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By Vanna Protocol
Empowers crypto & pro traders to borrow 10x capital, trade multiple markets, and hedge with risk management tools
Vanna is a dual-sided, high performance DeFi proprietary trading protocol deployed on Soroban, architected to deliver undercollateralized margin lending, composable leverage execution, and integrated risk optimization across aggregated Stellar DeFi platforms. The system serves two primary stakeholder classes — Liquidity Providers (LPs) on the supply side and Traders/Borrowers on the demand side via an account-abstraction driven margin infrastructure directly connected to multiple derivatives and lending protocols.
Isolated Lending Pools: LPs supply assets (XLM, USDC, EURC) into protocol-isolated pools, eliminating cross-asset contagion and impermanent loss risks typical of AMM LPing.
Superior Yield Mechanics:
High Utilization Rates from leveraged borrowing demand (up to 10x capital amplification per trader), driving sustained borrow APRs above baseline market rates.
Liquidation Penalty Distribution, where penalties from leveraged position liquidations are shared directly with LPs in addition to interest income.
Capital Protection: Borrower funds remain in Vanna’s smart accounts, which operate under predefined protocol rules that control every action. All borrower interactions are processed through the risk engine, ensuring lenders’ capital is protected and lending risk remains fully contained within each isolated pool.
Account Abstraction Margin Accounts: Traders open Soroban-native smart accounts capable of managing multi-venue leveraged positions.
Undercollateralized Borrowing: Deposit initial margin and borrow up to 10x additional capital. Combined margin and debt can be programmatically allocated across supported markets:
Leveraged LP Yields: Soroswap & Aquarius AMM LP positions with borrowed capital.
Leveraged Spot Trading: Direct execution on Soroswap and Aquarius spot markets.
Leveraged Lending Strategies: Yield generation via Blend lending pools.
Risk Optimization Layer: Professional-grade monitoring and hedging through an integrated dashboard, allowing you to track all active positions with payoff graphs and risk parameters, while enabling delta-neutral, leverage farming, looping leverage, and custom hedging strategies.
CEX-Grade UX On-Chain: Mimics traditional proprietary trading desks’ leverage workflows, fully ported on-chain through Soroban smart accounts.
The protocol architecture is built as a multi-layered execution and risk infrastructure with strict modular separation to optimize for security, composability, and protocol-integrated strategy automation.
Lending Pools Module: Supports XLM, USDC, EURC with isolated reserve logic and utilization-based dynamic interest rate curves.
Account Manager Module: Central transaction arbiter validating every margin operation, ensuring pre-execution health factor compliance.
Margin Account Module: Permission-gated, per-user contract instances supporting only protocol-approved leverage functions; enforces margin integrity.
Risk Engine Module: Real-time solvency computation for both overcollateralized and undercollateralized positions, integrated with liquidation automation triggers.
Interest Rate Model Module: Dynamic non-linear borrow/lend rate calculations (inspired by Sentiment Protocol), adapting to utilization changes.
Protocol Registry Module: On-chain mapping of all live controllers, adaptors, and integrated markets for deterministic protocol-level calls.
Controllers & Adaptors: Dedicated per-protocol controllers for Soroswap, Blend, Aquarius; abstract venue-specific logic while enforcing risk & leverage constraints.
Oracle Integration: Primary integration with Stellar Oracle SEP to source standardized, time-weighted price data for supported assets. Includes contingency for custom or third-party oracle providers if SEP coverage, latency, or reliability thresholds are not met, ensuring accurate pricing and robust failover in volatile markets.
Cross-Protocol Position Management: Enables simultaneous leverage allocation across LP, spot, and lending venues within a single health factor envelope.
Lending-Side Interface: Deposit, withdraw, and real-time pool utilization monitoring.
Margin-Side Interface: Create margin account, deposit collateral, borrow, repay, withdraw and dynamically reallocate leverage.
Trading-Side Interface: Customised, one-click execution for leveraged LP, leveraged spot, and leveraged lending positions.
Risk Management Dashboard: Continuous monitoring of live leveraged positions with health factor metrics, payoff curves and strategy simulation tools, all directly integrated with smart account operations
The Soroban deployment of Vanna demands a ground-up engineering approach due to the absence of pre-built EVM-equivalent standards and tooling. The build requires:
Custom Lending Pools: Isolated accounting logic with utilization-based dynamic rates for XLM, USDC, EURC.
Account Abstraction Layer: Soroban-native margin accounts with protocol-enforced leverage permissions.
Cross-Venue Leverage Modules: Controller and adaptor contracts for Soroswap, Blend, and Aquarius with integrated risk constraints.
Multi-Source Oracles: Aggregated price feeds with failover handling for on-chain solvency checks.
GraphQL-Powered Indexing: Off-chain infrastructure to feed real-time position, health factor, and Greeks analytics to the risk dashboard.
The execution plan includes full-cycle development — contract authoring, venue integrations, indexer and frontend implementation, stress testing under high-LTV scenarios, and multi-layer economic risk modelling — ensuring that the protocol meets the operational and economic security standards required for production deployment on Stellar.
Yes
$145.0K
The success of Vanna’s Soroban deployment will be measured through on-chain verifiable metrics directly correlated with protocol functionality, liquidity depth, and trader adoption. Each metric is tied to specific smart contract modules and will be tracked via internal analytics, public Stellar blockchain data, and real-time Dune dashboards.
Definition: Number of unique liquidity providers (LPs) supplying assets (USDC, EURC, XLM) to isolated lending pools.
Measurement Source: Lending Pools Module contract logs and pool share token issuance.
Target:
Month 1: ≥ 200 active LPs
Month 2: ≥ 600 active LPs
Month 3: ≥ 1,500 active LPs
Definition: Aggregate stablecoin/asset value locked in Soroban-based lending pools.
Measurement Source: On-chain lending pool reserve balances.
Target:
2 Months: $200K+ TVL
6 Months: $2M+ TVL
Definition: Number of unique margin accounts created and actively used by traders on Vanna.
Measurement Source: Protocol Registry & Account Manager contract calls tracking margin account creation and activity.
Target:
1 Week: ≥ 500 active margin accounts
3 Months: ≥ 5,000 unique active margin accounts
Definition: Total principal borrowed by traders via Soroban margin accounts.
Measurement Source: Borrow function events within Account Manager Module.
Target:
Month 1: $50K+ total borrowed
Month 2 onwards: $200K+ total borrowed per month
Definition: Aggregate trading volume generated by traders allocating borrowed capital across Soroswap, Aquarius, and Blend.
Measurement Source: Controller Module trade execution events, cross-DEX API logs.
Target:
Month 1: $500K+ monthly trading volume
Month 3: $5M+ monthly trading volume
Evaluation Approach:
All metrics will be validated using on-chain analytics and off-chain data indexers feeding from GraphQL-powered infrastructure. For ecosystem transparency, performance will be visualized through public Dune dashboards, enabling stakeholders to monitor LP growth, TVL progression, borrowing volumes, trading activity, and health factor trends in real time. Data granularity will allow segmentation by market type (LP, spot, lending) and leverage tier, ensuring transparent progress reporting to the Stellar ecosystem and grant stakeholders.
The deployment of Vanna on Soroban is designed to create measurable, protocol-level impact across liquidity depth, trading activity, developer innovation, and user experience within the Stellar DeFi ecosystem. Each impact vector is tied to specific modules in Vanna’s architecture and will be tracked through on-chain analytics and public Dune dashboards.
Mechanism: Vanna’s Lending Pools Module and undercollateralized margin architecture will migrate LP capital from integrated ecosystems such as Derive, Hyperliquid, and Katana, redirecting liquidity into Stellar LP and lending pools (Soroswap, Blend, Aquarius).
Impact: Redirect ≥ $5M in liquidity into Stellar LP and lending pools within 6 months.
Additional User Base Expansion: Partnerships with Plena and Blazpay will onboard users via retrospective airdrops and targeted campaigns; while their primary role is user acquisition, a subset of these users can transition into active LPs over time.
Validation: TVL increases recorded via lending pool reserve contracts and visualized in public dashboards.
Mechanism: Controllers & Adaptors enable leveraged execution on Soroswap and Aquarius spot markets, plus yield farming via Blend. Borrowed capital will be actively cycled, increasing per-user trade velocity.
Impact: Drive ≥ $5M/month in additional trading volume across Stellar DEXs by Month 3 post-launch.
Validation: Aggregated trade execution events from controller contracts, cross-referenced with DEX APIs.
Mechanism: Composable leverage and cross-venue position routing provide CEX-grade trading UX on-chain, lowering the barrier for professional traders to operate within Stellar.
Impact: Position Stellar as a viable alternative to EVM ecosystems for high-frequency, multi-venue DeFi strategies.
Validation: Growth in unique active traders executing multi-market strategies as recorded in Account Manager logs.
Mechanism: Open SDKs and APIs from the Protocol Registry allow other Stellar-based dApps to integrate Vanna’s credit layer and leverage routing without duplicating core lending/borrowing logic.
Impact: Enable at least 3 third-party protocol integrations within the first year.
Validation: Integration contracts registered in the Protocol Registry and usage tracked via API calls.
Mechanism: Integrated risk dashboard with real-time Greeks, payoff graphs, and health factor monitoring allows traders to manage leveraged portfolios entirely within Stellar.
Impact: Improve execution quality, reduce liquidation rates for active traders by ≥ 20% compared to baseline CEX/DEX averages.
Validation: Liquidation and PnL data logged by Risk Engine and surfaced in dashboards.
Transparency & Monitoring:
All impact metrics will be continuously tracked through on-chain logs and surfaced in public Dune dashboards, enabling the Stellar community, LPs, traders, and grant stakeholders to independently monitor liquidity migration, TVL growth, trading activity, and integration adoption in real time.
Vanna’s GTM plan combines sequenced multi-ecosystem launches, on-chain incentive programs, and ecosystem co-marketing to ensure rapid liquidity acquisition, trader adoption, and sustained engagement for its Soroban deployment. The strategy is designed to activate initial liquidity and user bases outside Stellar, then channel them into Stellar markets through targeted campaigns.
Launch Order: Deploy first on Hyperliquid, Derive, and Katana, capturing active traders and LPs within these ecosystems.
Funnel Effect: When Stellar integrations (Soroswap, Blend, Aquarius) go live, existing Vanna users from these prior deployments will be re-engaged through targeted campaigns, highlighting additional yield and strategy opportunities unique to Stellar.
Measurement: Tracking engagement and onboarding of returning users via wallet activity logs and campaign participation data.
Mechanism: Smart contracts track LP deposits, borrowing activity, and trading volumes to allocate emissions in real time.
Objective: Bootstrap deep liquidity in Soroban lending pools for USDC, EURC, and XLM to enable high-LTV borrowing at launch.
Measurement: LP count and TVL growth from Lending Pools Module.
Weekly On-Chain Scoring: Points are awarded across three categories, calculated directly from protocol contract events and stored on-chain for full transparency:
a) LP Rewards
Based on amount deposited in lending pools.
Based on duration liquidity is held in the pools.
Additional weighting for diversifying deposits across multiple pools.
b) Borrower Rewards
Based on collateral amount deposited in margin accounts.
Based on leverage used for borrowing.
Based on duration of borrowed positions before repayment.
c) Trader Rewards
Based on total trading volume generated on partner DEXs/DeFi protocols via Vanna.
Additional weighting for diversification across multiple partner protocols.
Redeemable Incentives: Points can be redeemed for token rewards post-launch, with multipliers for early participation and consistent activity.
Measurement: On-chain point accrual logs segmented by category (LP, borrower, trader) and available for real-time viewing via Dune dashboards.
Protocol Incentives: Fee cashbacks and token emissions from partner protocols (e.g., Soroswap, Blend, Aquarius) integrated directly into Vanna’s reward logic.
Campaign Scope: Joint announcements, incentive matching, and user education with ecosystem partners.
Measurement: Trading and LP activity sourced from partner DEX/DeFi APIs.
Bounty Programs: Security testing, bug reporting, and strategy-sharing bounties to improve protocol robustness and adoption.
KOL Activation: Partnered trader communities and influencers promote Stellar-based strategies to their networks.
Workshops & AMAs: Targeted sessions to onboard both retail and professional traders into Soroban-based markets.
Measurement: Engagement metrics (registrations, bounty completions, AMA attendance).
Format: In-person and online trading competitions where participants deploy leveraged strategies on Stellar via Vanna.
Ecosystem Tie-In: Hosted in partnership with Stellar, Soroswap, Aquarius, and Blend to showcase ecosystem liquidity depth.
Measurement: Trading volume and number of strategies deployed during event period.
Retrospective Airdrops: Targeted campaigns for Plena, Derive, and Blazpay users to incentivize onboarding into the Vanna ecosystem.
Trader KOL Network Access: Partnerships with Key Opinion Leaders whose combined communities have 1M+ traders and followers, enabling direct promotion and onboarding campaigns.
Email Marketing via Pivot Ventures: Direct access to a verified database of 40K+ subscribers, enabling targeted outreach and re-engagement campaigns.
Objective: Expand the potential user base ahead of Stellar launch, with a portion of acquired users expected to transition into active liquidity providers and traders.
Measurement: On-chain tracking of new wallet activations, user engagement from campaign participants, and conversion rates into LP or trading activity.
We’re already integrated with 10+ partners — from chains to protocols — providing co-marketing, technical collaboration, and ecosystem access. Instead of starting from zero, we’re launching with built-in distribution, enabling us to tap into multiple ecosystems from day one. Coupled with proven technical readiness across multi-chain deployments, this positions Vanna to accelerate adoption on Stellar from the moment Soroban integration goes live.
Multi-Chain Deployments: Protocol already deployed in controlled environments on Optimism, Base, and Arbitrum with full lending–borrowing functionality. These deployments serve as a reference framework for adapting the architecture to Soroban.
Closed-Beta Stability: Live in closed-beta since January 2024, enabling iterative stress testing of 900% LTV borrowing scenarios and validating the performance of the risk engine under high-volatility conditions.
Cross-Ecosystem Launch Funnel: Vanna will go live on Hyperliquid, Derive, and Katana ahead of its Stellar integration. This sequencing ensures that when Stellar markets are enabled, Vanna already has active traders familiar with the protocol in other ecosystems, making it easier to attract them to Stellar for additional yield and strategy options.
User Acquisition Partners: Agreements with Plena and Blazpay to execute retrospective airdrop campaigns targeting >2M users. While primarily acquisition-driven, these users represent a secondary pool of potential LPs and traders for Vanna’s Stellar deployment.
KOL & Trader Networks: Access to >1M traders through partnered KOL communities and a 40K+ verified email database via Pivot Ventures.
Owned Media Channels: Direct reach through Opinder’s YouTube channel with 1,300+ active trader subscribers.
Venture-Backed Development: Raised $350K pre-seed from notable Web3 investors including Pivot Ventures, Pashov Capital, and Hitesh.eth, allocated primarily to protocol R&D over the past 18 months.
Ecosystem Grants: Secured technical grants from Derive (Optimism) and Katana (Polygon) for deep ecosystem integration — grant disbursements pending, but approvals signal multi-ecosystem confidence in Vanna’s architecture.
Program Participation: Graduated from the Draper/Stellar Founder Residency Program (San Francisco, Aug 2025), delivering core lending–borrowing contracts for Soroban during the 3-week residency and receiving a $20K grant.
Community Validation: Ranked 4th in total donations and 5th in donor count out of 142 dApps in Gitcoin Grants Round 42161, providing early proof of community support and market interest.
Objective: Deliver the Soroban-native core architecture and integrate multi-market leverage execution for end-to-end trading on testnet.
Engineering Scope:
Architecture Refinement: Optimize the undercollateralized lending–borrowing contracts created during the Stellar/Draper Founder Residency for Soroban runtime performance, storage efficiency, and margin accounting accuracy.
Account Manager Module: Transaction validation, health factor enforcement, and multi-market margin checks.
Margin Account Module: Per-user Soroban-native accounts with permission-gated leverage functions and risk controls.
Protocol Registry Module: On-chain registry mapping all controllers, adaptors, and integrated market endpoints.
Partner Integrations:
Soroswap — Leveraged LP (3 trading pairs) and leveraged spot trading (3 trading pairs).
Aquarius — Leveraged LP and leveraged spot trading (3 assets).
Blend — Leveraged lending strategies (3 assets).
Controllers & Adaptors: Venue-specific execution logic with embedded leverage constraints for Soroswap, Aquarius, and Blend.
Integration with Stellar Oracle SEP: Connect to standardized price feed endpoints for multi-asset pricing and time-weighted data, with contingency for custom or third-party oracle integration if coverage, latency, or reliability requirements are not met.
Risk Engine Deployment: High-LTV (up to 900%) liquidation logic, real-time health factor computation, and safety triggers.
Preliminary Economic Risk Framework: Define initial parameters (LTV thresholds, interest rate curves, reserve factors, liquidation penalties) and modelling assumptions for protocol solvency.
GraphQL-Powered Indexing Infrastructure: Develop the backend data layer to index and process on-chain events from Soroban smart contracts, including lending pool utilization, borrowing positions, liquidation events, PnL changes, and market performance metrics.
Advanced Risk Dashboard (Testnet): Build a user-facing analytics interface that monitors all leverage positions, visualizes live payoff graphs, and displays margin health indicators, fed by the indexed on-chain data.
Frontend Development: Full UI for lending, borrowing, margin account creation, and trading across all integrated protocols.
Objective: Consolidate multi-protocol execution into a unified trading interface, expand analytics, and complete independent Economic Risk Assessment & Validation ahead of mainnet.
Engineering Scope:
Unified Trading UI/UX: Cross-market execution, portfolio view, and leverage routing.
Cross-Protocol Position Management: Allocate margin across LP, spot, and lending within one health factor envelope.
Protocol Registry Module Update: Add new market adaptors and trading pairs based on testnet feedback.
Controllers & Adaptors Enhancements: Optimize execution logic for Soroswap, Aquarius, and Blend; add new strategies where possible.
Oracle SEP Enhancements: Implement redundancy, latency detection, and failover configuration, or integrate alternative oracle providers if needed.
Expanded Data Indexing: Add new datasets for trading activity breakdowns, protocol-level PnL aggregation, and liquidation cascade mapping.
Dune Dashboards (Testnet): Public dashboards for LP/TVL metrics, borrowing volumes, trading activity, liquidations, and risk factor trends.
Full Economic Risk Assessment & Parameter Tuning (3rd party):
Scope: Comprehensive solvency modelling using live testnet telemetry, including extreme market shock simulations.
Clarification: This is not a smart contract security audit — it focuses exclusively on solvency, parameter robustness, and market-shock resilience, which audit banks do not cover.
Outputs: Public Economic Risk Assessment Report, calibrated final parameter set, and governance recommendations.
Performance Optimization: Stress testing under simulated high-load multi-market trading scenarios.
Community Beta Program: Structured user testing with incentives to gather feedback for final mainnet adjustments.
Objective: Deploy the production-tested protocol on Stellar mainnet with transparency tooling live and risk controls implemented per assessment recommendations.
Engineering Scope:
Mainnet Deployment: Lending pools, margin accounts, account manager, risk engine, and partner integrations (Soroswap, Blend, Aquarius).
Implement Assessment Recommendations: Apply the final parameter set, liquidation penalties, reserve factor, interest rate curve breakpoints, and circuit-breakers.
Mainnet Dashboards: Publish periodic analytics on LP, borrower, and trader metrics segmented by protocol, market type, and leverage tier; include risk heatmaps and liquidation probability summaries.
We are two founders having deep expertise in DeFi, trading infrastructure, security research, and AI-driven automation.
Vatsal (Co-Founder & CTO) — Solidity Developer, Quant Trader & Security Researcher
Background & Experience:
5+ years as a Solidity developer, previously worked at Spectral Finance & Polynomial Finance.
2+ years as a quant trader in the Indian stock market.
Security researcher, independently identified 15+ critical vulnerabilities in DeFi protocols.
Currently leading Vanna’s technical development, smart contract security, and DeFAI innovations.
🔗 Github: https://github.com/vatsal095
🔗 Linkedin: https://www.linkedin.com/in/vatsal-h-salkiya/
Opinder aka CryptoSingh (Co-Founder & CEO) — Product Lead, BD, Tokenomics & Hedge Fund Manager
Background & Experience:
12+ years of professional experience including 9+ years in Web3/Crypto.
Worked as a Data Scientist at MuSigma for in 2012
Led Aave’s entry into India in 2017, educating institutions, growing adoption & helping them raise millions.
Sold Koinfox (first Binance broker partner in SEA) in 2020, a 3Commas-like trading platform.
Managed a hedge fund (Chain Assets Capital) in 2020, investing in Web3 startups.
Educated thousands about blockchain at national govt institutes like ICAI, NPTI, and IITs.
At Vanna, he drives product innovation, operations, business growth, marketing, and partnerships.
X (Twitter): https://x.com/opinderpreet
vatsal salkiya
Opinder Preet Singh
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