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Overview

GLAM vaults are the core building blocks of the GLAM protocol. Each vault is a secure, on-chain account that holds assets and enables various DeFi strategies through protocol integrations.

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Vault Types

GLAM supports three distinct vault types, defined by StateAccountType in the SDK:

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Vault

A basic vault type that provides core asset custody and management capabilities without tokenization.
  • Use case: Direct asset management by a portfolio manager
  • Access: Owner and delegate-based permissions
  • Tokenization: No share tokens issued

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Tokenized Vault

A vault that issues share tokens representing proportional ownership of the vault’s assets.
  • Use case: Multi-investor funds with liquid shares
  • Access: Investors can subscribe/redeem through share tokens
  • Tokenization: Issues SPL tokens representing vault shares
  • Features: Supports fee structures, lockup periods, and notice/settlement periods

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Single Asset Vault

A specialized tokenized vault focused on a single base asset strategy.
  • Use case: Yield strategies on a single asset (e.g., staking, lending)
  • Access: Same as tokenized vault
  • Tokenization: Share tokens backed by single asset type
Vault type is set at creation time and cannot be changed. Choose the appropriate type based on your use case.

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Vault Structure

Each GLAM vault consists of multiple Program Derived Addresses (PDAs) that work together:

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State PDA

The primary account that stores vault configuration and metadata. 
type VaultState = {
  accountType: StateAccountType,
  name: string,
  owner: PublicKey,
  baseAssetMint: PublicKey,
  assets: PublicKey[],
  enabled: boolean,
  portfolioManagerName?: string,
  integrationAcls: IntegrationAcl[],
  delegateAcls: DelegateAcl[],
}
Key fields:
  • accountType - Vault type (Vault, TokenizedVault, or SingleAssetVault)
  • name - Human-readable vault name
  • owner - Vault owner with full control
  • baseAssetMint - Primary asset for accounting (e.g., USDC)
  • assets - Allowlist of permitted asset mints
  • enabled - Emergency circuit breaker

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Vault PDA

The actual custody account that holds all vault assets. 
# Example from vault.ts:234
State PDA: Ek8r...3kM2
Vault PDA: 9xTv...7qL1
  • Purpose: Holds SOL and token accounts for all vault assets
  • Control: Managed by GLAM program, no direct user access
  • Derivation: Derived from state PDA

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Mint PDA (Tokenized Vaults Only)

For tokenized vaults, a mint PDA is created for the vault’s share tokens. 
# Example from vault.ts:260
State PDA: Ek8r...3kM2
Vault PDA: 9xTv...7qL1
Mint PDA: 4nGf...8pQ3
  • Purpose: Mints/burns share tokens during subscribe/redeem operations
  • Supply: Total supply represents total vault shares outstanding
  • Control: Managed by GLAM mint program
# List all vaults and their PDAs
glam vault list

# View specific vault details
glam vault view <state-pubkey>
Output includes:
  • State PDA address
  • Vault PDA address
  • Mint PDA address (if tokenized)
  • Launch date
  • Vault name and type

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Base Asset

Every vault must specify a base asset mint, which serves as the primary accounting unit.

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Purpose

  • NAV Calculation: All holdings are valued relative to the base asset
  • Subscriptions: Investors deposit the base asset to receive shares
  • Redemptions: Investors receive the base asset when redeeming shares
  • Performance Tracking: Returns are measured in base asset terms

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Common Base Assets

  • USDC: Most common for dollar-denominated strategies
  • SOL: For SOL-native strategies
  • USDT: Alternative stablecoin
  • Other: Any SPL token can be used
The base asset cannot be removed from the vault’s asset allowlist. It must always remain tradeable within the vault.

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Asset Allowlist

Vaults maintain an explicit allowlist of permitted assets to control risk.

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Managing Assets

# View current allowlist
glam vault list-assets

# Add asset to allowlist
glam vault allowlist-asset <mint-pubkey>

# Remove asset from allowlist
glam vault remove-asset <mint-pubkey>
From vault.ts:530-584, the asset management system:
  • Checks for duplicates before adding
  • Prevents removal of base asset
  • Updates state account with new allowlist

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Asset Metadata

Each allowlisted asset includes: 
{
  "assetMint": "EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v",
  "decimals": 6,
  "tokenAccount": "...",
  "tokenProgram": "TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA"
}
Token accounts are automatically created for each allowlisted asset when needed. Empty token accounts can be closed to reclaim rent.

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Token Balances

Vaults can hold native SOL and any SPL tokens on the allowlist. 
# View current balances
glam vault token-balances

# Include zero-balance accounts
glam vault token-balances --all

# JSON output
glam vault token-balances --json

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Balance Display

From vault.ts:422-475, balances include:
  • Token symbol: Human-readable name (from Jupiter price API)
  • Mint address: On-chain identifier
  • Amount: Token quantity in UI units
  • Value (USD): Estimated dollar value

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SOL Wrapping

Vaults can wrap/unwrap SOL to wSOL for DeFi integrations: 
# Wrap SOL to wSOL
glam vault wrap <amount>

# Unwrap all wSOL to SOL
glam vault unwrap

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Vault Lifecycle

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Creation

  1. Define configuration: Create JSON file with vault parameters
  2. Initialize on-chain: Deploy vault state and PDAs
  3. Configure access: Set up integrations and delegates
  4. Fund vault: Transfer initial assets
glam vault create <config.json>

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Operation

  1. Set active vault: Select vault for CLI operations
  2. Manage assets: Add/remove allowlisted assets
  3. Execute strategies: Trade, lend, stake through integrations
  4. Monitor performance: Track holdings and returns
# Set active vault
glam vault set <state-pubkey>

# View holdings
glam vault holdings

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Closure

Vaults can be closed to reclaim rent and clean up on-chain accounts. 
# Close vault (withdraws all assets first)
glam vault close <state-pubkey>
From vault.ts:288-321:
  • Closes mint PDA if tokenized
  • Closes state account
  • Returns rent to owner
  • Cannot be undone
Vault closure is permanent. Ensure all assets are withdrawn and all investors have redeemed before closing.

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Emergency Controls

Vault owners can enable/disable vaults as a circuit breaker. 
# Disable vault (prevents all operations)
glam vault disable

# Re-enable vault
glam vault enable
When disabled:
  • All trading and protocol integrations are blocked
  • Delegates cannot execute operations
  • Owner can still update configuration
  • Investors cannot subscribe or redeem (tokenized vaults)
Use the disable feature during security incidents, protocol upgrades, or when investigating suspicious activity.

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