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02 · Vault & Books

Where the money sits, the numbers speak.

How it works, 8 months of on-chain data, three steps to check the books, fees and risks.

Put capital into the market,
and share in fees within the range.
Channel vision: a continuous cash flow from intersecting nodes.

Actual receipts vary with volume, active range and costs; this is not a fixed return.

Building channels for market makers and traders,
connecting staking and lending demand to the on-chain ecosystems of established brands.

How It Works

Two on-chain cores,
from market making to checking the books.

Enzyme manages the vault and its shares; Uniswap v3 provides the ranged liquidity market.

Self-custodied on-chain wallets; we neither hold nor handle client funds. Strategy, fees and permissions are set by the vault contract; market moves still affect NAV.

The chain links above illustrate the operating flow; they are not real transaction hashes.

Enzyme01 / On-chain Vault

Enzyme.
The vault and its records, side by side.

Shares, positions, fees and historical NAV all trace back to the same on-chain record.

8 months,
the good and the bad, all on-chain.
Best month +30%, worst month −19%. Both are shown here.
Data

Eight-month blue-chip vault test

Initial deposit: 300 USDC.

Data from Enzyme's public page, read on 2026-10-11. October is still in progress; the numbers will change.

≈ +25%
Since inception (from 2026-03)
+3.8%
Monthly average
+30.5%
Best month (2026-08)
−19.4%
Worst month (2026-06)

NAV curve of 1 USDC

Monthly returns4 up, 4 down

Vault vs simply holding (2026-03-01 = 1)

Drawdown curve

Rolling 3-month return

1.25
Share price (USDC)
43.8%
Annualized volatility (last 30 days)
1.07
Sharpe ratio (last 30 days)
1 day
Redemption lock-up

Monthly return is the change in share price, net of fees. Source: the vault page's Overview and Financials on app.enzyme.finance; coin prices from CoinGecko month-end closes.

Check the Books

Three steps, visible any time.

1

Open the vault page

Search Tako Delta Vault on app.enzyme.finance; share price, positions and fees are all there

2

View the on-chain record

Enter the contract address on Etherscan; every inflow and outflow is traceable

3

Reconcile each report

The one-page report we send each period matches the numbers on-chain

Vault nameTako Delta Vault (share ticker TDV)
ChainEthereum mainnet
Denomination assetUSDC
FeesManagement fee 2%/yr · performance fee 20% (above high-water mark) · protocol fee 0.25%
RedemptionRedemption can be requested after a 1-day lock-up, executed subject to on-chain liquidity
ManagerTako Global · takodex.com
Contract address0xc714b1969ab3fd6a5747467d268f86de03ccf385
Open the vault page View on Etherscan
US · Stablecoins

GENIUS Act:
signed into law

Signed in 2025, establishing a regulatory framework for payment stablecoins. Issuers may not pay interest or yield solely for holding a stablecoin.

Statute and implementation ↗
US · Market Structure

CLARITY Act:
in the legislative process

Digital asset classification and the SEC/CFTC regulatory split. Progress and final rules per the US Congressional record.

Congressional progress ↗
Trading Venues

One community, many venues.

Beyond the vault, the community also trades at these venues.

Tako Delta Vault

Enzyme on-chain vault · market making

On-chain

TakoDex

Perpetual futures exchange, running on Orderly

Site live

BingX

Token spot and futures

Community channel

Blofin

Token futures

Community channel
Special Note

Taker, Maker, funding rate:
three concepts, explained at once.

Trading fees depend on how an order is filled; the funding rate is the payment periodically exchanged between longs and shorts in perpetual futures.

Taker

Fills directly against resting orders in the order book, taking existing liquidity. The trading fee is charged at the Taker rate.

Maker

The order rests in the order book, providing liquidity while waiting to be filled. The trading fee is charged at the Maker rate.

Funding rate

The payment periodically exchanged between longs and shorts in perpetual futures. When the rate is positive, longs pay shorts; when negative, shorts pay longs.

Actual trading fees depend on the exchange and account tier; funding rates and settlement times follow each contract's rules.

Things to Know

Four things, stated up front.

Price volatility

Price moves in ETH, BTC and LINK directly affect NAV; single-month range −19% to +30%

Inventory cost

Market making automatically "sells as prices rise, buys as they fall"; this is a cost item, covered by fees

Contract risk

Assets sit in Enzyme and Uniswap smart contracts

Scale

The vault is at an early stage; depositor count and size are growing step by step