[!NOTE] Strategy Vault is Orderly Network’s core technical product and underlying infrastructure, providing smart contracts and CeFi clearing capabilities. Official protocol-level vaults built on this infrastructure are branded as OmniVault. Permissionless Vault (PMV) allows external creators to deploy their own instances leveraging this same Strategy Vault technical infrastructure.Previously, launching a Strategy Vault required manual coordination across multiple teams — contract deployment, multi-sig proposals, database configuration, and custodial setup. That process took 2–5 business days and involved 5+ people across 29 manual steps. Permissionless Vault removes all of that.
Disclaimer: A permissionlessly created vault is deployed and operated by its creator, not by Orderly. Orderly does not vet, operate, or backstop these vaults. Users should assess the vault’s strategy, track record, and risk profile before depositing.
Part of the Orderly Permissionless Ecosystem
Permissionless Vault is not a standalone feature — it is a core component of Orderly Network’s permissionless infrastructure, alongside Permissionless Listing.
How they work together:
- PMV provides liquidity infrastructure for PML. Vaults created through PMV are managed by Strategy Providers (SPs). An SP can choose to connect with a specific Broker through an opt-in mechanism, providing liquidity support for that Broker’s markets — including permissionlessly listed ones.
- Participation is voluntary. Whether an SP connects with a Broker is entirely the SP’s decision. There is no forced assignment or automatic linking.
- Each works independently. PMV and PML operate on their own. A Permissionless Vault can function purely as an investment fund without any Broker association, and a permissionlessly listed market does not require a Permissionless Vault.
Standard Vault vs. Permissionless Vault
How It Works
Permissionless Vault leverages deterministic contract deployment (CREATE3), cross-chain messaging (LayerZero V2), and automated backend provisioning to turn vault creation into a single on-chain action.Creating a vault
- Configure — The creator selects vault parameters through the frontend: vault name, description, broker, strategy provider (SP) address, SP name, performance fee rate, deployment chain, and first period start time.
- Deploy — The creator signs a single
createPermissionlessVault()transaction on their chosen chain. The factory contract deploys the vault using CREATE3 (deterministic address), registers it with the cross-chain manager, and sends a configuration message to the Orderly Chain via LayerZero V2. - Register — The Orderly Chain ledger receives the cross-chain message and automatically configures the vault: broker assignment, fee rates, and strategy provider authorization. This typically completes within 1–5 minutes.
- Provision — The indexer captures on-chain events and syncs vault data to the CeFi backend, which auto-provisions all necessary accounts and configurations (replacing the 20+ manual SQL operations from the old flow).
- Live — The vault appears in the vault listing and is ready for LP deposits.
What the creator provides
Parameters marked immutable cannot be changed after vault creation. If a change is absolutely necessary, the creator must contact Orderly support.
Deployment status
After submitting the creation transaction, the frontend shows a simplified two-state model:- Pending — Transaction submitted; the vault is being provisioned across the pipeline.
- Complete — The vault is fully operational and queryable via the vault info API.
Fees & Costs
Creating a Permissionless Vault (or adding a new chain) requires the creator to pay the following fees in a single transaction:Important: The Vault Operation Reserve is essential for vault operations. If the vault’s ETH balance is depleted, cross-chain fund transfers will fail and new LP deposits cannot enter the DEX for trading. The creator is responsible for maintaining sufficient ETH balance in the vault.
None of these fees are collected by Orderly Network. They are paid to the blockchain network and cross-chain infrastructure providers.
System Parameters (Non-Configurable)
The following operational parameters are set by the system and cannot be modified by the vault creator. They apply uniformly to all Permissionless Vaults:These parameters may become configurable in future versions. See What’s Next for planned expansions.
Managing Your Vault
Modifiable settings
After creation, the vault creator can update two settings:
Each modification requires a separate on-chain transaction. The change propagates through the indexer to the backend, and the frontend polls the vault info API until the updated value appears.
Adding chain support
After the initial vault is live, the creator can expand to additional chains one at a time:- Call
createPermissionlessVault()on the new chain’s factory with the same parameters (same deterministic salt → same vault address). - The factory deploys the vault proxy on the new chain and sends the configuration cross-chain.
- The ledger registers the new chain for the existing vault.
- The backend updates its configuration to include the new chain.
Cross-Chain Recovery
If the LayerZero cross-chain message fails to deliver (network issue, gas spike), the vault will be deployed on the EVM chain but not yet registered on the Orderly Chain ledger.- Automatic retry — LayerZero V2 has built-in retry for queued messages.
- Manual re-send — The creator can call
resendConfiguration()on the factory to re-trigger the cross-chain message. This is safe because the ledger configuration is idempotent. - Timeout alert — If registration hasn’t completed within 30 minutes, the system alerts the operations team.
How Permissionless Vaults Differ for LPs
Permissionless Vaults work like standard Strategy Vaults in most ways — same deposit/withdrawal flow, same settlement mechanics, same period structure. Key differences:What this means in practice
- Do your own research. Permissionless Vaults are not vetted by Orderly. Evaluate the Strategy Provider’s track record, strategy description, and fee structure before depositing.
- Performance fee is locked in. The performance fee rate is set at vault creation and cannot be changed. What you see is what you get.
- Same infrastructure, different operator. The underlying smart contracts, cross-chain messaging, and settlement mechanics are identical to standard vaults. The difference is who creates and manages the trading strategy.
What’s Next
Permissionless Vault V1 focuses on the core creation and management flow. Planned future expansions include:- Creator transfer — Allow vault creators to transfer ownership to another address.
- Configurable parameters — Open up additional vault settings (min deposit amount, period duration, reserve margin, etc.) for creator customization.
- Enhanced analytics — Richer performance dashboards and LP reporting for permissionless vaults.
- Fee flexibility — More granular fee structures beyond the current flat performance fee.
- Vault Operation Reserve management — Tools for creators to monitor and top-up the vault’s ETH reserve balance.