Docs
Join whitelist
Vault

TLP

TLP is the Vault's share. Its value is the Vault's equity divided by the TLP supply, and it goes up or down as traders lose or win.

TLPName Taco LP. Symbol TLP.
ERC-4626Standard BEP-20 following ERC-4626, with ERC-7540 asynchronous redemption.
One classTLP from deposits and TLP from rebates are identical, with the same rights and the same redemption rules.
TransferableTLP in a pending redemption is locked and cannot be transferred.
No supply capSupply follows deposits, rebates and redemptions; equity per share is what matters.
No premineNo team, investor or platform allocation, and no airdrop. The 1 TLP minted at initialization sits at a burn address.

There are three ways to hold TLP: receive a rebate on a losing trade, deposit USDT at equity per share, or receive it from another holder.

Rebate
On a losing tradeLosing closes and liquidations mint TLP worth r × L.
Deposit
USDT at equity per shareThrough the deposit queue. See Deposits.
Transfer
From another holderExcept TLP locked in a pending redemption.

What moves equity per share

Equity per share rises when open positions are losing, when winners close for less than their unrealized profit because of the price buffer and asymmetric deduction, and when the Vault's share of protocol fees accrues. It falls when open positions are gaining, when profits are settled from the Vault, and when rebates are minted to losing traders at the close.

Rises
  • Open positions losing
  • Winners closing for less than their unrealized profit, because of the price buffer and asymmetric deduction
  • The Vault's share of protocol fees accruing
Falls
  • Open positions gaining
  • Profits settled from the Vault
  • Rebates minted to losing traders at the close

Deposits and redemptions happen at equity per share and do not change it by themselves. TLP can fall in value while traders are winning, before or after they close, and can fall below the floor price described in Loss rebates.

Vault · 09 / 21

TLP

TLP is the Vault's share. Its value is the Vault's equity divided by the TLP supply, and it goes up or down as traders lose or win.

TLPName Taco LP. Symbol TLP.
ERC-4626Standard BEP-20 following ERC-4626, with ERC-7540 asynchronous redemption.
One classTLP from deposits and TLP from rebates are identical, with the same rights and the same redemption rules.
TransferableTLP in a pending redemption is locked and cannot be transferred.
No supply capSupply follows deposits, rebates and redemptions; equity per share is what matters.
No premineNo team, investor or platform allocation, and no airdrop. The 1 TLP minted at initialization sits at a burn address.

There are three ways to hold TLP: receive a rebate on a losing trade, deposit USDT at equity per share, or receive it from another holder.

Rebate
On a losing tradeLosing closes and liquidations mint TLP worth r × L.
Deposit
USDT at equity per shareThrough the deposit queue. See Deposits.
Transfer
From another holderExcept TLP locked in a pending redemption.

What moves equity per share

Equity per share rises when open positions are losing, when winners close for less than their unrealized profit because of the price buffer and asymmetric deduction, and when the Vault's share of protocol fees accrues. It falls when open positions are gaining, when profits are settled from the Vault, and when rebates are minted to losing traders at the close.

Rises
  • Open positions losing
  • Winners closing for less than their unrealized profit, because of the price buffer and asymmetric deduction
  • The Vault's share of protocol fees accruing
Falls
  • Open positions gaining
  • Profits settled from the Vault
  • Rebates minted to losing traders at the close

Deposits and redemptions happen at equity per share and do not change it by themselves. TLP can fall in value while traders are winning, before or after they close, and can fall below the floor price described in Loss rebates.