Settlement & Epochs

An epoch is the window between two settlements. During an epoch, depositors submit deposit requests (assets escrowed), holders submit redeem requests (shares escrowed), and the curator runs the strategy. Nothing is priced or finalized until the curator settles.

At settlement, the vault processes the batch at its current value. It can settle deposits (mint shares), settle redemptions (make assets claimable), or both. Fees also accrue at this point.

Net-flow optimization

Settling deposits and redemptions together nets them against each other. If depositors are adding 100,000 and redeemers are removing 60,000, only the net 40,000 difference has to be funded. This reduces the capital the curator has to move in or out of the strategy at each settlement.