Epochs and settlement
Money moves in and out of a strategy only at a verified NAV. That checkpoint is the epoch: one per strategy per day.
The epoch's states
| State | What happens |
|---|---|
| Proposed | At the daily boundary the executor proposes the strategy's NAV, its liquid cash and an evidence hash. |
| Challengeable | The independent verifier has recomputed the NAV from on-chain fills and the sealed openings and co-signed the exact values; a challenge window runs. Anyone can challenge with a bond; the guardian resolves it. |
| Final | Shares are minted for queued deposits and burned for queued withdrawals at the final NAV; the performance fee is charged. |
| Voided | The guardian upheld a challenge, or the proposal timed out. Pending deposits become refundable and withdrawals carry on at the last final NAV. |
NAV per share
USDC carries 6 decimals and shares carry 9. A deposit of USDC at a final NAV mints
shares, where is the total shares before the deposit; a withdrawal of shares pays . Rounding always goes to the pool, so no share is ever worth less after another account's deposit.
The 20% budget
Each epoch a strategy pays out withdrawals up to 20% of its equity. Requests beyond the budget stay queued in order and settle in the next epochs; Portfolio shows the queue position. The budget is reserved for the strategy, so it stays available at the last final NAV even while a strategy is paused or a proposal is stuck.
Claims
Settled withdrawals and refunds wait in the strategy's account until the owner claims them; the payout goes to the owner's own USDC account. Leaders claim their performance fees the same way.
Attested stats
Every hour the executor and the verifier jointly sign the strategy's return, maximum drawdown and exposure band (flat, low, moderate, high) in a chain transaction. The values are quantized and delayed, so they describe performance without leaking positions. After the reveal they can be checked against the strategy's rebuilt NAV.