This document provides detailed, semi-technical behavior of the different vault categories. Throughout this section, we use “xBTC” as a placeholder for any of the BTC LSTs (e.g. Lombard, Solv, Etherfi, Pump or Bedrock BTC). “Amber Protocol” refers to the isolated deployment of Mars protocol dedicated to BTC derivatives. Visit amberfi.io for more information.

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What are the vaults and how do they behave?

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0. Structured’s KYC Vaults

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A. Just Mint

This vault allows LPs who only want exposure to maxBTC to get it. Due to limited ecosystem value, this vault receives no incentives and is subject to deposit caps. The wBTC : maxBTC exchange rate will be 1:1 initially and stay fixed until the Structured team manually collects user deposits and deploys them to the JLP strategy. Deposits:
1

Deposit wBTC

Users deposit wBTC token on Ethereum
2

Bridge Assets

Bridge deposit wBTC token via Eureka
3

Convert to maxBTC

wBTC is converted to maxBTC via the Structured minting contract
Withdrawals:
1

Burn Vault Share

User burns Ethereum vault share to create wBTC-denominated voucher
2

Receive maxBTC

Voucher is sent over ZK bridge and the user receives the pro-rata amount of maxBTC

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B. Just LP

This vault is critical to the campaign: since most users won’t be able to mint or redeem maxBTC, this vault ensures they can buy and sell maxBTC via the Duality orderbook. Funds are locked into the vault until the full launch of the Structured protocol (expected in Q4). Deposits:
1

Deposit wBTC

Users deposit wBTC token on Ethereum
2

Bridge Assets

Bridge deposit wBTC token via Eureka
3

Convert to maxBTC

Converts the wBTC to MaxBTC via the Structured minting contract
4

Provide Liquidity

Provides 100% of the MaxBTC as single sided liquidity deposit to the MaxBTC - wBTC Supervault
Withdrawals (after maxBTC protocol launch only):
1

Burn Vault Share

User burns Ethereum vault share to create wBTC-denominated voucher
2

Receive LP Shares

Voucher is sent over ZK bridge and the user receives the pro-rata amount of maxBTC - wBTC Supervault LP shares

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1. LST Vaults: Single-Sided Deposits to wBTC pairs + Lending

These vaults provide single-sided deposits to wBTC pairs combined with lending opportunities.

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Deposits

1

Deposit xBTC

Users deposit xBTC token on Ethereum
2

Bridge Assets

Bridge deposit xBTC token via Eureka
3

Route to Protocols

Route X% to Amber, X% to Supervaults:
  • Lend xBTC on Amber
  • Single-sided LP the xBTC on Supervault to xBTC - wBTC pool

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Withdrawals

When withdrawing from vaults with lending positions on Mars or Amber, users receive underlying assets directly to their wallet, not credit accounts.
1

Burn Vault Share

User burns Ethereum vault share to create xBTC-denominated voucher
2

Receive Assets

Voucher is sent over ZK bridge and the user receives:
  • Amber portion: voucher_amount * x = AmberLP_payout sent to user account
  • Supervault portion: Calculated via reverse simulation of Supervault deposit to determine xBTC:SupervaultLP ratio
3

Assets to Wallet

Users receive underlying from Amber + Supervault LP shares

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2. wBTC “Mirror” Vaults

These vaults mirror the xBTC vaults, with the only difference being that the deposit asset is wBTC.

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Deposits

1

Deposit wBTC

Users deposit wBTC token on Ethereum
2

Bridge Assets

Bridge deposited wBTC token via Eureka
3

Route to Protocols

Route X% to Amber, X% to Supervaults:
  • Lend wBTC on Amber
  • Single-sided LP the wBTC on Supervault to wBTC - xBTC pool

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Withdrawals

1

Burn Vault Share

User burns Ethereum vault share to create wBTC-denominated voucher
2

Receive Assets

Voucher is sent over ZK bridge and the user receives:
  • Amber portion: voucher_amount * x = AmberLP_payout sent to user account
  • Supervault portion: Calculated via reverse simulation to determine wBTC:SupervaultLP ratio
3

Assets to Wallet

Users receive underlying from Amber (wBTC) + Supervault LP shares

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3. wBTC “Just Lend” Vaults

These vaults are simplified options for risk-averse liquidity providers who prefer lending-only exposure.

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Deposits

1

Deposit wBTC

Users deposit wBTC token on Ethereum
2

Bridge Assets

Bridge deposit wBTC token via Eureka
3

Route to Lending

Route 100% to Amber or Mars depending on the vault

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Withdrawals

1

Burn Vault Share

User burns Ethereum vault share to create wBTC-denominated voucher
2

Clear with Protocol

Voucher is sent over ZK bridge and cleared by Amber or Mars
3

Receive wBTC

Users receive wBTC directly to their wallet

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4. LST Vaults: Single Sided Deposits to maxBTC pairs + Lending

These vaults function identically to the LST vaults in section 1, except they deposit to maxBTC pairs instead of wBTC pairs.

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Deposits

1

Deposit xBTC

Users deposit xBTC token on Ethereum
2

Bridge Assets

Bridge deposit xBTC token via Eureka
3

Route to Protocols

Route x% to Amber, y% to Supervaults:
  • Lend xBTC on Amber
  • Single-sided LP the xBTC on Supervault to xBTC - maxBTC pool

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Withdrawals

1

Burn Vault Share

User burns Ethereum vault share to create xBTC-denominated voucher
2

Receive Assets

Voucher is sent over ZK bridge and the user receives:
  • Amber portion: voucher_amount * x = AmberLP_payout sent to user account
  • Supervault portion: Calculated via reverse simulation to determine xBTC:SupervaultLP ratio
3

Assets to Wallet

Users receive underlying from Amber (xBTC) + Supervault LP shares

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5. USDC Vaults: Single Sided Deposits + Lending

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Deposits

1

Deposit USDC

Users deposit USDC token on Ethereum
2

Bridge Assets

Bridge deposit USDC token via Noble
3

Route to Strategy

Route 100% to lending on Mars (“Just Lend”) or single-sided provide to the relevant pool (“Just LP”)

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Withdrawals

1

Burn Vault Share

User burns Ethereum vault share to create USDC-denominated voucher
2

Receive Assets

Voucher is sent over ZK bridge and the user receives:
  • Just Lend: Pro-rata amount of USDC after withdrawing from Mars
  • Just LP: Pro-rata amount of Supervault LP shares to the user account

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Learn More

Ready to explore the underlying technology? Check out Supervaults to understand the automated market-making infrastructure powering these vaults.