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Vela

Vela Exchange — Operator Disclosure

Who runs Vela.And what they can't do.

Transparency starts with knowing who is operating this exchange and what powers they hold.

The Operator

Monolith Systematic LLC

ENTITY

Monolith Systematic LLC

TYPE

Delaware Limited Liability Company

FOUNDED

March 2026

LOCATION

San Francisco, California

FOUNDER

Arya Somu

CONTACT

arya@monolithsystematic.com

WEBSITE

monolithsystematic.com

GITHUB

github.com/arpjw/vela

WHITE PAPER

ssrn.com/abstract=6579199

Operator Wallet Address

0x63c1C089e08EF6949f6Ee8dB1F3c2dC7f3e9B64EC0

View on Sepolia Etherscan →

This wallet holds the operator signing key for withdrawal authorization and batch signing.

Operator Powers

What we can do.

✓Match orders submitted by users
✓Set market parameters (tick size, lot size)
✓Pause the exchange in emergencies
✓Sign withdrawal authorizations
✓Update the frontend
✓Delist markets with 7-day notice
✗Steal user funds (held in smart contract)
✗Execute trades without valid user signatures
✗Modify your order after submission
✗Prevent emergency exit after 7-day timelock
✗Forge a withdrawal without your wallet signing
✗Alter historical trade records

Commitments

Our promise to users.

FAIR MATCHING

Orders are matched in strict price-time priority. We do not front-run orders, preference any user, or execute trades not submitted by users. The matching engine is open source and verifiable at github.com/arpjw/vela.

FULL RESERVES

Vela holds 100% of user funds in the VelaSettlement smart contract on Ethereum. We never lend, rehypothecate, or use user deposits for any purpose. Verifiable in real time at vela.monolithsystematic.com/transparency.

EMERGENCY EXIT

If Vela ever becomes unavailable, users can recover their funds directly from the smart contract after a 7-day timelock, without any operator involvement. The contract code is immutable and open source.

Conflicts of Interest

Disclosed in full.

Monolith Systematic LLC operates both Vela Exchange and the Onyx Fund LP, a systematic global macro CTA fund.

Monolith Systematic does not trade spot crypto assets on Vela Exchange with proprietary capital. The Onyx Fund trades futures contracts on IBKR Pro and has no positions on Vela Exchange.

If this ever changes, Vela will publish a signed decision notice at least 14 days in advance. The decision will be signed by the operator wallet and permanently recorded.

This disclosure is itself signed by the operator wallet. The signature below proves that the operator acknowledges this conflict and has made this commitment publicly.

Operator Signature — Conflict of Interest Disclosure

0xpending000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Cryptographic signature of this disclosure will be published at mainnet launch.

Active Market Makers

Who makes markets on Vela.

Market makers who choose to disclose their identity are listed here. Anonymous market makers are shown by wallet address only. All active market makers are visible regardless of disclosure status.

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Want to be listed? Register your MM wallet at vela.monolithsystematic.com/market-makers/register

Governance

Decision Log

Every material decision about Vela Exchange is published at /decisions before it takes effect, signed by the operator wallet. Fee changes require 14 days notice.

View decision log →

Operator Key Rotation

The key rotates. The record is permanent.

The operator wallet key is rotated every 90 days. Each rotation is announced 14 days in advance via a signed message from the current key. The complete rotation history is published below.

ROTATION FREQUENCYEvery 90 days
ADVANCE NOTICE14 days minimum
HANDOFF PROOFSigned by outgoing key

Key Rotation History

EVENTFROM ADDRESSTO ADDRESSDATE
GENESIS—0x63c1C089…e9B64EC0April 2026

No rotations have occurred yet. First rotation scheduled for July 2026.

Signed Commitment

Cryptographically committed.

The following statement has been signed by the operator wallet. This signature proves that the operator acknowledges these commitments and cannot later deny them.

I, the operator of Vela Exchange (Monolith Systematic LLC),
commit to: (1) matching all orders in strict price-time priority,
(2) maintaining 100% reserves of user funds in the VelaSettlement
contract, (3) never front-running or manipulating user orders,
(4) preserving user emergency exit rights.
Signed: April 2026. Operator: 0x63c1C089...3e9B64EC0

Operator Signature (placeholder — mainnet launch)

0x0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Cryptographic signature of this commitment will be published at mainnet launch.