VENUEVERITAS

DEX EVIDENCE INTERFACE

Avantis

Synthetic marketsSynthetic

Base perpetuals protocol executing at oracle prices against the avUSDC LP vault counterparty.

Publication status: Ready with disclosure

Compare DEXsInspect evidence

How does this DEX actually work?

Structural flow from documented architecture — not a performance or safety claim.

  1. Deposit USDC

    Single margin currency

  2. Select market / leverage

    Crypto and RWA perps

  3. Execute at oracle

    Pyth low-latency; RWA benchmarked offchain

  4. avUSDC vault

    Takes the other side

  5. Close

    PnL settles to wallet in USDC

Where is collateral held?

Follow the path from wallet to settlement. Smart-contract custody is still custody risk.

  1. User walletUser wallet (USDC on Base)
  2. Margin accountTrading margin contracts
  3. VaultavUSDC LP vault
  4. SettlementUSDC PnL settlement

Custody model: Smart-contract custody — Not labeled simply “non-custodial.” Unknown edges stay Unknown.

Key structural facts

Liquidity model
LP VAULT (avUSDC)
Counterparty
avUSDC depositors
Chain / settlement
Base · On-chain
Chains
Base

Vault docs: LPs earn fees; buffer sits between trader PnL and LP principal

Who controls what?

Governance processes do not by themselves prove decentralized operational control.

Evidence still unresolved
  • Upgrade / admin: Unresolved
  • Market listing: Unresolved
  • Fee parameters / Security Module discounts: Unresolved

Operational admin

Roles that can change contracts, parameters, or day-to-day operations.

  • Upgrade / admin

    Controller Unknown

    Mechanism Unknown

    Timelock Unknown / none documented

    Researched unresolved · 2026-08-30

  • Market listing

    Controller Unknown

    Mechanism Unknown

    Timelock Unknown / none documented

    Researched unresolved · 2026-08-30

  • Fee parameters / Security Module discounts

    Controller Unknown

    Mechanism AVNT Security Module staking discounts mentioned in FAQs

    Timelock Unknown / none documented

    Researched unresolved · 2026-08-30 · Source

Protocol & operator surfaces

  • Protocol
    No verified legal name on this surface

    Avantis perps contracts on Base

    Oracle execution vs avUSDC vault

    Verified structured
  • Developer entity
    Legal operator unresolved

    Avantis Labs referenced via Base ecosystem materials

    LEGAL_OPERATOR_UNRESOLVED for formal legal name/jurisdiction

    Researched unresolved
  • Frontend operator
    Legal operator unresolved

    avantisfi.com

    Interface + optional AA wallets

    Researched unresolved

How are prices determined?

Oracle provider presence is not a claim that the oracle is secure or endorsed.

Primary oracle
Pyth (low-latency feeds)
Price / index construction
Docs: validate across sources; revert if deviation thresholds exceeded
Fallback
RWA pricing benchmarked to institutional venues (IBKR, LMAX cited)
Update mechanism
Oracle price at execution
Dependencies
Pyth · Offchain RWA venue benchmarks
Last verified
2026-08-30 · Verified structured

Source

What happens if margin falls too low?

Liquidation mechanics in plain language — not a guarantee of user outcomes.

Maintenance / trigger
Collateral health ratio ≤ 80% (maintenance collateral formula in docs)
Partial / full
Liquidation when below maintenance; full liquidation sends collateral to vault (FAQ)
Liquidator / keeper
Community/team liquidator bots; docs plan to open-source bot
Liquidation fee
15% of liquidated collateral to liquidators; remaining liquidation fee path to protocol treasury (vault docs)
Insurance / backstop
avUSDC vault / protocol risk buffers — not a solvency guarantee
Bad debt handling
UNKNOWN — no explicit bad-debt socialized-loss docs in pack

Insurance or buffer existence is not a solvency guarantee. · Verified structured

Who is on the other side of the trade?

Counterparty models differ by protocol — not every perpetual DEX shares the same structure.

LP VAULT (avUSDC)

Counterparty avUSDC depositors

Vault docs: LPs earn fees; buffer sits between trader PnL and LP principal

Verified structured

Fees

Snapshot mechanisms and rates where documented. Not labeled cheapest or best value. Funding ≠ borrow unless documented.

  • trading spreadFlow-based spread on opens/closes (V2); capped per market2026-08-30 · Verified structured · Source
  • lp fee share70% opening/closing/win fees to LPs; 100% margin fees; liquidation fees 100% treasury2026-08-30 · Verified structured · Source
  • funding borrowHolding: funding (trader-to-trader) + borrow to LPs (FAQ); variable2026-08-30 · Verified structured · Source
  • liquidation15% liquidator reward from liquidated collateral2026-08-30 · Verified structured · Source

Margin / financing fees referenced; exact funding formula not fully structured here.

Market coverage

Only officially supported classes from primary evidence. Presence is not a recommendation.

  • CryptoSupported
  • FXSupported
  • CommoditiesSupported
  • IndicesSupported
  • StocksSupported
  • ETFsUnknown

100+ markets cited; equities 24/5

Security evidence

Smart-contract audits are not financial audits. No combined “audited” badge. No security score.

Smart-contract audits

  • ZellicDate unknown · V1 protocol contracts (FAQ/Security page)Verified structuredSource
  • ZokyoDate unknown · V1 protocol contractsVerified structuredSource
  • Sherlock / Zellic (v1.5)Q1 2025 deployment era · v1.5 contracts — reports attached on Security pageVerified structuredSource
  • Guardian, Sherlock, Zellic (v2)Aug 2026 deployment referenced · V2 — docs state reports will be added shortlyVerified not structuredSource

Material incidents

None structured in this pack (not a claim that none occurred).

Access surfaces

Protocol access, frontend access, and terms eligibility are separate. Not “available globally” unless evidenced.

  • Protocol access

    Base contracts ≠ legal eligibility.

    Verified not structuredSource
  • Frontend access

    Official frontend geo / ToS restrictions RESEARCHED_UNRESOLVED in this pack.

    Researched unresolved
  • Terms of service

    Terms eligibility language not structured in this pack.

    Researched unresolved
  • Legal eligibility

    No authorization conclusion asserted.

    Researched unresolved

Direct answers

  • How does Avantis work?

    Traders post USDC margin on Base, execute at oracle prices, and the avUSDC vault takes the other side; PnL settles in USDC.

    Verified structured · Source

  • What markets are available?

    Docs list crypto, forex, commodities, indices, and equities (100+ markets; equities 24/5).

    Verified structured · Source

  • Where is collateral held?

    USDC margin in protocol smart contracts on Base, with the avUSDC vault as LP counterparty — smart-contract custody, not a CEX deposit wallet.

    Verified structured · Source

  • How are Avantis positions liquidated?

    When margin cannot cover position costs, positions can be liquidated; FAQ states remaining collateral goes to the vault on full liquidation. Keeper details remain partially unresolved.

    Verified not structured · Source

What does this DEX depend on?

Material dependencies only. Dependency count is not a risk score.

  • BlockchainBase L2Settlement
  • StablecoinUSDCMargin
  • Lp VaultavUSDCCounterparty
  • OraclePythExecution prices

Contracts (primary-sourced)

  • avUSDC vault (ERC-4626) (Base): Address not listed — LP counterparty vault

Open gaps

  • Upgrade/admin authority unresolved
  • Frontend ToS geo unresolved
  • Legal operator unresolved
  • V2 audit PDF links marked forthcoming on official audits page
  • Contract addresses not ingested from official manifest

Primary sources

DEX Architecture / Control / Custody evidence only. No DEX score. Unresolved states remain unresolved.