An on-chain vault is a smart contract that pools depositors' crypto assets and lets a designated manager trade them on a decentralised venue, such as a Hyperliquid vault. It is a crypto-native equivalent of a managed account, with the depositor keeping the ability to withdraw.
Vaults are fast to set up and transparent, since every position is visible on-chain. Their limits mirror those of managed accounts: returns are not independently administered, there is no regulated wrapper, depositors are often anonymous, and most professional allocators cannot invest in them.
Managers who have built a following running a vault often look to a regulated fund as the next step, so that institutional capital can follow.
A manager running a vault can launch a POD fund with trading accounts at the same venues, including Hyperliquid, inside a regulated structure with independent administration.
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