Veltora

Market · rates & state

Market formation — genesis

Accrual starts at the market's own t = 0. Commit during formation and your return accrues from the market START timestamp, not from your deposit instant. Entering late buys a larger annualized return, at the risk that the genesis bin clears without you.

Made-whole guarantee. If the market never clears by its deadline it is RELEASED: nothing cleared, prices never moved, everyone exits with exactly what they deposited.

Commitment · capital & terms

LP id — your login (issued by the administrator) Capital per asset

Rate reference — promised vs realized

asset	promised_return	realized_return (holders' P50)	source

Promised is struck at entry — your floor rate is resolved when you commit and does not float afterwards. Realized = the capital-weighted MEDIAN total return of the LPs alive in this market right now, per currency they hold (n = how many); it moves as the market runs, and it is blank until a population exists. Use this table to set your minimum returns below.

Floor

Commitment opt-out (buy-and-hold floor)

Opt out and you stop demanding minimum returns — your floor becomes the value of holding your entry portfolio, and only the loss tolerances below protect you. The minimum-returns section disappears.

Minimum returns (annual, over benchmark)

Per asset: pick a benchmark (e.g. the treasury token for SELIC-relative demands), a mode, and a rate — or fixed-only. Enter decimals: 0.10 = 10%. "+ spread" adds the rate to the benchmark; "× compounded" means (1+benchmark)×(1+rate)−1 — it is NOT "percent of benchmark". The ≈ figure shows the resulting annual total at today's rates.

Fill all assets at once

Prefill from what other LPs demand. These buttons fill the rate fields below with the market's 25th / 50th / 75th percentile spreads — a starting point you can then edit per asset. Drawn from this market's live LPs when n ≥ 8, else indicative defaults.

What a book like yours has earned. Quartiles of the TOTAL realized return of live LPs holding each asset (including LPs standing by), capital-weighted, then blended by the mix you enter above.

My accounting currency (investor anchor)

Default: the market numeraire. Your floor can be measured in the currency you actually account in — a valid choice distinct from the market's own numeraire.

Exit & re-entry · rights, bounce & commit

Exit rights

SAFE_ASSET safeguard allowed (convert my book to my accepted safe assets if my floor cannot be met)

Unchecking genuinely disables the SAFE_ASSET safeguard ladder for your account.

Safe assets on exit

choose…

Final-currency constraints (optional, choose ONE list):

allowed only

none

never these

none

Stand-by (bouncing back)

Allow stand-by — after an exit I return next bin and keep playing while below target

If a gate removes you, you re-enter next bin with your exit wallet — each return a fresh entry (new baseline, fresh warm-up). Displacement, operator removals and your own withdrawal never bounce. You are standing by while your lifetime return (since first entry, across every exit and return) sits below your threshold; your capital stays fully active every bin. Each bin then requires only that your portfolio stays above your last re-entry value — your full committed floor snaps back on recovery. Your IEL gate and the lifetime-IL hard line stay armed throughout. The clock survives bounces and resets on recovery; expiry is final.

Stand-by window (days — a patience clock) — how long I tolerate standing by, > 0

Recommended: …

My own retirement threshold — stop bouncing once overall return falls below:

Typed number = cumulative since first entry (−0.10 = stop after −10% overall). Unticked or blank = derived from your own declarations: the capital-weighted annual return you demand, judged against your lifetime return annualized. Below the threshold an exit is final; the window above caps how long you stand by above it.

Only safe assets while standing by

The clearing cannot ACQUIRE outside your safe list for you while you stand by; held non-safe assets unwind only through the market (a mandate never forces divestment). With the SAFE_ASSET safeguard allowed this is guaranteed by construction from your first bounce; without it, best-effort discipline. Your IEL gate monitors every bin either way.

Max impermanent loss — stand-by (MILS)

mode

MILS tolerance

Default: volatility mode — your tolerance is the system's σ of your own per-bin returns × √stand-by window, resolved at each stand-by entry (MILS-DEFAULT-1). Choose "absolute %" to type a fixed figure; 0 there means you tolerate no stand-by impermanent loss at all. The baseline is the inventory you hold when you enter stand-by, marked at today's prices each bin: pure price moves cancel on both sides — only composition damage from the stand-by roller-coaster counts. Fall below that baseline by more than your MILS while standing by and you are retired immediately and finally: the stand-by window does not apply and there is no bouncing back. The baseline clears when your lifetime return recovers and re-strikes on your next stand-by entry. Outside stand-by, the clearing itself refuses impermanent loss — no line is needed. In volatility mode your tolerance is resolved at each stand-by entry as σ × √(stand-by window): the system σ is estimated from your own portfolio's per-bin returns over the trailing window (minimum 20 bins of history; fewer falls back to the absolute value), or type your own σ. At 0 the rule is simply standing by may never leave me worse off than holding what I entered it with. Raise it only if you accept giving back some of that. 1.0 = the hard line never binds. This is not your implied-loss tolerance below — that one measures shortfall against the returns you were promised, on credit assets; this one measures your portfolio against itself.

Loss tolerance · implied-loss protection

Applies to embedded-promise assets (credit & treasury). This panel appears because your chosen currencies include assets that carry a promised accrual. The watch compares each such asset's market price against its embedded promise — plain currencies have no promise to watch and are outside its scope. (V120: treasury added by owner ruling; it was credit-only before.) Treasury defaults STRICT (0.001 ≈ at-promise): a government note is expected to deliver at least the rate its note promises; raise its tolerance only if you accept treasury shortfall. Credit rows default to your portfolio number. (PROPOSAL_M, owner ruling 2026-08-04.)

Enable implied-loss protection

This is a loss tolerance, not a target. It is the worst mark-to-market loss, versus the committed benchmark, that you accept before the system removes you from clearing — one tolerance for all your credit assets at once, and the default for any per-asset row you leave blank. Distinct from the impermanent-loss hard line above, which compares your portfolio to holding.

Threshold source

Peer blend uses the capital-weighted tolerance of the other LPs, taken straight from the market — the per-asset tolerance numbers are disabled below. Your impermanent-loss hard line stays yours: peers govern this implied-loss gate only — the hard line above is your own declaration and is never peer-supplied. You still choose your windows (which assets to watch and over how long) — peers supply the threshold, not the window. Where peers don't cover an asset, your own number is the silent fallback, so you're never left ungated. The peer blend covers treasury too — under peer mode the strict treasury default does not apply; the capital-weighted blend governs (strict by construction only while peers themselves sit at the strict default).

Overall portfolio watch — loss tolerance and its window

scopeloss tolerancewindow (bins — a sample size, not a duration)

overall

The tolerance is your portfolio threshold AND the default for any per-asset row you leave blank. The window arms the overall safety-net gate: at this one window it covers every credit asset you end up holding — including assets acquired through transformation. Blank window = overall watch off.

Per-asset watch (credit & treasury) — each asset has its OWN loss tolerance and its OWN window

assetloss tolerancewindow (bins — a sample size, not a duration)

Filling a window is what selects an asset for the per-asset watch — your loss on it is measured over your own trailing window of its market history. Leave the window blank to not select it. Tolerance blank = portfolio default. The numeraire is exempt by construction and is not listed. If you select neither per-asset windows nor an overall window, the loss gate does not apply to you.

Risk-free rate for loss math (annual)

Review & commit

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