> For the complete documentation index, see [llms.txt](https://docs.creditcoop.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.creditcoop.xyz/core-concepts/vaults/vault-roles-and-safeguards.md). # 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. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.creditcoop.xyz/core-concepts/vaults/vault-roles-and-safeguards.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.