Same vaults, but different results?

Team, hello! I have a question. I see two vaults. Long, Bitcoin, 3 leverage. Here they are.

BTCB Savings (3x)Public
BUSD-BTCB PancakeSwap


BTCB Savings (3x)Public
BUSD-BTCB PancakeSwap

Both vaults have similar parameters. Why are the results so different?


Hi Zaza.

While each vault run under the same parameters, the results could be different depending on the initial conditions of the vault. Let me give you an example.

It could be the case that Vault#1 receives a new investment (deposit) into the vault that causes its debt ratio to get back closer to the ideal target. So then after the same price price movement, vault#2 gets rebalanced while vault#1 didn’t get triggered. If price then reverted back, it could cause out performance on the vault#1.

You can see that the 2nd vault has poorer performance due to the higher number of rebalances.

The good news is that our repurchase pilot is going well and so far showing good results. These issues will go away as we will no longer require rebalance and the vaults performance should be more inline with one another.

Did I understand you correctly? Vault performs rebalancing in the following cases:

  1. When the user deposits money into the vault;
  2. During the reinvestment of the harvest;
  3. When the user takes money from the vault.