Ember Protocol | A Sui-Based Everything Vaults Platform — Features and How to Use

Ember Protocol is an "Everything Vaults" platform operating on the Sui network. It tokenizes diverse yield and fund strategies from DeFi, CeFi, and Web2 into a single "Share Price (Units)" model, providing them as non-custodial and highly transparent vaults.

Launched as the "first Structured Vaults Product" on Sui, it is supported by Bluewater Labs (the operators of the major Sui DeFi app, Bluefin) and the incubator Upshift. This article provides a comprehensive explanation of Ember Protocol's features, key vaults, partnership examples, usage, and the latest token/campaign status.

👉 Click here for the official Ember Protocol website

Ember Protocol is an investment infrastructure that "vaultifies" various strategies across Crypto (DeFi), CeFi, and Web2/Real-World Assets under a single share price model. When users deposit supported assets into a vault, they receive shares (beneficiary tokens). The design ensures that the vault's NAV (Net Asset Value) directly reflects the strategy's profit and loss, with curator fees embedded into the share price. A major feature distinguishing it from traditional DeFi protocols is that fees are not deducted directly from the deposited assets themselves.

Withdrawals are possible at any time without lock-up periods, and settlements are completed within a maximum of T+4 (4 business days). In addition to permissionless vaults open to everyone, permissioned vaults requiring KYC are available for institutional investors, making it a strong infrastructure capable of capturing both on-chain and off-chain needs.

• Everything Vaults — Integrating Diverse Strategies via a Single Share Price: A unified vault foundation that manages DeFi yields, market making, structured products, and tokenized assets based on a single NAV-based share price. Users can access various revenue sources through the same deposit/withdrawal flow without needing separate protocols or UIs for each strategy.
• Non-Custodial & Permissionless Design: Top-tier Web3 curators manage strategies across lending markets, spot AMMs, Perps DEXs, and more. User assets remain secured under smart contract management at all times, with a structure that prevents transfer to third parties.
• NAV-Embedded Fee Model: Curator fees are reflected in the share price and are not withdrawn directly from the deposited principal. This allows curators to monetize strategies sustainably while users can always check their net benefits through the NAV.
• Three-Layer Investment Infrastructure: Provides a single stack for the DeFi layer (vaults/market making), CeFi layer (tokenized credit/fund portfolios), and Web2 layer (Neobank/Fintech integration).
• Support for both Permissioned (KYC) and Permissionless: Supports both KYC-required vaults for institutional investors and permissionless vaults open to anyone. Institutional players like SUI Group have already participated.
• Upcoming Expansion to Solana & EVM: Official documentation teases support for deposits from Solana and various EVM chains "very soon" as an expansion from Sui.

Ember Protocol has launched several flagship vaults, primarily within the Sui ecosystem. It operates on a division-of-labor model where Ember provides the infrastructure and curators/partners handle the strategy management.

These vaults cater to different risk profiles—stable-oriented (R25 rcUSD), institutional/stable (SUI Group × Ethena), or BTC-collateralized (Threshold tBTC). All are managed uniformly on Ember's share price model, ensuring that profits and fees for each strategy are transparently reflected in the NAV.

The basic flow for using Ember Protocol is simple: "Connect Sui-compatible wallet → Select Vault → Deposit → Receive Shares."

Steps to participate:

1. Access the official website at ember.so.
2. Connect a Sui-compatible wallet (Slush, Phantom Wallet, etc.).
3. Choose a vault (e.g., eSUI, rcUSD, tBTC) according to your risk tolerance and check the details.
4. Input the target asset, confirm the amount of shares to be received, and execute the deposit.
5. Refer to learn.ember.so if necessary to check the specific strategy, fees, and NAV calculation method for each vault.
6. To withdraw, execute "Redeem" within the app. Settlement completes within a maximum of T+4.
7. Follow the official X @EmberProtocol to watch for announcements on new vaults, partnerships, and chain expansions (Solana/EVM support).

👉 Try Ember Protocol Now

As of April 24, 2026, there has been no official announcement regarding a native token for Ember Protocol.

Official progress is expected to be announced via Ember Protocol's X account and documentation. Until the native token design is finalized, activities will center on earning yields in currently live vaults and utilizing incentives from partners like R25 or Threshold.

Ember Protocol emphasizes the ability to track fund flows on-chain by reflecting all profits, losses, and fees in the share price (NAV).

• Non-Custodial Structure: User assets are stored in the vault's smart contracts; Ember Protocol operators do not have the authority to directly withdraw them.
• Bug Bounty: A bug bounty program for Ember Protocol is available on HackenProof.
• Transparent Fee Model: Since curator fees are embedded in the NAV, no direct deductions are made from the deposited principal.
• DefiLlama Monitoring: TVL, fees, and revenue are trackable on DefiLlama. The current TVL is approximately $105.56M.
• Institutional Compliance: Permissioned vaults requiring KYC are designed to balance compliance requirements with DeFi transparency.

As official third-party audit reports are updated periodically in the documentation, it is recommended to check the latest security information before using new vaults.

• Official Website: https://ember.so/
• Earn (Vault List): https://ember.so/earn
• Documentation: https://learn.ember.so
• Official X: https://x.com/EmberProtocol
• DefiLlama: https://defillama.com/protocol/ember-protocol
• Bluefin Integration Page: https://trade.bluefin.io/ember

• Ember Protocol is the first "Everything Vaults" platform on Sui, an investment infrastructure that integrates DeFi, CeFi, and Web2 strategies under a single share price.
• Incubated by Bluewater Labs (Bluefin team) and Upshift, it is expanding its reach into institutional capital, RWA, and Bitcoin collateral through major partnerships like SUI Group × Ethena (suiUSDe), R25 (rcUSD), and Threshold (tBTC).
• Through a non-custodial, NAV-embedded fee model, funds remain secured for the user while strategy performance and fees are made transparently visible.
• Featuring no lock-ups, T+4 settlement, and support for both KYC and non-KYC, the platform is designed to facilitate the inflow of both individual and institutional capital into the same infrastructure.

👉 Check details on the Ember Protocol official website