Vaults turn a liquidity position into a plain ERC-20 you can hold and redeem. Deposit one asset, and it makes markets in tokenized equities inside a Chainlink price corridor — through the night, the weekend and every holiday.
The difference
Before
After
What is here
Deposit one asset and hold a single share token. The vault picks the range, holds the position and re-centres it when the market moves.
Open a vault→Every equity pool is held to a Chainlink feed. A trade that would drag the pool away from what the asset is really worth is refused by the contract.
Trade a market→Stakers are paid in the fee tokens themselves, not in new supply. Nothing is emitted, and the protocol's share of every swap is capped in the code.
Stake→How it works
One is easier: the vault sells half for the other side before it goes in. Two is cheaper, because that internal swap pays a trading fee like any other.
A deposit has to be priced, and anything priced can be gamed. So it is refused while the pool sits away from its Chainlink feed — which is the same rule that stops anyone buying your share of the position cheaply.
Choosing a price range is the hard, ongoing part of providing liquidity anywhere. The vault does it, holds the position, and hands you one ordinary ERC-20 for your share of it.
Nothing to harvest and nothing to claim. Fees land inside the bins the vault already owns, so the share price rises and your token is worth more later than it was earlier.
Redeeming burns your exact fraction of every bin. No oracle check, no pause, no owner — the vault has none, so there is nobody who could stop you.
The short version. Supplying liquidity is a job — picking a range, watching it, moving it when the price leaves. The vault holds that job. You hold a token that gets worth more.
Read the docs→Markets
Read live from the registry. Listing an equity attaches its oracle in the same transaction — there is no second step in which someone forgets.
| Market | Price | Pool | Drift | Liquidity | Volume 24h | Fees | Vault | State |
|---|---|---|---|---|---|---|---|---|
| Reading the chain… | ||||||||
Recent trades
Rebuilt from the pools’ own logs
Reading the tape…
Where a fee goes
Liquidity providers keep 75% of every fee. The protocol’s quarter is the ceiling written into the audited Liquidity Book code — it cannot be raised by anyone, including us.
Supplying
01
One asset is enough — the vault sells half for the other side on the way in. Bring both and you skip that swap and its fee.
02
An ordinary ERC-20. Fees from every trade the position facilitates accrue into it, so it is worth more later than it was earlier.
03
Burning your shares returns your exact fraction of every bin. No oracle check, no pause, no owner — the vault has none.
What nobody can do
Each of these is a property of the deployed code rather than a policy. The list of things we could still do to you is underneath, because it is short and you should read it.
It is a constant in the audited Liquidity Book code, checked on every write. Liquidity providers keep at least three quarters of every fee no matter who owns the contracts.
The market factory owns the pool factory and its presets are closed, so an equity pool is created and anchored in one transaction — there is no second step in which someone forgets. Markets with no oracle are a separate, separately labelled type.
No mint function, no owner, no pause, no transfer tax. The supply that exists is the supply there will ever be.
The vault that compounds fees into liquidity has no withdrawal function at all. What goes in stays as depth in the pools, and it only deposits when the pool agrees with the oracle.
Sweeping fees and turning them into liquidity are functions anyone can call. The keeper we run is unprivileged; if it stops, someone else can do its job.
An anchor that only ran on one side of a swap would let drift reach twice the band. The hook refuses to be installed unless both sides are enabled.
And what is not guaranteed
Questions
