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Dynamic Vault is Meteora’s legacy single-asset vault program. A user deposits one SPL token into a vault, receives vault LP tokens, and later burns those LP tokens to withdraw a proportional share of the vault’s unlocked token value. For rebalance vaults, liquidity can also be deployed from the vault reserve into approved strategy accounts. The program handles the on-chain accounting: deposits, withdrawals, LP minting and burning, strategy allowlisting, total liquidity updates, locked profit, performance-fee minting, and permission checks.
Dynamic Vault runs on the mainnet program 24Uqj9JCLxUeoC3hGfh5W3s9FM9uCHDS2SG3LYwBpyTi.

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What Dynamic Vault Does

Single-Token Vaults

Each vault is tied to one token mint. The vault reserve token account and LP mint are program-derived accounts for that vault.

LP Share Accounting

Deposits mint LP tokens, withdrawals burn LP tokens, and share calculations use the vault’s unlocked amount.

Approved Strategies

Rebalance vaults can hold up to 30 strategy accounts. Strategy deposits and withdrawals must use a strategy already recorded on the vault.

Profit Locking

Profit reported during strategy actions is added to locked profit and released over time before it becomes part of the unlocked amount.

LP-Token Fees

Profitable strategy actions can mint vault LP tokens to the configured fee vault instead of transferring underlying tokens out.

Admin and Operator Roles

Admins manage vault configuration and strategies. The admin or configured operator can submit strategy rebalances and reward claims.

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Vault Types

The program supports two vault types. Most Dynamic Vault product documentation refers to rebalance vaults, because those are the vaults that can send liquidity to lending strategies.

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Lifecycle

1

A vault is initialized for one token mint

The program creates the vault account, token vault, and LP mint. The LP mint uses the same decimals as the underlying token mint.
2

Users deposit the underlying token

Deposits transfer tokens into the token vault and mint LP tokens to the user. Deposits fail when the vault is disabled or when the minted LP amount is below the user’s minimum.
3

Approved operators rebalance strategies

For rebalance vaults, the admin or operator can move liquidity between the token vault and an approved strategy account.
4

The program updates profit, loss, and fees

After a strategy action, the program compares before and after liquidity, updates total amount, records gain or loss, updates locked profit, and mints performance-fee LP tokens when applicable.
5

Users withdraw by burning LP tokens

Withdrawals calculate the user’s share of unlocked value. A direct withdrawal uses the token vault; a separate withdrawal path can pull from a strategy first when reserve liquidity is short.

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Current Strategy Support

The StrategyType enum contains legacy names from earlier integrations, but most variants now return unsupported behavior. In the current source code, the external lending strategy handler implemented for active deposits and withdrawals is JupLend.
The Vault strategy handler exists for internal compatibility, especially the advanced strategy-removal path, but it is not a yield destination for new strategy deposits.

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Risk Considerations

Dynamic Vault reduces some operational risk by keeping strategy actions inside program-approved flows, but it does not remove the risks of yield-bearing vaults.
Yield is not guaranteed. Risk controls and permission checks bound what the vault can do, but they do not make lending strategies risk-free.

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Product Building Blocks

Hermes

Understand the off-chain operator role and how it interacts with the on-chain vault constraints.

Dynamic Vault Access and Limits

Review vault accounts, roles, instructions, token support, strategy limits, and important constraints.

Dynamic Vault Formulas

See the formulas for LP shares, unlocked amount, locked profit, strategy profit and loss, and performance fees.
Dynamic Vault is a legacy product. Supported strategies are limited by the deployed program and current operator configuration.