Teragon Managed Vault
ALPHA

Network

Avalanche

Vault manager

Bastion Trading

TVL (Total value locked)


Last NAV


Next NAV - 09:00 UTC


Core Positions

Strategy

Managed by Bastion Trading

Bastion trading is a leading crypto trading firm focused on arbitrage, quantitative and volatility trading strategies. It boasts a trading team comprised of veterans from JPMorgan, UBS, Morgan Stanley and Optiver. Its founding partner is TheSkyhopper, former Treasury Manager of Wonderland.

Investment Philosophy

Our vision is to manage a portfolio that has elements of diversification, market exposure and yield. We aim to participate in crypto market growth led by broader adoption of blockchain technology and decentralized finance. At the same time we want to maintain a healthy position in cash for two primary reasons:
● Ample buffer and safety net for deploying additional capital in market drawdowns.
● Income generation.

FAQ

The TMV-BT token (“Teragon Managed Vault – Bastion Trading”) represents a proportional share of assets held by the vault.

Target Allocation:

Stables: 55-75%
Directional Tokens: 10-30%
Option Strategies: 10-20%

More information: Implementation

What is it?
NAV stands for “Net Asset Value” and is published daily by the Vault Manager. It represents the fair value of the TMV-BT token (each representing one share of the managed vault) at the time of publishing.

When is it published?
Vault NAV is published at 09:00 UTC monday to friday. No NAV is published on the weekend.

Why is it necessary?
After users deposit, they are entitled to TMV-BT tokens pro rata of their deposit. To ensure each user receives the correct amount of vault shares, NAV is calculated off-chain and published to the contract.

Why is NAV calculated Off-chain?
In the future, the vault will hold positions that have no price feed oracles on-chain. These positions can range from locked SAFT agreements to active option strategies.

The vault has zero management fee. The vault charges a 10% performance fee quarterly.

User deposits are stored in two 2/3 Gnosis multisig contracts, on Avalanche and Ethereum. This means there are three eligible signers and two must sign for any transactions to take place. The signers are a combination of Bastion traders and Teragon team members to ensure appropriate handling of funds.

As of now the Teragon Managed Vault contracts have not been audited. The product is still in alpha, please use at your own risk. We will perform an audit in the near future.

The Teragon Managed Vault does not offer redeem functionality yet. This means funds will be locked in the contract until this is completed. However, users who would like to cash out right-away can utilize the liquidity in our Kyber pool.

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