Under the hood
One position. No oracle. No keys.
vltUSDC is an ERC-20 share over a single full-range Uniswap V4 VLT/USDC position, engineered for minimal trust: the fewest moving parts that can do the job, and no privileged role anywhere.
Shares are liquidity, not dollars
Shares are denominated in the pool's own liquidity units (L) — never in prices — so no oracle exists anywhere in the system and there is no price feed to manipulate. Your balance is a pro-rata claim on the position, checkable directly against the pool.
Two entrypoints, by design
The vault's entire write surface is deposit and redeem. Deposit pulls a balanced VLT + USDC pair, adds liquidity with no internal swap, and mints shares against the liquidity the pool actually credited — neutralizing donation and first-deposit inflation attacks. Redeem burns shares and returns both tokens in kind: no forced sale, no slippage input, nothing to sandwich — and it can never exceed what the position holds.
Compounding rides on deposits
There is no keeper and no compound function. Once about $100 of fees is claimable, the next deposit harvests them first: it rebalances within a hard-capped ≤5% price move and reinvests 100% as fresh liquidity while minting no new shares — so liquidity per share rises and every holder's redemption value grows. In a quiet market, anyone can trigger it with a small deposit.
The zap lives outside the walls
The vault never swaps and depends on nothing external. USDC-only deposits go through the ZapHelper — a separate, replaceable periphery contract that buys VLT on the open market (real buy pressure for VLT) and deposits the pair, with shares minting straight to your wallet. The vault doesn't reference it: a zapper bug can't touch the vault or its holders.


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