> For the complete documentation index, see [llms.txt](https://mithril-money.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://mithril-money.gitbook.io/docs/vault-mechanics/lp-multi-perp-vault.md).

# LP Multi-Perp Vault

### 🧭 Overview

The **Mithril LP Multi-Perp Vault** is a fully automated yield and airdrop farming product.\
Users deposit **USDC once** and gain diversified exposure to multiple **perpetual DEXes (up to 6)**.

Funds are distributed across each DEX’s LP vault, acting as **counterparty liquidity** to traders — generating yield from fees and farming points from their airdrop programs.

***

### 🔹 Vault Mechanics

| **Aspect**                | **Description**                                                                                                                 |
| ------------------------- | ------------------------------------------------------------------------------------------------------------------------------- |
| **Vault Token (IOU)**     | `mvLPUSDC` — represents your share of the vault. Its value (NAV) increases as the vault earns yield and points.                 |
| **Underlying Asset**      | USDC (stablecoin).                                                                                                              |
| **Deposits**              | Users deposit USDC to mint `mvLPUSDC`. The vault opens weekly **from Friday to Sunday**.                                        |
| **Deployment**            | Every **Monday morning**, admin deploys new funds across integrated Perp DEX LP vaults.                                         |
| **Yield Source**          | LP fees and trader funding across Perp DEXes.                                                                                   |
| **Points Accumulation**   | Vault collects Perp DEX reward points; **mORE points** are distributed weekly to users proportionally to their vault share.     |
| **Rate Update (NAV)**     | The `mvLPUSDC → USDC` rate updates every **Friday morning** before the deposit window opens, reflecting the week’s performance. |
| **Minimum Deposit**       | 500 USDC.                                                                                                                       |
| **Withdrawals**           | Users can request withdrawal anytime. Requests stop earning points but continue to accrue yield until processed.                |
| **Withdrawal Processing** | Withdrawals are executed during the **Redemption Phase** (last 2 days of each month).                                           |
| **Epoch Duration**        | 1 month = full cycle (deposit + farming + redemption).                                                                          |

***

### 🔹 Vault Lifecycle (Epoch Phases)

| **Phase**               | **Timeline**         | **What Happens**                                                                                 | **User Actions**                                                 |
| ----------------------- | -------------------- | ------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------- |
| 🪙 **Deposit Phase**    | Fri → Sun (weekly)   | New deposits accepted at updated mvLPUSDC rate.                                                  | Deposit USDC (min. 500). Receive mvLPUSDC.                       |
| ⚡ **Farming Phase**     | Mon → Month-end      | Funds deployed to DEX LP vaults, earning yield & airdrop points. Daily monitoring & rebalancing. | Earn yield + mORE points. Request withdrawal anytime (optional). |
| 💎 **Redemption Phase** | Last 2 days of month | Admin updates final mvLPUSDC rate and processes pending withdrawals.                             | Execute or cancel pending withdrawals. View performance.         |

***

### 🔹 mORE Points System

| **Aspect**       | **Description**                                                                                                                                |
| ---------------- | ---------------------------------------------------------------------------------------------------------------------------------------------- |
| **Token**        | `mORE` (ERC-20) — coming soon.                                                                                                                 |
| **Distribution** | Weekly emission starts at **1,000,000 points**, decreasing **5% per week**.                                                                    |
| **Allocation**   | 50% to vault depositors, 50% to referral participants. Split will vary between each seasons.                                                   |
| **Snapshot**     | Taken every **Friday** to record mvLPUSDC balances before point emission.                                                                      |
| **Utility 1**    | Proportional share of all airdrops Mithril earns (e.g. if Mithril gets $400K Paradex airdrop and you hold 2% of mORE supply, you receive $8K). |
| **Utility 2**    | Tracks user loyalty and participation for future ecosystem rewards *(hint: upcoming Mithril token).*                                           |

***

### 🔹 Referral System

| **Aspect**    | **Description**                                                                                                                          |
| ------------- | ---------------------------------------------------------------------------------------------------------------------------------------- |
| **Mechanics** | Users can create a referral code and invite others to deposit.                                                                           |
| **Rewards**   | Referrers receive **50% of the weekly mORE emission** allocated to referrals, distributed proportionally. Wil vary between each seasons. |
| **Tracking**  | Each referral deposit is linked to the inviter’s code and reflected in their dashboard.                                                  |

***

### 🔹 Risks & Disclaimer

| **Type**          | **Description**                                                                           |
| ----------------- | ----------------------------------------------------------------------------------------- |
| **Protocol Risk** | Underlying Perp DEXes may face smart contract or liquidity issues.                        |
| **Market Risk**   | Sudden volume or funding rate changes can reduce vault APY.                               |
| **Admin Risk**    | Admin actions (rebalancing, rate updates) are manual but transparent and on-chain.        |
| **Non-Custodial** | Funds remain in smart contracts, and `mvLPUSDC` can be redeemed according to vault rules. |

> ⚠️ **Mithril Vaults are experimental DeFi products.**\
> Returns are variable and not guaranteed.\
> Always review the smart contract and associated risks before depositing.

***

### 🔹 Quick Summary (User View)

| **Parameter**         | **Value**                                    |
| --------------------- | -------------------------------------------- |
| **Deposit Window**    | Friday → Sunday (weekly)                     |
| **Rate Update (NAV)** | Tuesday afternoon & Friday morning           |
| **Deployment Day**    | Wednesday morning                            |
| **Epoch Duration**    | 1 month                                      |
| **Withdrawal Window** | Last 2 days of each month                    |
| **Minimum Deposit**   | 50 USDC                                      |
| **mORE Distribution** | Weekly, every Thursday                       |
| **mORE Decay**        | -5% per week                                 |
| **mORE Split**        | Initial split 50% depositors / 50% referrers |

***

### 🧩 Summary Strategy

**Mithril automates multi-DEX airdrop farming and yield optimization.**\
By combining diversified exposure, weekly rebalancing, and transparent vault cycles, users gain passive exposure to the fastest-growing DeFi vertical — **Perp DEX liquidity** — without managing individual positions.

***


---

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