Build a Bear Vault

Overview of the Solana multi-strategy vault, its architecture, and its current MVP scope.

Build a Bear Vault

Build a Bear Vault is a USDC-denominated multi-strategy vault for Solana.

The project combines:

• an on-chain Anchor program that enforces vault state, policies, shares, withdrawals, and rebalance proofs
• an off-chain deterministic solver that computes target allocations
• a Ranger execution layer that builds and sends protocol transactions
• protocol adapters for Drift, Kamino, MarginFi, and Perena

What this repo already includes

• Anchor program for vault state, policy controls, share minting, and rebalance proof storage
• Deterministic solver and backtester in TypeScript
• Real SDK-backed execution bundle builders for Drift and Kamino
• Manifest-based path for MarginFi and Perena
• Vault bootstrap, admin, user, and status CLIs
• Offline test suite for solver, adapters, vault serialization, and operator CLIs

Core design

The vault follows three strong rules:

1. Policy before optimization
2. Deterministic before adaptive
3. Proofs on-chain, heavy compute off-chain

That means the solver does the expensive decision-making off-chain, while the on-chain program stores and enforces the result.

Main components

On-chain

• Vault accounts and policies
• Share mint and vault treasury
• Strategy registry and allocation state
• Withdrawal queue
• Rebalance plan proof and execution proof

Off-chain

• Strategy adapters
• Allocation solver
• Ranger transaction dispatcher
• COBO MPC simulation layer
• Historical backtest runner

Supported strategies in the MVP

Strategy	Role	Current implementation status
drift-reserve	Liquid reserve and low-complexity carry	Real SDK bundle builder
kamino-stable-carry	Main carry sleeve	Real SDK bundle builder
marginfi-canary	Canary sleeve with capped exposure	Manifest or static fallback
perena-exotic	Exotic / RWA sleeve	Manifest or static fallback

Recommended reading order

1. Quickstart
2. Current Status
3. Architecture Overview
4. Solver Deep Dive
5. Business Overview
6. Operations Overview
7. Testing Overview

Repository map

Area	Purpose
programs/multi_strategy_vault/	Anchor program
services/adapters/	Protocol integration layer
services/solver/	Deterministic optimizer and backtester
services/ranger/	Execution runtime and operator CLIs
services/shared/	Shared types, math, config, hashing, env loading
tests/offchain/	Offline validation suite
config/	Sample policies, registry, strategy manifests

Current reality

The repo is code-complete for the MVP scaffold, but production operation still depends on external steps:

• deploying the Anchor program to a real cluster
• funding the operator wallets
• bootstrapping the vault on-chain
• providing real manifests for MarginFi and Perena
• optionally replacing the simulated COBO layer with a real MPC integration

Business note

The documentation now separates:

• implemented protocol and solver economics
• proposed business-model and revenue assumptions

That distinction matters because the financial thesis is broader than the current fee logic implemented in code.