Inventory Management

Collateral pool is held in two primary locations:

• On-chain smart contract wallet; and

• Institutional custody.

On-chain smart contract wallet

Majority of ETH and BTC collateral is held on-chain, in a smart contract wallet linked to the protocol mint and redemption smart contract (Etherscan).

Institutional custody

A portion of collateral pool is designated as margin for futures positions and held at institutional custody wallets outside of exchanges:

Custodian	Off-Exchange Delegation	Collateral Wallet
Fireblocks	Deribit	Standalone on-chain wallet (Etherscan)
Fireblocks	Bybit	Standalone on-chain wallet (Etherscan)
Ceffu	Binance	Omnibus wallet