XLP Vault
The RISEx internal market-making vault
RISEx employs an internal market maker. Capital for this market maker is provided through a community vault, the XLP Vault (Exchange Liquidity Protocol).
XLP serves two key functions:
- Provide liquidity to RISEx's orderbooks: XLP is actively quoting across all markets on RISEx and is the primary market maker for the exchange.
- Liquidation backstop: 5% of the vault is allocated to takeover unhealthy positions on the exchange, this is penultimate stage in the liquidation flow.
Current Status
The XLP vault is live and operating as the primary market maker for RISEx. Public deposits and withdrawals are not yet available. Access will open at a later date.
Withdrawals
To give the keeper time to unwind perp positions safely, each strategy enforces a per-epoch cap on outflows.
How it works
- Each strategy can release at most 20% of its assets per day to withdrawals.
- The 20% is shared across all withdrawers, first-come first-served. If one large LP withdraws 15% of the strategy in an epoch, only 5% remains for everyone else until the next report.
Where withdrawals come from, in order
- Idle USDC sitting in the vault (no cap).
- The MM strategy, up to its remaining epoch allowance.
- The XLP strategy, up to its remaining epoch allowance.