Tethra
Designing and engineering a one-deposit liquidity system across DeepBook Predict, margin lending, and collateralized borrowing.
A vault interface over a layered DeFi system.
Tethra gives depositors a direct way to provide risk-managed liquidity, lend into margin markets, supply stablecoins, and borrow against vault shares on Sui.
The product joins Move contracts, automated keepers, quantitative strategy research, live indexing, and a responsive web application into one operating system for DeepBook liquidity.
Protocol, automation, and interface
- Move smart-contract packages
- DeepBook protocol integration
- Keeper and liquidation services
- Quantitative strategy engine
- Live indexing and analytics
- Wallet-connected web application
Liquidity products were powerful but fragmented.
DeepBook exposes several distinct market opportunities, each with different assets, contracts, risk models, and operational requirements. Asking users to manage every position independently would create a dense and error-prone experience.
The system needed safe share accounting, reliable redemption and liquidation automation, live risk data, and a product interface that distinguishes real on-chain values from historical simulations.
- 1.
Capital split across different market systems
- 2.
Share accounting exposed to edge cases
- 3.
Redemptions and liquidations needing automation
- 4.
Live values mixed with simulated research
What We Were Really Solving
The goal was to make several accountable risk systems feel like one understandable product.
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Clarify where capital goes
Give every deposit, position, and exposure an understandable place.
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Keep each tier independently safe
Preserve explicit accounting and risk boundaries between strategies.
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Automate operational work
Use supervised services for redemptions, monitoring, and liquidations.
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Separate proof from projection
Distinguish live chain data from historical simulation at every step.
Three protocol tiers, one product surface
Each tier remains independently accountable while the application gives users a consistent view of capital, exposure, and activity.
- 01
Core vault
The Predict vault accepts dUSDC, issues tPLP shares, and manages profit-only performance fees.
- 02
Lending vaults
SUI and DBUSDC strategies supply liquidity into DeepBook margin markets and compound captured value.
- 03
Borrow market
An isolated market lets users supply dUSDC or borrow against tPLP with conservative risk controls.
- 04
Operations layer
Keepers, indexers, simulations, and the web app keep settlement, risk, and user visibility aligned.
Protocol complexity made legible
The shipped experience gives each capital path a clear interface while retaining live contract and risk context.
- 01
Trustless vault contracts
Move packages handle deposits, withdrawals, shares, lending, collateral, and liquidation rules on-chain.
- 02
Automated protocol operations
Supervised keepers redeem settled positions, monitor markets, and execute liquidation work when required.
- 03
Research-backed risk
Backtests, volatility modeling, exposure analysis, and stress tests inform product parameters and dashboards.
- 04
Live application layer
A wallet-connected app exposes deposits, lending, borrowing, activity, portfolio data, and market analytics.
A full DeFi product stack
Move contracts
Purpose-built packages define the vault, lending strategies, and isolated borrow market.
DeepBook integration
The system connects to Predict and margin liquidity while preserving explicit accounting.
Keeper services
Operational workers handle redemptions, liquidations, indexing, and deployment workflows.
Strategy research
Quantitative models measure pricing, exposure, economics, and stress before parameters reach the interface.
Risk dashboards
Live volatility surfaces and exposure views make protocol risk inspectable.
Product experience
The web application turns multiple market actions into a consistent, readable journey.
One interface for an operating protocol
Tethra shows the breadth of full-stack Web3 delivery: contract design, protocol integration, automation, quantitative modeling, indexing, wallet UX, and product storytelling.
The live testnet application keeps capital flows and risk visible while the underlying services handle the operational complexity.
Building a complex product? Let’s make it clear, useful, and shippable.
We design and engineer complex products from strategy through production.