Architecture

Vela is four small components that don't trust each other. Each is independently auditable and replaceable.

1. CollateralVault

Holds tokenized stocks on behalf of borrowers. Tracks per-user balances per asset. Emits Deposit and Withdraw events that downstream systems index. Withdrawals require the LendingPool to confirm the position remains solvent.

2. LendingPool

USDG supply and borrow market. Implements an interest-rate curve (kink-based, à la Aave) and tracks borrow/supply indexes. Charges a reserve factor (default 10%) on interest accrual and routes it to the protocol treasury.

3. OracleAdapter

Per-asset signed price feeds. On testnet, prices are pushed by a relayer service. On mainnet, the intent is to plug into the chain's canonical equity oracle once available. Heartbeat + max-deviation thresholds invalidate stale or anomalous prices.

4. Helmsman Agent

Off-chain process that watches every open position. Combines realized volatility, implied volatility from option markets, and event calendar (earnings, ex-div) to compute a forward-looking risk score. Pings users with the smallest possible corrective action and only escalates to onchain liquidation when ignored.