Vault Construction
Three-Sleeve Portfolio Architecture
Anchor Sleeve
80%
Hard cap: 100%
Aave, Morpho, Yearn vaults meeting anchor underwriting standard
Tactical Sleeve
10%
Hard cap: 20%
Fluid, Gearbox, and other non-anchor eligible exposures
PT Sleeve
10%
Hard cap: 20%
Vanilla PT exposure only — no bespoke or synthetic PT
Free Assets
2%
Hard cap: 100%
Unallocated idle assets for liquidity buffer
Liquidity Policy
Liquidity States
| State | Min / Cap | Definition |
|---|---|---|
| Idle | 0.5% min | Free assets sitting idle |
| Warm | 10% min 40–60% target |
Withdrawable with action; near-term access |
| Lukewarm | Monitor only | Requires waiting for market conditions |
| Term | 20% hard cap | Week-scale exit timeframe |
TARGET SLA
Weighted avg withdrawal latency ≤ 1 hour under normal conditions. Tactical sleeves cut first under stress.
Hard Limits
Portfolio Constraints
Max per non-core collateral market
10%
Max per curator
50%
Algorithmic stablecoin / fragile synthetic
0%
Cross-chain allocation
0%
Recursive / amplified leverage
0%
Bespoke or synthetic PT as core
NEVER
Risk Framework
Risk Underwriting Across the Full Stack
Oracle Control
Price sources must be observable and bounded. Opaque, stale, or governance-adjustable inputs that can't be monitored render a position ineligible.
Governance Control
Admin and upgrade surfaces must be mappable. Any single governance action that can alter collateral rules or withdrawal access without notice requires smaller sizing or exclusion.
Correlation Control
Shared oracle dependencies, governance surfaces, or liquidation regimes are not diversification. Separate wrappers don't count when failure modes are materially the same.
Smart Contract Quality
Documented audits and meaningful production history required. No speculative or unproven protocol exposure at flagship level.
Liquidity Depth
Withdrawal mechanics must be reliable enough for anchor sizing. Every position must have a defensible, simulatable exit path.
Concentration Risk
Protocol, curator, market, and collateral concentration are actively managed. Shared failure modes are tracked across sleeves.
Reward Treatment
Yield Classification
Organic Yield
Lending carry, fixed-rate carry, and other durable economic activity. This anchors the vault — counted at full value.
Incentivized Yield
Token emissions or temporary programs. Discounted by realizable liquidity and execution certainty. Only supplemental.
Speculative Upside
Points, uncertain future distributions. If not harvestable and monetizable with confidence — underwriting value is zero.
Governance
Amendment Rules
⚠ Formal Amendment Required
- Adding a new venue to the policy
- Changing anchor or tactical sleeve definitions
- Changing scope of assets or chains
- Changing hard caps, sleeve targets, or liquidity limits
✓ No Amendment Needed
- Adding new PT positions within PT sleeve
- Changing reward treatment or haircut methodology
- Routine portfolio rebalancing within approved actions