If you have ever used a sportsbook and thought, “I would rather be the house and part of the engine behind this,” the MVP Vault is how you step onto the protocol side. Instead of sweating every spread or total, vault LPs supply USDC into a pooled vault that powers all markets on Levr Bet and participates in the protocol’s performance. The system routes that capital into game markets under defined risk limits, collects a share of platform fees, and rolls everything into a single vault token that tracks performance over time.
What Is The MVP Vault?
The MVP Vault is a pooled liquidity vault that sits at the core of the Levr Bet protocol. It holds USDC deposits from LPs and uses a router contract to allocate seed liquidity across individual sports markets while tracking risk and rewards at the vault level.
A few pillars define the design.
- Stablecoin only at launch, specifically USDC
- A round based system for managing withdrawals
- Automated staking of deposits into an “active” vault token
- Programmatic allocation of seed liquidity to each game
- Centralized router that manages fees, settlement, and accounting
In other words, LPs interact with a single vault, not dozens of isolated pools, while the protocol handles the complexity of backing thousands of markets under the hood.
MVP And sMVP: How The Vault Token Works
The vault runs on a simple two token structure.
- MVP
The vault receipt token. It is what you receive when you initially deposit into the vault and what you redeem for USDC when you exit. - sMVP
The staked version of MVP and the “active” vault token. All deposited MVP is automatically converted to sMVP. While you hold sMVP, you have full exposure to market performance and earn a share of platform fees.
The transition looks like this:
- Deposit USDC
- Mint MVP
- Auto convert MVP to sMVP
- Hold sMVP and accrue rewards until you successfully complete a withdrawal
The user experience is kept simple. Under the hood, the vault keeps track of your share of the pool through sMVP supply and price.
How The Round System Works
Sports markets can be volatile. To avoid sudden liquidity shocks, the vault uses fixed 7 day rounds to organize deposits and withdrawals. Game markets and vault accounting run continuously, but withdrawal timing is governed by these rounds.
At a high level, there are four phases.
1. Deposit Round
- You can deposit USDC at any time
- Deposits mint MVP and auto convert to sMVP
- You begin earning rewards immediately
- You become eligible to request a withdrawal starting in the next round
2. Request Round
- In the first 48 hours of any round after your deposit round, you can submit a withdrawal request
- The request round does not count as a processing round
- Your sMVP remains fully active and continues to earn rewards
If you miss the 48 hour request window, you wait for the next round to open the window again.
3. Processing Rounds
- After your request, there is a minimum processing period
- Default configuration is two full 7 day rounds, with a minimum of one round if parameters are tuned tighter
- Throughout processing, your sMVP maintains full exposure and continues to earn rewards
This delay gives the vault time to unwind risk and process withdrawals in an orderly way across all the markets your capital helped support.
4. Redemption Round
- After processing completes, a redemption round opens
- You must redeem within the first 48 hours of that round
- sMVP converts back to MVP only at the moment of redemption
- You then redeem MVP for USDC at the current vault token price
If you miss your redemption window, your position auto converts back to sMVP and you continue as an active LP. The withdrawal process would need to be restarted.
In practice, a full cycle from initial deposit to completed withdrawal is roughly four weeks with default settings.
How The Vault Backs Every Game
Every event listed on Levr Bet gets its own market contract. When that contract is created, the vault allocation logic kicks in.
- Each new market receives 1 percent of current vault TVL as seed liquidity
- That 1 percent is recorded as an accounting entry, not a hard withdrawal of funds
- Multiple markets can run in parallel, each with its own tracked allocation
The router contract sits in the middle of everything.
It is responsible for:
- Calculating and assigning seed liquidity to new markets
- Tracking all active allocations and enforcing allocation limits
- Collecting fees from betting and trading activity during games
- Applying final PnL to vault TVL when markets settle
This design lets the vault handle many concurrent markets while still maintaining clear accounting of each allocation and total exposure.
What LPs Actually Earn
Vault LPs earn in two ways.
1. Market PnL Across All Active Games
As markets win or lose, their PnL flows back into the vault. That flow is applied to TVL and reflected in the sMVP price.
Because the vault allocates across many sports and events, LPs are not tied to a single game. They hold a blended exposure to everything the vault backs at a given time.
2. A Share Of Platform Revenue
Fifty percent of platform revenue is distributed to sMVP holders.
Platform revenue includes:
- Betting fees
- Position fees
- Transaction fees
- Other protocol income streams
Rewards accrue continuously to sMVP based on proportional ownership of the vault. They keep accruing during request and processing periods. Only MVP, which is a transitional state used at redemption, does not earn rewards.
All of this is captured through a transparent pricing formula.
Price per sMVP
= (TVL + total market PnL + accumulated fees) ÷ total sMVP supply
As games play out and fees accumulate, the price of sMVP updates, so your position tracks the actual performance of the vault over time.
What Kind Of LP Is This Built For?
The Levr Vault is not a “deposit today, withdraw tomorrow” instrument.
By design, it is built for users who:
- Want exposure to the performance of Levr Bet as a protocol, not just one or two bets
- Are comfortable with a minimum withdrawal timeline that is measured in weeks, not minutes
- Prefer a single point of exposure instead of managing liquidity across many markets manually
In return, LPs get:
- Diversified sports and trading exposure through one position
- A direct share of protocol revenue
- A withdrawal system that prioritizes vault health and orderly risk management
It is the house side of Levr Bet, packaged in a way that can scale.
Key Risks To Understand
No vault is risk free. The main risks you should be aware of are outlined directly in the design.
- Market exposure
All sMVP maintains exposure to market performance until a withdrawal is fully completed. PnL from multiple concurrent markets can move the token price both up and down. - Withdrawal timing
There is a minimum of several weeks from withdrawal request to completion with default parameters. Missing a redemption window means restarting the process from the beginning. - TVL fluctuation
Fee accumulation and PnL settlement cause TVL to change over time, which directly impacts sMVP pricing.
The vault is also only as secure as the contracts and infrastructure that run it. Always treat any on chain position as an exposure to smart contract and platform risk in addition to market risk.
In Closing
Early betting was always about taking a view on an outcome and seeing if you were right. Levr Bet lets users express those views with multipliers on single lines. The Levr Vault sits on the other side of that flow.
By pooling USDC in one place, allocating under strict limits across every game, and routing protocol revenue back into a transparent token, the vault gives long term LPs a way to participate in the growth of Levr Bet without trying to out pick every bettor on the platform.
