Vesper
An onchain reserve built around the market close.
Last light · 50:00 to close
How it works.
Four moves, one loop. Equities back the token, staking shares in what contributions bring above backing, and the hook prices the close.
Tokenized equities back it.
Coinbase stocks on Base, and USDC, sit in the reserve. Nothing is minted past what they are worth.
$-
in the reserve
Stake VSPR.
One for one into sVSPR. The balance grows in place, three cycles a day.
-
sVSPR staked
LAST LIGHT prices the close.
The pool fee climbs through the final hour of the session. Thin hours are expensive hours.
58.33
bps right now
Paid at the close.
Each cycle pays stakers only the surplus contributions brought in, capped by backing. Pool fees never feed the reserve.
-
VSPR paid to stakers
The ramp.
One fee schedule, read from the clock, never from an oracle. From T-60 to the bell the fee climbs from 30 to 200 basis points. Right now, last light, a swap pays 58.33 bps.
- Open
- 09:30 to 15:00 ET
30 bps - Last light
- 15:00 to 16:00 ET
30 to 200 bps, linear - After the close, closed, pre-market
- everything else
100 bps
fee = 30 + 170 x (3600 - secondsToClose) / 3600. Applied only when it has moved 5 bps from the last applied fee. Half of it, plus the opening taper, is paid to the fee recipient inside the swap. None of it reaches the reserve.
The reserve.
Stocks provide the backing. Contributions above backing provide the revenue. Reserves above what VSPR needs are the only thing a cycle can pay from.
- Reading the reserve.