Architecture

3Jane vaults generate yield as option premiums accrue into the vault. 3Jane vaults are tokenized and yield-bearing. Each vault is enshrined at the protocol level with:

1. a non-upgradeable option delta which the vault subscribes to when deriving the strike price for the options contract. This is a good approximation for how likely the option is to expire in-the-money, and by extension the APY and risk level of the vault. These will always be out-of-the-money.

2. a non-upgradeable cycle duration which the vault subscribes to when setting option expiry for the options contract. This may be anywhere from daily to yearly.