Cleft

CLEFT is a USDC vault that holds spot SOL against an equal short on SOL-PERP. When SOL moves, one leg gains what the other loses. What stays is funding: the hourly payment between leveraged longs and the shorts on the other side. You deposit USDC and your request waits for the next daily strike. At the strike, shares mint at one NAV for everyone in the queue. Every settled hour prints a receipt, received or paid. The paid hours sit on the same tape as the received ones, next to every cost line. A keeper with limited rights keeps the two legs equal and cuts both when margin runs thin. You redeem at a strike, up to the gate, and the USDC comes back to your wallet. $CLEFT is the fee side. Staked $CLEFT claims half of the vault fees CLEFT realizes in USDC, and a fifth of the fees CLEFT keeps buys $CLEFT for the burn ledger. cleft.live

Both legs are open on mainnet, and the first funding receipt is printed. The vault bought spot SOL and opened the equal SOL-PERP short from its own USDC. The keeper recorded both fills, then the first hour settled into the cleft. Every step has its transaction, starting with the first receipt: solscan.io/tx/5Ps51Gz8hN35kJ… cleft.live/vault

Money leaving the perp venue has one destination: the vault program. The program owns the venue sub-account, and the keeper is only a delegate. It can place and cancel orders, settle funding and reconcile, and it cannot send a withdrawal anywhere else. Your wallet signs only your own deposits, redemptions, cancels and claims. The program and the strategy authority are listed in full on the receipts page. cleft.live/receipts

The first strike on the mainnet vault is the next daily boundary. Every deposit queued before it mints shares at one NAV per share, the same price for everyone in the queue. A deposit is already waiting for it, and the vault page counts down to it. At the boundary, both legs are reconciled and the oracle is checked for age and confidence. If a check fails, the strike moves to the following boundary instead of reusing an old price. cleft.live/vault

The receipts tape has six tabs, and each one answers a different question. Vault lists deposits, cancels and redemptions with their epoch. Funding lists every settled hour, received or paid. Costs lists the route fee, slippage and taker fee of each fill. Book flows lists money moving in or out of the four books. Creator fees lists each fee claim and where every part of it went. All puts the whole tape in one order. Every line links its transaction on Solscan. cleft.live/receipts

More than 5.9 million $CLEFT is burned and on the ledger. A fifth of the creator and LP fees, after their claim cost, goes to market buys of $CLEFT. Rounds run as those fees build up, as often as once a minute. A burn counts only after the token supply drops by exactly that amount. Every round lists its buy transaction and its burn transaction on their own page. cleft.live/receipts/burns

Depositing on CLEFT takes three steps, all inside the deposit ticket. Connect a wallet. Enter an amount, from ten USDC. Read the review, which lists every step of the transaction and the network fee, then sign. Your USDC waits in the vault until the next strike, and you can cancel it from Portfolio any time before then. At the strike, shares mint at that NAV. Your wallet is the only signer, and nothing is sent until you sign. cleft.live/vault

Every receipt has a fee side, and $CLEFT sits on it. Depositors keep ninety percent of the new profit above their marks. Of what CLEFT realizes, half goes to staked $CLEFT in USDC, and a fifth of what CLEFT keeps goes to the burn ledger. Staked depositors pay less through rebates. As the carry grows, the token's share of it grows with it. cleft.live

One pair of legs is where it starts. SOL spot against SOL-PERP is the first carry CLEFT runs. The same rails can weigh funding across more markets once each one has its own record. What happens when every wallet and treasury can hold the other side of leverage, and read the receipts for it? cleft.live

Your position, your mark, your fees, on one page. Portfolio shows any wallet's shares, value at the last strike and open requests. Sign in as the owner and it adds your net contribution, profit, high-water mark and every fee you paid. Cancel a queued deposit or claim a redemption from the same page. cleft.live/portfolio

CLEFT starts with a capacity cap, on purpose. The vault takes up to fifty thousand USDC across NAV and queued deposits. A carry is only as good as the depth of the venue it shorts on. The cap rises when the venue's depth and the vault's record both say it should, and the vault page shows how much of it is used. cleft.live/vault

A fifth of the fees CLEFT keeps goes to the burn ledger. Twenty percent of service revenue and twenty percent of creator and LP fees, after their claim cost, buy $CLEFT on the market. Every token bought is burned in the same round. The buy and the burn are recorded as separate transactions, each tagged with the book that paid for it. cleft.live/receipts

The keeper's key signs a short list. It can reconcile the venue, record fills, rehedge, reduce both legs and strike the epoch. Redemption payouts go from the vault program to the depositor's own wallet. Every permission is written on the docs page, and every keeper action lands as a transaction you can open. cleft.live/docs

Fee rebates are built and tested. A depositor's tier is set each epoch from their lowest staked balance at the epoch's average $CLEFT price. The rebate is paid in USDC, straight from the fee they paid. The claim path already ran end to end against live mainnet state. It switches on after staking, on the same vault program. cleft.live/docs

Receipts, not APR. We wrote down why CLEFT is built this way. The article walks through where funding comes from, why it turns, what the two legs cancel and what they leave, and how the fees and $CLEFT sit on top. It ends with the part we care about most: a carry product anyone can audit by the hour. cleft.live/docs

Every depositor has their own high-water mark. The mark is the highest profit you already paid a fee on. The fee is ten percent of the part above it, and the mark moves up to the new level. A new depositor never pays for someone else's recovery. After a loss, you pay nothing until your own profit passes your mark again. cleft.live/portfolio

Staking $CLEFT is built and tested. Stake, warm up for a day, claim USDC each epoch, unstake through a seven-day cooldown. That whole cycle already ran end to end against live mainnet state, claims included. It opens with the mainnet vault program. Turning it on is the last step. cleft.live/docs

Carry has risks, and CLEFT names them on its own docs page. Funding can stay negative. The perp venue can pause deposits or withdrawals. USDT can drift from USDC. A sharp rally squeezes the short's margin before the spot leg can top it up. Each one has a rule in the program or the keeper, and the vault page shows its current state. Read them before you deposit. cleft.live/docs

Check every number yourself. The receipts page lists the vault program, the vault state and every vault account with its full address and a Solscan link. Each receipt row has its own permalink. The same data is public as JSON. Pull it, sum the funding, subtract the costs and compare it with NAV. cleft.live/receipts

Leverage grows every cycle, and so does the funding it pays. CLEFT is built to be the other side of that trade, at a size anyone can audit by the hour. The vault share carries the carry; $CLEFT carries the fees on top of it. Staked $CLEFT claims half of the realized fees in USDC. A fifth of the fees CLEFT keeps buys $CLEFT for the burn ledger. More carry means more of both. cleft.live

Sixty, thirty, ten. Sixty percent of capital is spot SOL bought through a Solana route. Thirty percent is collateral on the perp venue backing a short of the same size. Ten percent is USDC for redemptions and margin top-ups. The venue settles in USDT, so the keeper converts between the two. That conversion and any USDT/USDC gap are lines of their own in NAV. cleft.live/docs