Inside the Altura Vault: Deposits, PPS, and Withdrawals Explained

The first article in this series explained what Altura is and where the yield comes from. This one answers the next set of questions: what happens when you actually deposit? How does your balance grow? And what does it look like when you want your capital back?

Altura went live on mainnet during one of the worst stretches of market conditions in months. While most of DeFi saw yields compress, the vault’s PPS kept climbing. That’s the number this whole article is about, because it’s the only number that determines what your deposit is actually worth.

How Deposits Work

You deposit USDT on HyperEVM. The vault mints vault shares based on the amount you deposited and the current Price-Per-Share (PPS) at the time.

These shares represent your ownership stake in the vault’s total assets. The number you hold stays fixed after deposit. You don’t receive more shares over time. Your returns show up differently: through an increase in what each share is worth.

Price-Per-Share: How Your Yield Accrues

PPS is how the vault tracks performance. It represents the value of one vault share in USDT terms. As the strategies generate revenue, the vault’s total assets grow. Since the number of shares stays the same, each share becomes worth more. That increase is your yield.

A simple example: you deposit 10,000 USDT when PPS is 1.00. You receive 10,000 shares. Over the following weeks, the vault’s strategies produce revenue and PPS rises to 1.05. Your shares are now worth 10,500 USDT. You didn’t claim anything. No tokens were minted. The yield is embedded in the share price.

This isn't hypothetical. AVLT, the vault share token, started at a price of $1.00 at launch. As strategies have generated revenue, that price has climbed above $1.00. The current AVLT price is your PPS, as it tells you exactly how much yield the vault has produced per share. You can check it on the vault interface at any time.

There’s no compounding step, no harvest button, no reward dashboard to check. Your position grows automatically as PPS moves up.

How PPS Updates are Protected

Since PPS directly determines what your shares are worth, the update mechanism has to be airtight. It is.

PPS is updated by authorized oracle reporters and only by them. Not the admin, not the team, not anyone else. Each update is validated on-chain against movement limits, so PPS can’t jump by an abnormal amount in a single update. The system also rejects stale data and future-dated timestamps, which means the vault always reflects current, real performance.

Every PPS update is recorded on-chain with a timestamp and the reporter’s address. You can pull up the full history yourself and confirm that each change falls within valid bounds. If something looked off, you’d be able to see it.

The short version: PPS only goes up when the strategies actually earn. No one can inflate it.

Two Ways to Withdraw

When you want your capital back, the vault gives you two options.

Instant Withdrawal

If the vault has enough liquid USDT to cover your request, it executes immediately. You pay a 0.1% fee. That fee exists because instant fulfillment may require unwinding positions at a suboptimal time, and the cost of that shouldn’t fall on other depositors.

Epoch Withdrawal

If the amount exceeds available liquidity, your request enters the current withdrawal epoch. Once the epoch closes and capital is freed from strategy cycles, your funds become claimable. No fee. You’re giving the vault time to unwind cleanly, so there’s no operational cost to offset.

The withdrawal queue is fully visible on-chain. You can see your request, the epoch status, the vault’s liquid balance, and when your funds become available. No guessing, no waiting in the dark.

What You Can Verify Yourself

The vault is deployed on HyperEVM, so everything is publicly observable. Total assets, total shares, PPS history, strategy allocations, oracle update logs, and withdrawal queue status. All on-chain, all the time.

For off-chain strategy components like perpetual venue execution or RWA activity, cashflows and PnL are continuously settled and reconciled on-chain. The execution model is hybrid, but transparency isn’t sacrificed.

All core contracts are deployed as immutable or timelocked contracts with public addresses. You can verify everything through a block explorer, or use the Transparency Dashboard for a cleaner view of the same data.

The Design Principle

The Altura vault is built so that trust is optional. You deposit USDT. The vault mints shares. PPS goes up as strategies earn. When you leave, you withdraw instantly or through an epoch queue. Every number, every update, every movement is observable on-chain.

The vault launched at under $1 million in TVL and has since grown to $9 million, through a stretch where the broader market was down for much of it. PPS kept rising the entire time. That’s the system working as designed: yield from real market activity, not from conditions being favorable.

You don’t have to take Altura’s word for any of it. You can check.

Verify reserves, strategy allocations, and PPS history on the Transparency Dashboard.

The next article in this series covers the safety architecture in full: smart contract hardening, role separation, and the defense-in-depth approach that protects depositor capital.

Full technical documentation at docs.altura.trade.