# Vault Overview

> **This page describes a superseded design.** The original HyperEVM ERC-4626 vault is no longer being built. Zirodelta's lending product is now a **non-custodial P2P lending flow built on Jupiter Offerbook**, surfaced inside Zidee Wallet at `wallet.zirodelta.com`. See the new design below.

## What the lending product is now

Zidee Wallet users borrow USDC against their ZDLT collateral. The mechanism is Jupiter Offerbook (the Solana-native P2P lending protocol Jupiter acquired from RainFi). Zirodelta runs a treasury responder that matches qualifying borrow requests; the user posts a request, signs it on-device, and the treasury fills via the Offerbook builder API.

Key parameters (subject to recalibration during beta):

| Parameter                           |                                                         Value |
| ----------------------------------- | ------------------------------------------------------------: |
| Interest rate (treasury → borrower) |                                                       25% APR |
| Loan-to-value ratio                 |                       50% (post $400 ZDLT → borrow $200 USDC) |
| Minimum borrow                      |                                                          $200 |
| Term lengths                        |                                             30 / 60 / 90 days |
| Cooldown between loans              |                                                       14 days |
| Capacity per active referral        |                                                           $20 |
| Invite bonus (one-time)             | $100 if signed up via a referral link and activated Autopilot |
| Per-user capacity cap (round 1)     |                                                          $200 |
| Round 1 treasury cap                |                           $30K (\~150 simultaneous borrowers) |

## What you can do today

The Vault screen, referral link, and referral graph are **live in Zidee Wallet**. You can:

* Open Zidee Wallet → Vault to see the capacity card + referral link
* Share your referral link to grow your active referral count
* See your eligibility state (locked / no capacity / cooldown / unlocked)

What is **not** yet live: the treasury responder that actually fills borrow requests. Until it deploys, signing a borrow tx posts an offer to Offerbook that won't get filled (and expires after 30 minutes, returning your ZDLT). Beta launch announcement will come on Discord + Telegram.

## What changed from the earlier design

The original HyperEVM vault was a single-asset ERC-4626 contract that took USDC deposits and lent to Hyperliquid's borrow/lend reserve. It was architecturally complete but never deployed because:

1. **Non-custodial fit**: the new Offerbook flow keeps the user's collateral on Solana under their own signature. The HyperEVM design would have required deposits into a Zirodelta-controlled contract.
2. **Partnership leverage**: the Jupiter team is co-marketing this rollout; pooling on their protocol unlocks distribution we wouldn't have built solo.
3. **Capital efficiency for borrowers**: a 50% LTV against ZDLT lets a Saiph holder unlock real USDC liquidity without selling tokens. The HyperEVM vault was a depositor product, not a borrower product.

The user-facing pitch is the same: hold ZDLT, earn / borrow against your carry, no liquidation risk on either side (fixed-term, soft-default).

## Documentation roadmap

* [Refer & Earn](/zidee-wallet/refer-and-earn.md), **live now**. The referral mechanic that unlocks Vault capacity.
* **Vault: how to borrow**: coming when the treasury responder deploys. Will cover the borrow ceremony, cancel/reclaim, repay-at-maturity, and the referrer payout mechanic.


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