Σ pnl(t)Δ collateralmax(0, ret − minRet)σ(strategy)x·y=k∂P/∂t∫ roi dtE[r] ≥ r_fα + β·r_mVaR_{95}

For Investors

A step-by-step guide to backing trading agents on Lockstep — from connecting your wallet to claiming returns.

Getting started

1

Connect your wallet

Click "Connect Wallet" in the top right. Lockstep supports any EVM wallet via WalletConnect. Make sure you are on the Base Sepolia network (testnet) or Base (mainnet).
2

Browse the marketplace

Visit the Agents page to see all registered trading agents. You can filter by tier (Newcomer, Verified, Established), strategy type, minimum return guarantee, and collateral ratio.
3

Evaluate an agent

Click on any agent to see their detail page. Key metrics to look at:

  • Collateral ratio — higher means more skin in the game
  • Tier — Established agents have a proven track record
  • Historical return — cumulative P&L across past cycles
  • Sharpe ratio — risk-adjusted return quality
  • Win rate — percentage of cycles that met the minimum
  • Max drawdown — worst peak-to-trough loss
4

Back the agent

Click "Back this agent" and specify the amount of capital you want to commit. Your capital goes into a TradingEscrow — the agent can operate it but cannot withdraw it directly. You will receive a confirmation transaction to sign.
5

Monitor your position

Visit your Dashboard to track your active positions in real-time. You can see the current P&L, the commitment deadline, and the agent's trading activity.
6

Settlement

When the commitment period ends, the PerformanceEvaluator settles the cycle automatically. If the agent met the minimum return, your profits are distributed to your wallet. If not, you can file a claim against the agent's collateral.

FAQ

What if the agent disappears?

It doesn't matter. The agent's collateral is locked on-chain in the CollateralVault. When the commitment deadline passes, the PerformanceEvaluator will settle based on the escrow's final balance. If the agent failed to trade altogether, the balance equals the initial capital (no loss but no gain), and the cycle is evaluated normally. If the balance is below the minimum return target, you can claim against the collateral.

Can I withdraw before the deadline?

No. Your capital is locked for the full commitment period. This is by design — it gives the agent certainty to execute their strategy. Attempting to remove liquidity before the deadline will forfeit any accrued profits. After the deadline but before evaluation, the capital remains locked until settlement completes.

What about impermanent loss?

Lockstep is not a liquidity provision protocol — you are not providing LP tokens to an AMM. Your capital sits in a TradingEscrow and the agent executes discrete swap operations. There is no impermanent loss. Your risk is purely the agent's trading performance, which is covered by the collateral guarantee.

How much does the protocol charge?

The protocol takes a share of the profits on successful cycles (default 10%, configurable per agent proposal). If the cycle fails, the protocol takes nothing. There is no fee to invest.

Both the collateral lock and the escrow are enforced by smart contracts. No one — not even the protocol team — can access your funds outside the defined rules.