Teragon Managed Vault Degen
ALPHA
Overview

Last NAV


Next NAV - 09:00 UTC

Projected APY


TVL (Total value locked)


Total Supply


Network

Avalanche

Network

Avalanche

Vault Manager

Bastion Trading

Return Inception-to-Date


Core Positions

Nansen Dashboard
Performance



Vault Inception

Sep-23-2022

Return Week-to-Date


Return Month-to-Date


Return Inception-to-Date


24h PnL


Allocations

Allocation across Investment Types


Allocation across Categories


Allocation across Chain



Information

Management Fee (Annual)

1%

Performance Fee (Annual)

10%

Redemption Fee

0.5%

Prices Updated At Block

Managed by Bastion Trading

Bastion trading is a leading crypto trading firm focused on arbitrage, quantitative and volatility trading strategies. Teragon boasts a team of financial and trading veterans from JPMorgan, UBS, Morgan Stanley and Optiver. Masahide Hoshi, aka TheSkyhopper, is a founding partner who is well known for his work in DeFi with over 100mm AUM during his time as a Treasury Manager at Wonderland.

Investment Philosophy

The purpose of this vault is to maximize yield but with diversification. This vault might be how tradFi may look at a High Yield bond ETF. The idea is that with ample diversification, the vault can capture outsized yields offered by the not-so-safe farms while avoiding concentration risk on a single protocol. The vault will also use Options strategies opportunistically for yield enhancement.

Frequently asked questions

The TMV-DEGEN token ("Teragon Managed Vault – Degen”) represents a proportional share of assets held by the vault.

The vault will diversify into multiple high-yield pools (+20% APY), however allocation percentages are at the discretion of the vault manager (Bastion Trading)

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-DEGEN 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-DEGEN 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 vault contract.

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

The vault has zero subscription and management fee. The vault charges 10% performance fee annualy, 1% management fee annualy, and 0% redemption fee.

User deposits are stored in separate 2/3 Gnosis multisig contracts, on all supported chains. 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.

Teragon Managed Vault contracts have not been audited yet. The product is still in alpha stage, please use at your own risk.

Users can queue or cancel previously queued redemption request for each epoch. Once epochs are settled, users can withdraw their share of the vault assets (settled in USDC) to their account. A redemption request for an epoch cannot be cancelled after the settlement is completed for that epoch.

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