Strike Launches Second Season of SLP Vault Rewards

Strike Finance has launched the second season of its rewards program for SLP vault depositors. The perpetuals trading platform will distribute an additional 20,000 STRIKE tokens over the next month, with rewards accruing daily.

The program began as Strike reported that vault deposits were approaching $1.5 million. Participants can track their rewards through the points page in the Strike application.

How the Strike Rewards Program Works

The second season has the same token allocation as the first. During the initial season, which ran from September 28 to October 28, the program distributed 888 points each day among depositors based on their average deposits. At the end of the season, each participant’s points determined their share of the 20,000 STRIKE reward pool.

Points in the first season depended on the amount deposited rather than the vault’s profit or loss. Shares pending withdrawal and deposits funded with dollars borrowed through Borrow & Earn did not qualify.

Rewards are paid to a Cardano address. Users who sign in with a Cardano wallet receive them automatically, while those using an Ethereum wallet, Solana wallet, or email account must provide a Cardano address. Under the published rules, an address cannot be changed after it is submitted.

Strike confirmed that Season 2 rewards accrue daily. The documentation still described the first season on the morning of November 8, so it did not specify the new season’s exact end date or the number of points to be distributed each day.

How the SLP Vault Works

Strike launched its first version in May 2025 using a shared liquidity pool. Strike V2 moved to an order book, where buy and sell orders are matched. Trading activity, including order matching, liquidations, and funding, runs on a dedicated execution layer called the Strike Node. Assets are held and settled through on-chain contracts.

The SLP vault supplies liquidity to markets on the platform. Strike states that its market-making system was developed with a professional market-making firm and is operated by the Strike team.

The vault also performs functions previously handled by an insurance fund. It receives liquidation fees, may take over positions that other participants do not absorb, and bears final credit losses. Its return therefore changes with its performance and is not fixed.

Strike has established a liquidity protection program covering vault deposit losses from July 4, 2026, through July 4, 2027. The program applies to up to $2 million in deposited capital and requires funds to remain in the vault for at least three months. According to the program terms, the protection account is funded with ADA or the USDM stablecoin.

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Vault Figures at the Start of Season 2

On the morning of November 8, Strike’s public API showed approximately $1.43 million in SLP vault capital and 234 depositors. The displayed annual percentage rate was 33.7%, a figure that changes with the vault’s performance.

The API also showed cumulative deposits of $4.43 million and withdrawals of $3.14 million. The vault charges no manager commission and has a $100 minimum deposit. Strike’s documentation describes a one-day withdrawal waiting period. If sufficient funds are unavailable when a withdrawal is due, the request remains pending until liquidity is freed.

The reported capital was below the $2 million deposited-capital limit in the protection program, which also applies its other conditions. Strike separately reported that total trading volume on V2 had passed $900 million.

The project’s documentation also describes a possible expansion of the points program to include trading activity in a future season.