StandX Project Vault updates every two days. The latest data shows that the vault's SLP amount has decreased by 2U, with the current balance stable at 17,462U. The total points have reached 420,000, and the overall TVL has fallen back to a scale of 32M.

The underlying logic behind capital outflows is worth noting. From the data trend, the decline in vault net value is indeed accompanied by user withdrawal behavior. But there is an interesting mechanism design here—the vault essentially acts as the counterparty in perp trading. In other words, the losses in the vault are precisely the source of profits for traders. This creates a zero-sum game loop: users providing liquidity bear the risk, while active traders benefit from it.

From this perspective, the decline in TVL is not surprising—users who haven't profited from trading are gradually adjusting their positions and reallocating funds. In this process, the sustainability of the vault ultimately depends on trading depth and the user base.