Vault Roles & Safeguards

Roles

• Manager (Vault Curator). Directs capital allocation, proposes/refinances/sells credit positions, processes requests, sets fees (within protocol maximums), manages the whitelist and operators, and can migrate the liquid strategy. The Manager can hand the role to a new address; it cannot be the zero address.

• Vault Operators. Addresses approved by the Manager for operational tasks: processing and batch-processing deposit/redemption requests, revoking credit proposals, applying reserve repayments, withdrawing from positions, and syncing accounting. The Manager is always an Operator.

• Protocol Treasury. Receives the protocol's share of vault fees; can update its own address; must consent to any change of the protocol split.

• Depositor Operators. Each depositor can approve addresses to act on their own requests and claims (ERC-7540 standard) — distinct from Vault Operators.

• Pausers. Addresses that can pause and unpause the vault's request/claim functions. The Manager is a pauser by default; additional pausers can be set at deployment.

Safeguards

• Whitelist. Optional depositor whitelist, managed by the Manager, enforced on every request and claim.

• Slippage bounds on processing. Every processed request carries depositor-protective min/max bounds on the shares minted or assets released; requests outside bounds revert.

• Liquidity checks. Redemptions can only be processed against genuinely available liquid assets — pending deposits and already-ring-fenced redemption assets are never double-counted.

• Fee ceilings. Vault fees are capped below 100% by the fee coefficient; the protocol split is capped at 100%; changes accrue outstanding fees first.

• Pause with fair fee treatment. Pausing accrues fees to the moment of pause; unpausing resets the management-fee clock, so paused time is never charged.

• Token recovery. The Manager can recover tokens mistakenly sent to the vault or strategy contracts.

• Self-dealing prevention. The vault cannot lend to itself or to its own strategy.