How vaults work

A share is a claim on the vault

Each vault is an ERC-4626 contract for one Stock Token. A share is not a receipt for a fixed number of tokens. It is a claim on everything the vault holds, divided by the share supply. As swaps pay fees, total assets rise and each share is worth more of the Stock Token.

Deposit and mint

The vault has two entry functions. deposit takes an asset amount. mint takes a share amount. Both use the current share price, both require an Ok oracle status, and both stop when the vault is paused.

The asset is always the Stock Token. A USDG holder goes through UptickRouter.depositUsdg, which swaps USDG to the Stock Token at the Chainlink-implied value less a slippage bound, then calls deposit. The router refuses the swap when the oracle status is not Ok.

After a deposit, instantDeploy decides whether the vault acts immediately. When it is on, the vault balances its idle inventory toward the ratio the range needs, swapping stock to USDG where necessary, and adds both legs to the position. When it is off, the deposit sits idle until the next rebalance. The deposit cap is a ceiling on total assets: maxDeposit returns the remaining room, not a per-ticket limit.

The band and the recentre

The position sits inside a plus or minus 5% band around the Chainlink price, expressed as rangeBps 500 and snapped to the pool's tick spacing. The band is the product: it earns fees while the stock trades inside it, and it defines when the position has to move.

A recentre collects fees, withdraws both legs, and redeploys around the new Chainlink price. The keeper runs a 60 second loop and treats three cases differently.

Exit paths

Exits are not symmetrical. The standard ERC-4626 paths pay the Stock Token and need a healthy oracle. The in-kind path pays both tokens and does not.

An in-kind exit can hand you more of one token than you expect because the vault holds both legs of the position and idle balances in both. It does not route through a swap, so it does not depend on pool liquidity at the moment you exit. When the Stock Token holds a transfer, the vault records the Stock Token leg against the receiver and claimStockOwed pays it out, so the exit always completes.

The oracle gate

Every priced path reads the same gate. If any check fails, the path refuses rather than pricing on a bad market. The read has five ways to fail, and each one maps to a status code.

Fees, shares and the treasury cut

The performance fee is 10% of uncollected fees. A harvest collects those fees, values them, and mints the treasury its cut as shares. The mint is priced against assets net of the cut, so the share price is the same one second before and one second after a harvest.

Shares use 24 decimals, six more than the 18-decimal Stock Token. The extra precision is an ERC-4626 inflation guard. It does not change the value of a share, only the number of decimal places used to express it.

Parameters

Read the oracle gate

The app already exports the vault list and ABI, so the gate is one contract read away. This is the same call the deposit and withdraw paths make.

import { createPublicClient, http } from "viem";
import { robinhoodChain } from "@/lib/chain";
import { vaultAbi } from "@/lib/abis";
import { getVault } from "@/lib/vaults";

const client = createPublicClient({
  chain: robinhoodChain,
  transport: http(),
});

const vault = getVault("nvda");
if (!vault?.vault) throw new Error("Set NEXT_PUBLIC_VAULTS to the vault address map");

const [status, price, updatedAt, sqrtOracle, sqrtTwap, sqrtSpot] =
  await client.readContract({
    address: vault.vault,
    abi: vaultAbi,
    functionName: "health",
  });

A non-zero status means the gate is refusing. The price and timestamps are returned with the status so a caller can show why, rather than reporting a generic failure.