Vaults

Capital providers supply a vault that funds the programs. A provider deposits and receives a share of the vault. Any return comes from the terms executed by the programs the vault funds. Returns are variable and are not guaranteed.

Deposits and shares. Deposit into the vault and receive a share of it. Capital that is not currently committed to an active position can be withdrawn. Capital committed to an active position is released as that position settles. There is no fixed lock up; access tracks the vault’s epoch lifecycle.

Epoch lifecycle. The vault operates in epochs. A manager opens an epoch and proposes terms, which the contracts validate on chain against configured bands. Epochs finalize and close as open cranks, and providers claim their share. The manager cannot withdraw funds, redirect payouts, or choose recipients. See Architecture.

Withdrawal. Redeem a share for the underlying. Idle capital redeems on request; committed capital redeems as positions settle.

Risk. Returns vary with market conditions and counterparty terms, and value committed to a position can be lost, including total loss. See Risks.