The forest, explained
without the fog.

When you deposit, the vault has to decide how many Leaves your money buys. It values what it already holds first, then divides. The subtlety is which price it uses to value the ETH sitting in its open ranges, because that choice decides whether a new depositor dilutes everyone already in, or is diluted by them.

It takes the mint-side mark: the more conservative of spot and the time-weighted average, whichever makes the existing holdings look larger. A larger existing book means your deposit buys proportionally fewer Leaves. That is deliberate. The same rule points the other way on exit, valuing the book smaller, so leaving cannot extract value from those who stay.

It also credits what actually arrived rather than what you asked to send. USDG is an upgradeable proxy and could one day take a fee on transfer; the vault measures its own balance before and after instead of trusting the amount.

A concentrated liquidity range earns fees only while price is inside it. One range is therefore a bet that price stays put. The vault runs three overlapping ranges instead:

• Low sits mostly under price. While price is above it, it holds USDG and behaves as a resting bid, buying ETH if price falls into it.
• Centre straddles price. It is the narrowest, so it earns the most per dollar, and it is also the first to be breached when price moves.
• High sits mostly over price. While price is below it, it holds ETH and behaves as a resting ask, selling into strength.

The width is not a setting. It is derived from how far price has actually travelled over the last six hours, so a quiet market gets tight ranges and a fast one gets room. Every range must contain the time-weighted average price and sit roughly centred on it, which the registry checks on chain before any range can open.

Most vaults rebalance on a schedule. A schedule is wrong in both directions: it pays gas to move a range that was fine, and it sits still while price walks away from one that is not. Every few minutes this one asks a different question — is moving worth more than it costs?

The comparison uses three measured inputs, never an assumption:

• What the pool is paying. Fees generated across the pool per hour, scaled by the share of liquidity the vault holds at the active tick.
• What a move costs. The live gas price against a measured gas figure, valued in USDG.
• How long a fresh range would last. The observed drift rate against the range width.

The number that decides is the gain over doing nothing: what the range would earn if moved, minus what it already earns if left alone, across the hours it would hold. A range that still contains price is already earning, so moving it is credited only with the difference — which is usually close to zero. That is why the vault often sits still while price drifts.

A hard ceiling on gas per day sits over all of it, independent of the rules. The inputs are measured rather than guessed, but a mis-measured fee rate would make every move look worthwhile, and an agent spending money on a wrong number should be bounded rather than trusted.

Fees accrue into each position as trades pass through its range. They count toward net asset value the moment they accrue, so the Leaf price already reflects them. Nobody is waiting on the vault to collect anything.

Collecting is a separate act that costs gas and creates no value: it converts an accrued claim into spendable balance. So the vault only collects once the amount owed clears the gas of collecting it by a margin. Claiming a cent of fees for three cents of gas would be a direct transfer from Leaf holders to validators.

The vault deliberately keeps part of itself in idle USDG — the winter store. A redemption it can cover is paid immediately.

A redemption it cannot cover does not fail, and it does not force a fire-sale of positions at whatever price the moment offers. It joins a queue: your Leaves are escrowed, not burned, and the request settles once the store refills from fees, deposits, or the keeper unwinding a range in an orderly way. Burning early would reprice every remaining Leaf in your favour, so the contract refuses to.

The queue settles strictly first in, first out, and it has a starvation window: if the head of the queue has waited too long, refilling the store takes priority over deploying new capital.

Nothing on this site is typed in by hand. A keeper process reads the contracts every few minutes and publishes one snapshot, which every page on the site reads — so the dashboard, the landing page and this page can never disagree with each other.

The snapshot is written all or nothing. If any read fails, the previous one stands rather than a partial one being published, because a stale number labelled with its age is honest and a partial number presented with confidence is not.

Every contract address is listed in full on the dashboard with a link to the explorer. The positions, the ranges, the fees and the gas are all readable independently of anything we say about them.