Vault yield and collateral
Each currency vault isolates its collateral, synthetic liabilities, oracle inputs, and risk limits. LPs underwrite that market's FX, oracle, collateral, strategy, and liquidity risk.
Metrics the product surface must show
| Metric | Meaning |
|---|---|
| Net APY | Realized or approved estimate after fees and strategy drag; never guaranteed |
| Backing ratio | Eligible collateral divided by outstanding synthetic liabilities |
| Reserve buffer | Liquid USDC available before additional capital is stressed |
| Capacity | Remaining mint or deposit headroom under the active risk limit |
| Status | Whether the registry, oracle, strategy, and pause checks permit an action |
Current state
The vault cards intentionally show a planned or unavailable state until an approved deployment registry supplies verifiable addresses and live metrics. The richer six-region landing table is a design preview, not evidence of deployed vault TVL or yield.
LP loss ordering
Fees and approved strategy yield accrue to collateral. Losses are absorbed according to the configured tranche and insolvency policy; synthetic holders are senior to the risk-taking LP layer, and extreme shortfalls can result in pro-rata redemptions.
Read the complete risk model before evaluating a deposit.
View vault status →