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Gated vaults

Gated vaults are customizable vaults with an onchain allowlist that controls who can deposit, withdraw, and hold shares. They support compliance-restricted strategies, institutional mandates, and asset managers running their own onchain funds, where participation must be limited to a defined set of depositors.

What gated vaults enable​

  • Institutional and compliance use cases: Curators can deploy a vault that only accepts deposits from a curated set of wallets, with the allowlist enforced onchain at every transfer.
  • Asset managers running their own funds: A manager can deploy a gated vault as the onchain vehicle for their own capital, using the allowlist as a role-based access control layer for their organization.
  • Whitelist-restricted deposits: When a strategy is only open to specific counterparties (partners, an internal allocation, or a private mandate), the allowlist defines exactly who can deposit and who can receive shares.

Vaults as a role-based access control mechanism​

A vault separates its operational authority into distinct roles enforced at the smart contract level. Each role can be assigned to a different signer, a single wallet or a multisig, so a curator can delegate operation across a team and constrain what each signer is able to do:

  • Owner: Holds top-level administrative authority over the vault, with capabilities restricted to fee management (vault fee, fee recipient, skim recipient), submitting new sentinels, and accepting ownership transfers. The Owner does not control risk parameters or allocator authority, which remain the Curator's responsibility.
  • Curator: Sets the vault's risk parameters and the limits it operates within. The role can be held by one signer in the organization or by a multisig.
  • Allocators: A subset of wallets authorized to allocate vault liquidity across fixed-term and open-term markets, within the limits set by the curator. Allocators cannot change those limits.
  • Sentinels: Wallets whose only role is to revoke a pending decision during its timelock window, for example, to cancel a parameter change for cybersecurity reasons before it takes effect.

How it works​

The vault curator deploys an allowlist gate alongside the vault and configures the set of approved wallets. Each address on the allowlist carries independent permission flags for depositing, withdrawing, receiving shares, and sending shares, so the curator can grant different roles to different participants. The vault's fee recipients are allowed automatically so management and performance fees continue to accrue.

The allowlist is updatable by the gate owner. To make the vault permanently immutable, the owner can renounce ownership of the gate, after which no address can be added or removed.