Proof-Based Reporting
Dawn Vault publishes structured performance reports at regular intervals, providing verifiable evidence of vault operations and returns.
Reporting Framework
What We Report
Yield Breakdown (by source)
Every epoch
On-chain transaction data
Hedge Ratio (spot vs. short)
Every epoch
On-chain + CEX position data
Allocation Split (base vs. alpha)
Every epoch
On-chain vault state
Reserve Balance
Every epoch
On-chain account balance
Share Price
Continuous
On-chain LP token accounting
Cumulative PnL
Daily
Dashboard + historical data
Drawdown Metrics
Daily
Calculated from share price history
Report Structure
Each epoch report includes:
Performance Summary: Net APY, gross yield, costs deducted
Yield Provenance Table: Breakdown by source with actual values
Position Summary: Current allocations, hedge ratios, protocol exposure
Risk Metrics: Maximum drawdown, Sharpe ratio (rolling), volatility
Reserve Status: Yield Smoothing Reserve balance and utilization
Operational Notes: Any strategy changes, rebalancing events, or incidents
Skin in the Game
Dawn Labs deploys its own capital under the exact same conditions as depositors:
Same vault, same strategy, same fee structure
No preferential treatment or separate accounts
Our returns are directly tied to depositor outcomes
This alignment of interests is the strongest form of trust — we succeed or fail together.
Verification
Depositors can independently verify:
Share price: Query the on-chain vault program directly
LP token balance: Check their wallet
Vault TVL: On-chain total assets visible to anyone
Protocol positions: On-chain adapter positions are public
Future Enhancements
Automated report generation and publication
On-chain attestation of off-chain positions (CEX)
Third-party audit of reported vs. actual performance
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