Core, the market-neutral market-making strategy of SLVCE: two-sided liquidity on Solana under a standing hedge.
Two-sided liquidity on Solana. Fees from flow, not from a view on price. Inventory hedged, NAV marked daily in US dollars.
What Core is.
- Mandate
- Two-sided liquidity in concentrated (DLMM) pools. Non-directional by construction.
- Venues
- Solana on-chain pools. SOL/USDC is the largest pair.
- Unit of NAV
- US dollars, marked daily at spot, hedge included.
- Series
- Daily USD marks since 9 March 2026; 307 trading days live.
- Liquidity
- Notice any day; priced at the month-end Valuation Day of the following month.
- Limits
- No leverage. Concentration guard. Intake gated at 90% of capacity.
- Access
- Open · from $100,000
How Core earns.
- Liquidity sits in discrete price bins, not one quote. Each bin holds capital at one price.
- Capital is concentrated in a band around the price. Outside it earns nothing, so the band follows the market.
- Every fill through the band pays a fee to the liquidity in it. Volume is the income. Direction is not.
- Fills swap one side for the other. The book drifts toward the asset the market is selling; the rebalancer brings it back.
- Inventory exposure is offset, so the dollar value of the book is not a bet on price. It caps the tail; it does not remove red days.
- Every fee, rebalance and hedge leg is marked in US dollars daily and committed to a hash chain.
Four sources.No directional bet.
Market-making carries 68% this window; the others are shown as they are, red included.
Lifetime volume is turnover, the same capital recycled through millions of fills, not assets under management. Why these differ →
45 days sealed in USD since Sep 10.13 closed red.
NAV went $10.33M to $5.94M: $4.79M left the book as fund share and hedge collateral, $403K was earned. The pins mark every transfer; switch to Bridge to see them split.
ⓘ Core 2.0 is marked in dollars from Sep 10. Days are sealed at 00:07 UTC; the last point is the live book. The earlier record, in the old unit, is under Archive.
Core 2.0 is accounted in dollars from the mark. Capital, strategy, market and hedge each have their own line, every day.
Daily USD marks since 2026-09-10, sealed at 00:07 UTC and committed to the hash chain. The earlier record, in the old unit, is kept under Archive and is not restated. See the record →
Five ways to lose.Each one bounded.
- Market
- The dollar value of inventory moves with SOL. Hedged, not immune: 110 of 228 days closed red.
- Execution
- A late rebalance realises impermanent loss. A lost race is a missed fee.
- Protocol
- Pool and chain risk on Solana. A halted chain or an exploited pool is a loss.
- Counterparty
- Self-custody, multi-signature. No exchange balances, no lender.
- Liquidity
- Redemptions gated at 25% of NAV a quarter; a crowded window is scaled pro-rata.
In. At work. Out.
- 01EntryFrom $100,000 in US dollars or accepted crypto. Intake gated by capacity.
- 02At workDeployed within days. Realised profit withdrawable any day from One.
- 03ValuationNAV daily in USD. The month-end Valuation Day prices redemptions.
- 04ExitNotice any day after the three-month lock-up. Priced at the following month-end.
- 05Settlement95% within ten business days, in USDC. 5% held to the audit.
- 06Fees1% management. 25% of profit to a 20% annual return, 50% above it, on a per-investor high-water mark.
Terms are set by the fund and stated in the fund documents. Apply repeats them.