP positions without the need for manual management. Rewards are automatically converted into more of the underlying LP tokens.&#x20;


# Token Flow

<figure><img src="/files/cvrGHMDVhBFKHrNbu2px" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding wBERA-iBERA LP tokens with the oAC wBERA-iBERA vault.</p></figcaption></figure>

1. Users deposit wBERA-iBERA LP into the oAC wBERA-iBERA LP vault for shares
2. Users burn their shares of oAC wBERA-iBERA LP for wBERA-iBERA LP when exiting
3. oAC wBERA-iBERA LP farms iBGT yield and ORI points on Origami
4. oAC wBERA-iBERA LP vault wraps wBERA-iBERA LP as a liquid yield bearing LP token for autocompounding earned rewards
5. oAC wBERA-iBERA LP automates harvesting of Infrared boosted yields in iBGT without the need for manual management
6. Origami sets discreet orders for swapping iBGT yield farmed to wBERA-iBERA LP growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/Fs4ha9i42AoibKhibqKf" alt=""><figcaption><p>Select the wBERA-iBERA vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/nRGCpCaZdxzDWIu9edXA" alt=""><figcaption><p>wBERA-iBERA is the only whitelisted assets for deposits into the wBERA-iBERA vault</p></figcaption></figure>

<figure><img src="/files/o0mYHCjG3B93eGEIpoYy" alt=""><figcaption><p>Click Deposit to access the wBERA-iBERA vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/p3AaVm1nsQ0za3oL7M09" alt=""><figcaption><p>Key in the amount of wBERA-iBERA tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/zsW4OxcIafaqezxAD5eP" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/YTT2IvtsvYpeRKhBVsgR" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# wBERA-HONEY (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/wuLpT0Hrz9YN7pf19C1F" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the oAC wBERA-HONEY Strategy.</p></figcaption></figure>

oAC wBERA-HONEY is a wrapped Origami liquid yield bearing LP token of wBERA-HONEY LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0x4a254b11810b8ebb63c5468e438fc561cb1bb1da?farm=0x45325df4a6a6ebd268f4693474aaaa1f3f0ce8ca\&chain=berachain_mainnet) who stake on [Infrared](https://app.kodiak.finance/#/liquidity/pools/0x4a254b11810b8ebb63c5468e438fc561cb1bb1da?farm=0x45325df4a6a6ebd268f4693474aaaa1f3f0ce8ca\&chain=berachain_mainnet) earn rewards in the form of $iBGT. By depositing into the oAC wBERA-HONEY Vault, users are able to autocompound their LP positions without the need for manual management. Rewards are automatically converted into more of the underlying LP tokens.&#x20;


# Token Flow

<figure><img src="/files/MA4DmSR0JC9muTsrWkTU" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding wBERA-HONEY LP tokens with the oAC wBERA-HONEY vault.</p></figcaption></figure>

1. Users deposit wBERA-HONEY LP into the oAC wBERA-HONEY LP vault for shares
2. Users burn their shares of oAC wBERA-HONEY LP for wBERA-HONEY LP when exiting
3. oAC wBERA-HONEY LP farms iBGT yield and ORI points on Origami
4. oAC wBERA-HONEY LP vault wraps wBERA-HONEY LP as a liquid yield bearing LP token for autocompounding earned rewards
5. oAC wBERA-HONEY LP automates harvesting of Infrared boosted yields in iBGT without the need for manual management
6. Origami sets discreet orders for swapping iBGT yield farmed to wBERA-HONEY LP growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/GxJQ8c5qOMkiMmZUmbvf" alt=""><figcaption><p>Select the wBERA-HONEY vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/SNk2UpgEgkxrSkbKo9lF" alt=""><figcaption><p>wBERA-HONEY is the only whitelisted assets for deposits into the wBERA-HONEY vault</p></figcaption></figure>

<figure><img src="/files/AJyqxaBgUwzHIWSzpHUF" alt=""><figcaption><p>Click Deposit to access the wBERA-HONEY vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/LbEnNzDtUGDr6AmENwZa" alt=""><figcaption><p>Key in the amount of wBERA-HONEY tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/DOxSCdUZ5XgJvs5HcrGw" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/m3PcdFJKNfJL9zPiGv3K" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# wBERA-iBGT (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/D2ijS6aH3TnXutxti3F8" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the wBERA-iBGT Strategy.</p></figcaption></figure>

oAC wBERA-iBGT is a wrapped Origami liquid yield bearing LP token of wBERA-iBGT LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0x564f011d557aad1ca09bfc956eb8a17c35d490e0?farm=0x3be1be98efaca8c1eb786cbf38234c84b5052eeb\&chain=berachain_mainnet) who stake on [Infrared](https://infrared.finance/vaults/kodiak-wbera-ibgt) earn rewards in the form of $iBGT. By depositing into the oAC wBERA-iBGT Vault, users are able to autocompound their LP positions without the need for manual management. Rewards are automatically converted into more of the underlying LP tokens.&#x20;


# Token Flow

<figure><img src="/files/H78UfDnljKRFsgRCnD7S" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding wBERA-iBGT LP tokens with the oAC wBERA-iBGT vault.</p></figcaption></figure>

1. Users deposit wBERA-iBGT LP into the oAC wBERA-iBGT LP vault for shares
2. Users burn their shares of oAC wBERA-iBGT LP for wBERA-iBGT LP when exiting
3. oAC wBERA-iBGT LP farms iBGT yield and ORI points on Origami
4. oAC wBERA-iBGT vault wraps wBERA-iBGT LP as a liquid yield bearing LP token for autocompounding earned rewards
5. oAC wBERA-iBGT LP automates harvesting of Infrared boosted yields in iBGT without the need for manual management
6. Origami sets discreet orders for swapping iBGT yield farmed to wBERA-iBGT LP growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/9UA9Sq6cLnbCeghlaR3p" alt=""><figcaption><p>Select the wBERA-iBGT vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/DLW9j5ImIGyTrDXeke1m" alt=""><figcaption><p>wBERA-iBGT is the only whitelisted assets for deposits into the wBERA-iBGT vault</p></figcaption></figure>

<figure><img src="/files/t0WJtiqCd4Cu6cP11k4o" alt=""><figcaption><p>Click Deposit to access the wBERA-iBGT vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/OIOHLDoKUBdJIrQqqxBi" alt=""><figcaption><p>Key in the amount of wBERA-iBGT tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/HuVVEXl651Pbbm1IBBLz" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/p3fmqyOilRasRngLWYHN" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# iBERA-osBGT (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/mPxh5mb6D6plcHd9lkV0" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the iBERA-osBGT Strategy.</p></figcaption></figure>

oAC iBERA-osBGT is a wrapped Origami liquid yield bearing LP token of iBERA-osBGT LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0xad445256ff81171043a5e7cd8831e4371b000176?farm=0x15f1156f56a06af851cbdc0aceb0780bbcb913c4\&chain=berachain_mainnet) who stake on [Infrared](https://infrared.finance/vaults/kodiak-ibera-osbgt) earn rewards in the form of $iBGT. By depositing into the oAC iBERA-osBGT Vault, users are able to autocompound their LP positions without the need for manual management. Rewards are automatically converted into more of the underlying LP tokens.&#x20;


# Token Flow

<figure><img src="/files/nKOL7hT7r74jgIsLO85Q" alt=""><figcaption><p>Fig 30. Displaying the user flow for auto-compounding wBERA-iBGT LP tokens with the oAC wBERA-iBGT vault.</p></figcaption></figure>

1. Users deposit iBERA-osBGT LP into the oAC iBERA-osBGT LP vault for shares
2. Users burn their shares of oAC iBERA-osBGT LP for iBERA-osBGT LP when exiting
3. oAC iBERA-osBGT LP farms iBGT yield and ORI points on Origami
4. oAC iBERA-osBGT vault wraps iBERA-osBGT LP as a liquid yield bearing LP token for autocompounding earned rewards
5. oAC iBERA-osBGT LP automates harvesting of Infrared boosted yields in iBGT without the need for manual management
6. Origami sets discreet orders for swapping iBGT yield farmed to iBERA-osBGT LP growing the vault reserves
7. Ooga Booga optimises all order routing for swaps on Berachain


# dApp Instructions

<figure><img src="/files/XjmOYxCAbQQNSZ8Jj2Rc" alt=""><figcaption><p>Select the iBERA-osBGT vault from the list to access the vault features</p></figcaption></figure>

<figure><img src="/files/ejEtulehHDfG4Uu7hWwB" alt=""><figcaption><p>iBERA-osBGT is the only whitelisted assets for deposits into the iBERA-osBGT vault</p></figcaption></figure>

<figure><img src="/files/i5AqWTntPB5HlZtiypb1" alt=""><figcaption><p>Click Deposit to access the iBERA-osBGT vault</p></figcaption></figure>

<figure><img src="/files/IPUrs7BAz2KnyET9Alcp" alt=""><figcaption><p>Check the list of terms to confirm acknowledgement</p></figcaption></figure>

<figure><img src="/files/RJRu8nr4mfql5a21dwSt" alt=""><figcaption><p>Click on Sign if all Terms of Service have been checked in order to access the Origami Dapp</p></figcaption></figure>

<figure><img src="/files/bxD9VGQJYrHo0PFNDumK" alt=""><figcaption><p>Key in the amount of iBERA-osBGT tokens you wish to deposit</p></figcaption></figure>

<figure><img src="/files/TjNUKutpp7kd9LlPZR37" alt=""><figcaption><p>Confirm the gas fees to push the transaction through</p></figcaption></figure>

<figure><img src="/files/ptJOjw4RE5qXV1lqBkR8" alt=""><figcaption><p>Click DONE once the transaction is successful</p></figcaption></figure>


# Fee Schedule

| Fee Parameter          | Value | Notes |
| ---------------------- | ----- | ----- |
| `minDepositFeePercent` | 0%    |       |
| `minExitFeePercent`    | 0%    |       |
| `LevFactor`            | N/A   |       |
| `Protocol Fee`         | 1%    |       |


# eWBERA-osBGT (Origami LP Auto-Compounder)

### Strategy Overview

<figure><img src="/files/JUB8h3BSqjSCdoW0gqOl" alt=""><figcaption><p>Fig 29. Flow chart displaying the strategy overview for the eWBERA-osBGT Strategy.</p></figcaption></figure>

oAC eWBERA-osBGT is a wrapped Origami liquid yield bearing LP token of eWBERA-osBGT LP automating harvesting of iBGT for the Infrared Protocol on Berachain and auto-compounding the rewards into the underlying LP Tokens.


# Vault Synopsis

The oAC-LP vault accepts deposits denominated in the underlying LP-Tokens.

[Infrared Finance](https://infrared.finance/) is a [DeFi protocol](https://infrared.finance/docs) building the infrastructure to enhance the composibility of the novel Proof of Liquidity mechanism powering incentives on Berachain. Infrared's $iBGT is a liquid wrapped tradeable token representing a claim on the underlying soulbound native governance $BGT token emitted by Berachain for POL participation. [Berachain's $BGT](https://docs.berachain.com/developers/contracts/bgt-token) which is primarily for boosting validator rewards accounts for a 10% annual inflation rate to the yield emitted prorated and is always redeemable 1:1 for BERA.

Liquidity providers in [Kodiak Whitelisted Vaults](https://app.kodiak.finance/#/liquidity/pools/0x0b77545a4eb1b995e79bf85e0ed8d6ee288ca632?farm=0x39b08ccbdfd9b0d3c45f1fd02e9b57b44c88ed71\&chain=berachain_mainnet) who stake on [Infrared](https://infrared.finance/vaults/kodiak-ewbera-4-osbgt) earn rewards in the form of $iBGT. By depositing into the oAC iBERA-osBGT Vault, users are able to autocompound their LP positions without the need for manual management. Rewards are automatically converted into more of the underlying LP tokens.&#x20;




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