> ## Documentation Index
> Fetch the complete documentation index at: https://docs.rosetta.sh/llms.txt
> Use this file to discover all available pages before exploring further.

# Vaults

A vault is an aggregation layer that sits between lenders and markets. Instead of supplying directly to individual markets, users deposit into a vault. The vault allocates those deposits across multiple markets according to its strategy.

### Structure

Each vault has:

| Component          | Description                                                      |
| ------------------ | ---------------------------------------------------------------- |
| Underlying asset   | The asset the vault accepts (e.g., USDC, USDT0)                  |
| Curator            | The entity that manages allocation strategy and risk parameters  |
| Market allocations | The set of markets the vault supplies to and in what proportions |
| Supply caps        | Maximum deposits the vault will accept                           |

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### Shares and Assets

When you deposit into a vault, you receive vault shares representing your proportional claim on the vault's total assets.

**Shares**: Tokens minted by the vault when you deposit. They represent ownership, not a fixed amount.

**Assets**: The total value the vault holds across all its market positions, denominated in the underlying asset (e.g., USDC).

The vault does not pay interest directly. Instead, as underlying markets accrue interest, total assets grow while total shares remain constant. This increases the Price Per Share (PPS):

`PPS = Total Assets / Total Shares`

Your shares stay the same. Their redeemable value increases.

### Curators

Curators are responsible for:

* Selecting which markets the vault allocates to
* Setting allocation weights and caps
* Monitoring risk parameters (LLTV, collateral quality, utilization)
* Rebalancing between markets

Different curators have different strategies and risk profiles. Some vaults charge management fees on yield.

### Whitelisted Vaults

Rosetta routes capital only to whitelisted vaults across supported chains and assets. Vaults are available on both **HyperEVM** (USDT0 and USDC) and **Base** (USDC).

New vaults are added as they meet Rosetta's risk and liquidity criteria. Users must enable new vaults in their policies before the Router can allocate to them. The current set of available vaults is visible in the Policies section of the app.