# Vanna

> Vanna is composable, undercollateralized credit infrastructure for DeFi. One institution-grade unified portfolio margin account carries a user's entire book across every market — with up to 10x credit, where a loss in one venue is offset by gains in another. Built for traders, businesses, institutions, and autonomous agents.

## What Vanna is

- **Composable credit**: Credit that both exceeds the collateral posted (undercollateralized, up to 10x) and moves freely across markets — unlike overcollateralized lending (moves but capped at collateral) or isolated leverage (exceeds collateral but trapped in one venue).
- **Unified portfolio margin**: A single cross-margined account. Every collateral and every position, across every market, is marked by one oracle into one solvency ratio (one health factor). This is what makes delta-neutral, multi-leg strategies possible from a single pool of capital.
- **Markets covered**: spot, perpetuals, options, prediction markets, tokenized stocks, and AI-compute markets.
- **Capital efficiency**: $10,000 of collateral can be amplified into a larger working book, then distributed across markets. A gain in one market (e.g. AI compute or tokenized stocks) offsets a drawdown in another (e.g. BTC), all managed from one screen instead of many separate venue logins.

## Who it is for

- **Traders**: Deposit mixed collateral, borrow up to 10x, run multi-leg and delta-neutral strategies from one account with one health factor.
- **Businesses**: Offer undercollateralized credit inside their own product via API/SDK — Vanna runs the risk engine.
- **Institutions**: Route firm liquidity into DeFi and trade on unified portfolio margin — a prime-broker experience with account-level risk and capital efficiency.
- **Agents**: Autonomous agents get their own policy-bounded credit account with hard limits; every Vanna action is a callable tool (MCP-native), building an on-chain track record.

## Agentic capabilities

- **Copilot**: Plain-language intent is compiled into guarded on-chain positions; nothing signs without approval.
- **Strategy templates**: Proven desk-grade playbooks (funding-rate harvest, delta-hedged vol carry, hedged AI-compute yield, tokenized-stock basis, LP + lending spread).
- **MCP / CLI / SDK**: One policy-bound rail reachable three ways — agents over MCP, developers over the CLI, businesses over the SDK. Vanna never holds custody.
- **Agent Score**: On-chain behavior (repayment, liquidations avoided, health-factor discipline) is underwritten into a portable credit line, pullable by any business over x402.
- **Risk Guardian**: Watches the whole book 24/7 and acts before positions reach the liquidation line — trimming leverage, topping up, hedging, under the user's policy.

## Honest scope

Positions held at outside venues remain subject to those venues' own margin and liquidation rules. Unified margin makes a user's book capital-efficient; it does not rewrite an external market's liquidation line.

## Links

- Docs: https://docs.vanna.finance
- App: https://test-stellar.vanna.finance
- GitHub: https://github.com/vannafinance