Core Concepts

This section explains the mechanics behind a T3tris vault: what a share is worth, how settlement works, where capital sits, how a vault is valued, and how fees and APY are calculated. You don't need to read all of it to use the protocol, but it helps you make better decisions, as a depositor or as a curator.

The 60-second model

• A vault holds one underlying asset and gives you shares when you deposit.
• The value of a share, the price per share (PPS), rises and falls with the curator's strategy. PPS is always net of fees.
• Deposits and redemptions are request-based: you submit a request now, it's processed in a batch later at settlement, then you claim.
• While capital waits or works, it sits in silos. A vault values its holdings through an oracle.
• Fees dilute share holders in favor of the curator's fee recipient. APY turns the resulting PPS history into an annualized rate.