Private market-maker vaults across venues and chains

What this enables

• →A vault that isn't handcuffed to one perp exchange. Hyperliquid vaults ($300M TVL), Paradex ($6M TVL), and Extended ($85M TVL) all prove the demand - depositors want managed exposure to a professional's book. But each locks the manager inside a single venue. Here a manager runs one strategy across DEXs, perpetual exchanges, lending markets, and yield protocols on any supported chain, and depositors get exposure to all of it from one deposit.
• →Alpha that survives being deployed. On a transparent exchange a market maker's positions, entries, and execution logic are readable in real time - the strategy is copied and front-run the moment it's profitable. The Enclave holds strategy, positions, and order flow confidential; the market sees fills, not the book behind them. The edge is capturable because it isn't public.
• →Verifiable NAV without a public position sheet. Depositors don't take the manager's word and don't watch the strategy leak. The vault publicly proves NAV, PnL, historical performance, and solvency via STARK proof, while the underlying positions and execution stay encrypted. Trust the numbers, not the manager - without exposing the book.
• →Cross-venue execution that doesn't leak aggregate size. A manager splits a book across Private Sub-Accounts and venues so no counterparty reconstructs the total position or the rebalance. The same nine-figure flow that moves a transparent orderbook against itself executes without signalling.
• →Manager economics that actually work onchain. Managers earn a share of yield and profits, computed against a proven NAV curve, paid without disclosing which trades generated it. The performance fee is enforceable and auditable; the strategy that earned it stays private.

What you build

A Vault helper contract that mints depositor shares against pooled STRK20 capital and marks them to a NAV proven by STARK proof rather than a published holdings list. Manager execution runs through Private Sub-Accounts that fan out across venues and chains via Chain Abstraction, with InvokeExternal reaching DEXs, perp exchanges, lending markets, and yield protocols; the Enclave holds the strategy logic, live positions, and order routing confidential end to end. NAV, PnL, historical performance, and solvency are exposed as verifiable public metrics; per-position detail is disclosed only through Viewing Keys to the depositor, an auditor, or a compliance process. Performance and management fees settle against the proven NAV curve, so the incentive is enforceable without the strategy ever becoming public.

Why this isn't Hyperliquid / HLP

HLP validated the whole category - a vault depositors fund and a strategy they get exposure to - and Hyperliquid vaults hold ~$300M. But HLP runs on one venue, and Hyperliquid's transparency means the vault's positions are legible onchain in real time. This vault deploys the same capital across many venues and chains and keeps the positions and execution encrypted, proving NAV instead of publishing the book. Same deposit-and-earn model; the strategy is no longer a public artifact competitors trade against.

Why this isn't Paradex

Paradex offers managed vaults ($6M TVL) but scopes them to its own perpetual exchange - the manager can only express a strategy in the instruments Paradex lists, and the positions live on Paradex's transparent ledger. Here the manager isn't confined to one exchange or one asset class: spot, perps, lending, and yield across chains sit inside a single vault. Confidentiality of positions is the product, not a setting.

Why this isn't Extended

Extended's vaults ($85M TVL) are, again, single-venue managed exposure on a transparent perp DEX - depositors can watch, and so can everyone else. The differentiator here is categorical: a manager trades across multiple venues and chains without revealing positions or execution strategy, while depositors still get cryptographic proof of NAV and solvency. Extended proves people will fund a manager's book; this makes the book something worth funding by keeping it private.