Sunder Protocol provides decentralized vault services with fungible tokens on both Ethereum and Binance Smart Chain. It allows the market set coverage prices as opposed to using bonding curves. The process starts when market makers (MMs) deposit collateral to split tokens. MMs will receive two types of fungible DAO tokens and Earning tokens in exchange for their deposit. MMs can choose to sell the fungible token(s) to earn premiums, or provide liquidity in DEX pools with the fungible token(s) and earn fees. Governance seekers can then buy the DAO tokens to vote. Yield seekers can buy earning tokens to earn profit.