Today, we introduce a comprehensive suite of five vault strategies on Drift Protocol, representing a fundamental evolution in DeFi portfolio construction. This release is about more than new individual strategies – it's about creating a flexible framework that allows depositors to choose their optimal approach to yield generation while maintaining institutional-grade risk management.

Our new vault strategies include:

• SOL and BTC Basis: delta-neutral strategies with up to 2x leverage
• Gauntlet Basis Alpha (GBA): multi-asset delta-neutral strategies with up to 2x leverage
• Beta + GBA Overlay (SOL and BTC variants): generate sophisticated yield— with market exposure

These strategies build on each other and reconfigure the ultimate risk-adjusted yield available to suppliers. Below, we walk through these three strategy buckets and outline their structure.

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Core Basis Strategies: Building the Foundation

The SOL Basis strategy represents an approach to delta-neutral trading, combining two distinct yield sources in a single vault. By utilizing an LST as the spot asset, the strategy simultaneously captures both perpetual funding rates and staking rewards. The vault dynamically adjusts leverage up to 2x when market conditions create favorable spreads between borrowing costs and funding rates. Starting with dSOL, the strategy maintains the flexibility to optimize across various SOL LSTs, always prioritizing assets with deep liquidity for efficient execution.

Complementing this, the BTC Basis strategy focuses purely on capturing the spread between spot and futures markets through perpetual funding rates. Using cbBTC as its spot asset, the strategy maintains the agility to adjust its derivative selection based on market conditions and liquidity depth. Similar to its SOL counterpart, it can employ up to 2x leverage when funding-borrow spreads become attractive, with dynamic position scaling that responds to vault balance and market opportunities.

Access the Gauntlet SOL Basis (USDC) vault here.

Access the Gauntlet BTC Basis (USDC) vault here.

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Gauntlet Basis Alpha: Combining Delta-Neutral Strategies

The Gauntlet Basis Alpha (GBA) strategy builds on our Core Basis strategies. Rather than focusing on a single basis trade, GBA deploys capital across multiple delta-neutral strategies including hJLP, SOL Basis, and BTC Basis trades. While the strategy begins with balanced allocations, it will continuously rebalance in future iterations based on real-time market conditions, considering funding rates, liquidity conditions, trading volumes, and historical performance patterns. This approach can scale positions up to 2x leverage when conditions warrant but maintains its primary focus on optimizing risk-adjusted returns (as measured by Sharpe Ratios), rather than chasing maximum yield only.

Access the Gauntlet Basis Alpha (USDC) vault here.

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Beta + GBA Overlay Strategies: Risk-On

The Beta + GBA Overlay strategies represent our latest vault construction approach. Designed specifically for the current market environment, these strategies solve a fundamental problem: how to generate sophisticated yields without giving up market exposure. Available in both SOL and BTC variants, these strategies maintain the original asset exposure while using the spot assets as collateral to borrow USDC, which is then deployed into the GBA strategy. This creates two parallel return streams - possible market price appreciation (or depreciation) and delta-neutral basis yields - without requiring depositors to exit their core positions.

Access the dSOL Beta + Basis Alpha (SOL) vault here.

Access the cbBTC Beta + Basis Alpha (cbBTC) vault here.

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Why Multiple Strategies?

Different depositors approach DeFi opportunities with varying levels of expertise and preferences for control. The individual basis vaults - SOL and BTC, together with hJLP vaults, form our foundation layer, but with an important distinction: they put allocation control directly in depositors' hands. For them, individual strategies are powerful tools.

Some depositors have strong views on specific markets or a deep understanding of particular inefficiencies. Consider a depositor who closely follows SOL staking dynamics and funding rate patterns—they might choose to weight their portfolio heavily toward the SOL basis strategy when they spot favorable LST ratios or funding rate opportunities. Another depositor, more confident in BTC as an asset class and a possible positive funding environment for this asset, could focus their allocation on the BTC basis strategy during periods of high basis spreads, leveraging their understanding of derivative market dynamics.

While we exert our best efforts to select strategies and markets that we think will optimize vault performance; we do not select such strategies and markets with individual users' needs and goals in mind, we do not guarantee the accuracy or reliability of our modeling and analysis, and in no event does our modeling and analysis reliably predict or guarantee expected performance or yield. For depositors who prefer automated management, the Gauntlet Basis Alpha (GBA) strategy implements a portfolio view across all basis trades. Starting with fixed allocations to hJLP, SOL LST, and BTC Basis Trades, it will continuously rebalance in future iterations based on real-time market conditions, considering funding rates, liquidity conditions, trading volumes, and historical performance patterns. This removes the need for active management while maintaining sophisticated optimization.

The Beta + GBA Overlay strategies solve a different challenge altogether - they're designed for depositors who want to maintain their market exposure while still capturing basis yields. By using their deposited SOL or BTC as collateral to borrow USDC for GBA deployment, depositors can earn yield on top of their existing risk assets.

In summary, each strategy serves a distinct purpose in our framework:

• Individual basis vaults for those who want direct control over specific opportunities
• GBA for those seeking automated position management
• Overlay strategies for those willing to combine market exposure with yield

Together, they create a comprehensive approach to yield generation that adapts to different depositors needs while maintaining consistent risk management standards.