ECOSYSTEM

Current Protocol

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What is the Current Protocol?

Current pairs off-chain intelligence with on-chain automation to deliver curated 1-click DeFi vaults that earn higher, safer yield.

  • A simplified way to earn onchain that hides the complexity of best-in-class management.
  • Easy access to sophisticated strategies run by experts like Gauntlet.
  • Earns $1B+ in additional profit for LPs by eliminating loss-versus-rebalancing (LVR) using Programmatic Orders.
  • Better execution when internal trades are matched offchain by Current’s solver and settled without leaking value, like ring trades in batch auctions.

How does it work?

Current aggregates deposits and rebalances periodically using Programmatic Orders. When rebalancing, strategies may have a coincidence of wants (CoW) like ring trades in CoW Swap’s batch auctions. Current maximizes the volume of CoWs using linear programming. This is done by considering the current/target protocol level allocations off-chain. When there are matches, trades occur without losing value from price impact, slippage, fees, or MEV. Any external trades are routed through CoW Swap (which now supports programmatic orders including TWAP via their Programmatic Order Framework) to ensure the best execution and capture positive slippage. Current uses the ERC-4626 tokenized vault standard and ERC-7540 Asynchronous ERC-4626 Tokenized Vaults to combine diverse yield sources. The CRNT vault, for instance, takes USDC deposits and allocates them across a diversified portfolio of high-quality, yield-bearing stablecoins to generate returns.

Deposits & Withdrawals

Current provides flexible, asynchronous options for moving funds in and out of the CRNT vault. This model is a core feature designed to protect LPs from value leakage by batching transactions.

  • Deposit USDC
  • Withdraw Funds

Depositing into CRNT is a two-step asynchronous process designed to align with the protocol’s rebalancing cycle.

1

Request Deposit

You deposit USDC into the protocol. Your funds are securely held and queued for inclusion in the next rebalancing event.

2

Claim CRNT

After the rebalance is complete (typically within 24 hours), you can claim your CRNT tokens, which represent your share in the vault.

Automated Claiming: This step can be handled automatically for you by our non-custodial off-chain infrastructure. You can also manually claim your tokens at any time.

You have two options for withdrawals, allowing you to choose between receiving USDC or a mix of the vault’s underlying assets.

Asynchronous USDC Withdrawal

This is the standard withdrawal method that returns USDC to you.

1

Request Withdrawal

You submit a request to redeem your CRNT for USDC. Your request is queued for the next rebalancing event.

2

Claim USDC

After the rebalance, the protocol processes your request, and your USDC becomes claimable. This process typically takes around 24 hours.

Automated Claiming: This step can be handled automatically for you by our non-custodial off-chain infrastructure. You can also manually claim your tokens at any time.

Synchronous Pro-Rata Redemption

For immediate access to your funds, you can redeem your CRNT for a proportional share of all the assets currently held within the vault.

For example, if the vault holds assets like sUSDe (Ethena) and sfrxUSD (Frax), a pro-rata redemption would instantly give you a mix of these assets. This option is available at any time except during a rebalance.

The Current Protocol pauses operations for a daily rebalancing window that typically lasts 15 minutes. During this period, deposits, claims, and withdrawals are temporarily unavailable. The rebalancing process may retry up to two times if needed, potentially extending this window up to 45 minutes.

What makes Current unique?

Traditional AMMs are not well suited for portfolio or index construction because they suffer from loss-versus-rebalancing (LVR). This is because of toxic order flow: all trades execute at worse-than-market prices. Current proposes an innovative new approach that eliminates LVR and offers the best onchain execution. Internal trades avoid slippage, MEV, price impact, and external trading fees. External trades route through CoW Swap which also protects from MEV and captures positive slippage. Key Differentiators

  1. Expert strategies - earn best-in-class yields optimized by curators like Gauntlet.
  2. Automation - no more manual management or rebalancing of positions to chase yield. Current is the next generation of yield farming and portfolio management.
  3. Earn the most yield - Current protects you from loss-versus-rebalancing and common DeFi pitfalls like slippage, MEV, price impact, and external trading fees.
  4. Fully collateralized - redeemable for a pro-rata share of underlying assets synchronously, or in the base asset asynchronously.
  5. Less risk - No exposure to cross-chain or duration risk (outside of the rebalancing period).