# Vaults: PLP
Vaults are passive investment strategies on Perpl that also help bolster the exchange's liquidity and safety. Perpl's flagship vault, PLP, will be operated by DeepQ, an independent trading firm.
PLP's primary purpose will be to provide deep liquidity to the order books, and it can also be used as backstop liquidity, depending on asset, market, and risk conditions.
### Technical Specifications
* Standard ERC-4626 Vault
* Depositors get LP tokens
* Margin/Deposit collateral: AUSD
* Withdrawal delay: 7 days
* Deposit schedule: weekly post-fee/reward distribution
* Fees are distributed via the smart contract, weekly
* Strategies can be run on-chain or off-chain at the discretion of the curator
* Funds have to stay on-chain and in-vault (no bridging externally)
### Why Hedge?
Market making is a risky endeavor, and taking directional risk to provide deep liquidity on Perpl can lead to massive drawdowns and/or losses. Leveraging [Fireblocks OES](https://fireblocks.com/platforms/off-exchange/) allows the vault curator to offload some of the risk on other venues, primarily centralized exchanges.
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