MetaVaults Overview

MetaVaults are cross-chain managed yield vaults. They primarily aggregate liquidity positions (LP positions consisting of PT + IBT) across multiple markets and chains, and can also hold PTs and other assets. Idle liquidity can be deposited in liquid DeFi protocols for additional yield while honoring redemption requests.

What problem do MetaVaults solve?

Managing liquidity across multiple yield markets involves finicky processes: monitoring maturities, redeeming positions, re-allocating across pools, and ensuring enough liquidity is available for redemptions. MetaVaults automate this by delegating liquidity allocation to a permissioned curator while enforcing on-chain safety constraints via Zodiac.

Key properties

How it works — the epoch lifecycle

1. Request — depositors call requestDeposit or requestRedeem. Assets and shares are queued for the next settlement.
2. Curator allocates — the curator deploys queued and idle assets into yield strategies (LP positions, PTs, etc.) within the boundaries enforced by Zodiac.
3. Settle — the accountant reports the new vault underlying value via settle(). Fees are collected, pending requests are processed, and a new epoch begins.
4. Share mint / share burn — depositors call deposit (mint shares) or redeem (burn shares for assets) to collect their settled positions.

For a detailed walkthrough of the deposit/redeem flow, see Depositing and Redeeming.

Entities

Depositor

Deposits underlying assets (e.g. USDC) into a MetaVault and receives wrapper shares. Depositors are passive — they rely on the curator to allocate liquidity and the on-chain constraints to enforce safety.

• Depositing and Redeeming
• Fee Model

Curator

Allocates liquidity within the MetaVault: providing/removing Curve liquidity, buying/selling PTs, deploying idle assets. All actions are scoped by Zodiac roles and validated on-chain.

• Access Control and Roles
• Architecture

Contract overview