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Current
DevnetView vaults

Liquidity vaults with rules you can verify.

A vault owns one liquidity position in a Meteora DAMM v2 pool for many holders. It splits the trading fees by a fee split that is fixed when the vault is created.

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Deposits are closed in the pilot. Current promises no income. This build runs on Solana devnet. Devnet tokens have no value.

Reading the chain

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01The vault

The vault collects.

A vault owns one liquidity position in one approved Meteora DAMM v2 pool. A program address owns the position and every token account of the vault. Only the vault program signs for it.

Swaps in the pool pay trading fees to the position. A harvest collects them. Anyone can send a harvest. A keeper sends it on a schedule. The keeper holds no funds and has no special right.

Trading fees depend on the swaps in the pool. They can be zero. Current promises no income.

02The fee split

The rules split it.

The programs are upgradeable. An upgrade of the vault program could change this rule. The next section shows who holds the upgrade authority.

  • compound

    Stays in the vault as share backing. A compound adds it to the position, in pool proportion, with no swap.

  • LP rewards

    Set aside for holders. Each holder claims a part by shares held, in the two pool assets.

  • protocol

    Goes to the protocol fee accounts. The admin can withdraw it.

03The receipt share

Your claim is a receipt share.

A deposit mints receipt shares. A share is a proportional claim on share backing: the liquidity of the position plus the idle amounts in the vault.

A withdrawal burns shares and pays both pool assets. There is no USD price and no swap. The amounts change when the pool price moves.

Shares move by a wrapped transfer only. It is one instruction of the vault program, so the LP rewards of both wallets stay correct when shares move.

One wrapped transfer

One instruction, four steps

  1. Settle

    The vault harvests. Then it brings the LP rewards of the sender and of the recipient up to date.

  2. Authorize

    It writes the exact source, destination and amount to a record that works one time.

  3. Move

    Token-2022 moves the shares. The share hook compares the transfer with the record.

  4. Verify

    The vault checks both balances and clears the record.

  5. A send from a wallet app

    It has no record. The share hook rejects it, and the shares stay where they are.

While deposits are closed, the recipient needs a deposit permit. A DEX or a lending market cannot use receipt shares.

04The proof

You can verify it.

The values below come from the chain and from the indexer of Current, now. Open an address in Solana Explorer and compare.

Who holds each authority

Admin
Guardian
Vault program upgrade
Share hook upgrade

Read from the chain when this section is on the screen. The admin approves pools, creates vaults, grants deposit permits and withdraws protocol fees. The guardian can pause. It cannot move assets.

The two programs

Vault program
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Share hook program
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Both programs are upgradeable. The upgrade authority can replace their code. Nothing here had an independent review.

The limits of the vault

Vaults

Live from the chain and the indexer
The vaults of Current, with live values
VaultShare backingFee splitTrading feesStatus
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A Fee APR shows only after 24 hours of snapshots, with its window. Amounts are in the two pool assets. This page uses no outside price feed.

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What can go wrong.

Read this before you use a vault. Nothing here is audited, and no income is promised.

  1. A liquidity position can lose value

    When the pool price moves, the two assets that back your shares change in amount and in value. Trading fees do not cancel that. You can get back less than you put in.

  2. The programs are upgradeable

    The upgrade authority can replace the code of both programs. Nothing here had an independent review. Do not treat the rules as fixed for all time.

  3. Who holds each authority

    The admin approves pools, creates vaults, grants deposit permits and withdraws protocol fees. The guardian can pause deposits and compounding; it cannot move assets. The upgrade authority can replace the program code. This app shows the address of each key, read from the chain.

  4. Receipt shares move only through Current

    A receipt share is a Token-2022 token with a transfer hook. A plain wallet send fails. Use the transfer in this app. A DEX or a lending market cannot use receipt shares.

  5. Deposits are closed in the pilot

    A wallet needs a deposit permit from the admin for each vault. Withdraw and claim never need a permit. To send shares needs no permit, but the recipient needs one while deposits are closed.

Read the rules. Then look at a vault.

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