Solana Vaults

Upshift Solana Vaults bring the same institutional-grade vault infrastructure to the Solana ecosystem. Built as a native Anchor program, Solana vaults offer fast, non-custodial yield generation transparently on-chain, with actively managed strategies.

Vault Architecture

Each Upshift Solana vault is deployed as an instance of the august_vault program. A vault is initialized with three roles (admin, operator, and fee recipient), and is bound to a single SPL deposit token (e.g. USDC). On initialization, the program creates:

• A VaultState PDA that stores all vault configuration and accounting
• A share mint PDA used to mint receipt tokens to depositors
• A vault token ATA PDA that holds the vault's deposit token balance

Deposit Flow

1. User calls deposit(amount) with their SPL tokens
2. The vault transfers tokens from the user's account to the vault token ATA
3. Share tokens are minted to the user proportional to the current NAV:

shares_minted = deposit_amount * total_share_supply / total_AUM

4. local_aum increases by the deposit amount
5. A DepositEvt is emitted with caller, receiver, amount, and shares

Redemption Flow

1. User calls redeem(shares) with the number of share tokens to burn
2. The vault calculates the underlying token amount based on current NAV:

tokens_returned = shares * total_AUM / total_share_supply

3. If a withdrawal fee is configured, the fee portion (in bps) is routed to the fee_recipient
4. Share tokens are burned and underlying tokens are transferred to the user
5. local_aum decreases by the redeemed amount
6. A WithdrawEvt is emitted with caller, receiver, owner, assets, and shares

Share Price Derivation

The share token price is fully derivable on-chain:

share_price = (local_aum + deployed_aum) / total_share_supply

• local_aum — tokens held directly in the vault's token ATA. Fully verifiable on-chain.
• deployed_aum — value of tokens deployed in external strategies, reported by the operator via operator_update_aum.
• total_share_supply — readable from the share mint account.

Any Solana program can compute the share price by reading the VaultState account and the share mint. No external oracle is required.

The Upshift Solana program is open source at the fractal-protocol/solana-upshift-vault-programs repository on GitHub.