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The Gamma Research earnAUSD delta neutral vault is the underlying strategy powering Braid’s high-yield wallet product (type: "gammaResearchDeltaNetural"). This vault is designed to deliver optimized, risk-adjusted yield on stablecoins by combining over-collateralized lending and basis trades in a delta-neutral structure. This document is a high-level product overview to help you understand what sits underneath the high-yield wallets API.

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Vault overview

  • Asset: AUSD (stablecoin exposure).
  • Receipt token: earnAUSD.
  • Strategy type: gammaResearchDeltaNetural.
  • Target profile: Institutional-grade, delta-neutral stablecoin yield.
The earnAUSD vault:
  • Abstracts away the complexity of DeFi position management into a simple “deposit and earn” interface.
  • Aggregates and compounds yield generated from underlying vaults back into the earnAUSD strategy.
  • Systematically allocates capital across:
    • Over-collateralized lending to KYC’d institutional borrowers.
    • Basis trade opportunities on major assets.

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Strategy outline

At a high level, the strategy:
  • Allocates capital across a diversified set of basis trades and secured lending venues.
  • Rebalances positions to:
    • Harvest optimal available yields.
    • Manage directional risk and funding basis.
    • Maintain a delta-neutral posture.
  • Uses on-chain leverage where appropriate (for example, via lending markets such as Morpho) to amplify exposure while preserving collateral safety constraints.
The result is an earn product where:
  • Depositors receive the earnAUSD receipt token.
  • The underlying engine uses that capital to pursue yield across a curated set of DeFi venues.
  • Yield is reinvested back into the vault, compounding returns over time.

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Risk management

Key risk-management characteristics:
  • Fully transparent:
    • Vault allocations and positions are reported in real time on the strategy’s UI and via API/SDK.
  • Diversified exposure:
    • Capital is distributed across a selection of vetted, KYC’d borrowers and basis trades, rather than a single venue or counterparty.
  • Institutional-grade security:
    • Powered by institutional DeFi prime brokerage infrastructure (for example, August Digital).
  • Instant withdrawal buffer:
    • A portion of total capital (for example, ~3%) is reserved to accommodate instant withdrawals, with the remainder subject to the ~4.5-day payout window exposed in the high-yield wallet API.
  • Battle-tested infrastructure:
    • Vault contracts are audited and currently secure a substantial amount of TVL.

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Key metrics (illustrative)

The underlying vault is designed to support:
  • Hundreds of millions in TVL.
  • Billions in cumulative volume.
  • Thousands of unique depositors.
  • Dozens of institutional clients and strategists.
These figures reflect a mature, institutional-grade environment rather than an experimental retail product.

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How this maps to the high-yield wallets API

When you create a high-yield wallet with: 
{
  "type": "gammaResearchDeltaNetural"
}
you are:
  • Establishing an accounting wrapper around deposits that will ultimately be allocated into the earnAUSD delta neutral vault.
  • Gaining:
    • Deposit addresses per chain (via /high-yield-wallets endpoints).
    • A clean separation between:
      • Principal.
      • Recognized yield (withdrawable).
      • Estimated accrued yield (projected based on recent APY).
    • A consistent withdrawal UX:
      • Immediate reduction in withdrawable balance.
      • Estimated payout ~4.5 days later, matching the underlying liquidity profile of the vault.
This lets you expose a simple, API-driven “high-yield stablecoin account” to your users while inheriting Gamma Research’s delta-neutral strategy, infrastructure, and risk-management practices under the hood.