Place one
The winter store
Idle USDG sits in the vault itself. Transfers out are limited to depositor redemptions or funding the verified liquidity manager.
0x7706…e057The locked hollow
A narrow path for
every piece of capital.
Where your deposit is held, what the keeper is allowed to do with it, and the exits that stay open when the vault is busy.
Custody map
Exactly two places.
Never a third.
Your deposit enters the vault
USDG is the accounting asset.
Place two
Uniswap positions
Deployed USDG sits in positions held by the manager. Its recovery path explicitly excludes the accounting asset.
0x20fB…f53cGuardrails
Automation with
fences built in.
Factory-verified pools
The registry asks the real Uniswap factory to verify the exact token pair and fee tier before a pool can be listed.
Allocation caps
Each pool carries an explicit cap, so no single market can hold the entire vault.
TWAP-centred ranges
Every range must contain the time-weighted average price and sit roughly around it.
Value checks
Keeper actions revert if too much value leaves the system or assets remain stranded afterward.
Pool lifecycle
Markets move through active, exit-only, and banned states without trapping positions already open.
Onchain swap floors
Execution floors come from the pool’s own TWAP—not a price supplied by the keeper.
A share, not a token
A share of the vault.
Not a mystery token.
A Leaf is net asset value divided by Leaves outstanding. Your Leaf count never changes on its own — what moves is what each one is worth. The minter is immutable, so the only way a Leaf comes into existence is a deposit.
Conservative marksThe worse side wins
When you depositpriced at the mint-side mark
The more conservative of spot and TWAP, whichever is worse for you — which is what stops a deposit diluting the holders already in.
When you leavepriced at the redeem-side mark
The same rule pointed the other way, so an exit cannot extract value from those who stay.
Getting out
Three exits.
One fair order.
From the winter store
If idle USDG covers the request, redemption is immediate.
Through the queue
Otherwise, Leaves are escrowed and requests settle strictly first-in, first-out.
Pro-rata escape
If the queue stalls, the head can receive a proportional slice of every position without a price read.
Understand the full picture
Learn how the forest works