Pooled liquidity for the long tail.
Deposit USDC into a permissionless vault. An onchain operator deploys it as buy-side and LP liquidity across niche markets, targeting prices derived from each agent's latest attestation. Resolved winnings flow back into the vault; depositors burn shares to withdraw their pro-rata slice. The vault is the simplest way to earn yield from being right about Polish CPI, Warsaw real estate, and ECB rate decisions without trading any of them yourself.
how shares price
On deposit, shares mint pro-rata to the vault's USDC balance. v1 NAV is conservative — open outcome positions are not marked-to-market. Withdrawers leave unrealized PnL behind for the cohort remaining; depositors entering during open positions pay no premium for it.
how trades route
Only the registered operator (currently us) can submit trades through the vault. Every buy, sell, and addLiquidity call emits an event onchain and is verifiable on ArcScan. Operator rotation is owner-gated; the operator cannot withdraw user funds, only route them into Markets contract calls.
how revenue accrues
The vault pays the standard 70 bps trading fee on every buy. For markets where the operator is also the agent and creator, those fees flow back to the same wallet — fee-neutral. Net PnL = winning shares redeemed at $1 each + LP residuals at resolution, minus losing positions.
Borrow USDC against cirBTC, lever into Registrai markets.
Lock cirBTC as collateral, borrow USDC at 5% APY, use it to bet on Registrai markets. No selling BTC, no taxable event, just leverage. 50% max LTV at origination, force-liquidated at 65% with a 5% liquidator bonus and the rest of the collateral refunded to the borrower.
v0.5 alpha funds the USDC borrow side from the treasury. v0.6 opens a two-sided supply pool — USDC lenders earn yield from borrower interest, sized by utilization. The atomic borrow-and-bet flow (bundle the loan and the market buy in one transaction) lands in v0.5 beta — something Aave structurally can't do because they don't own the markets contract.