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MainVault is the contract that holds the USDC. It mints LP shares, allocates capital to every funded account, keeps the drawdown prepaid by builders separate from LP money, and settles every account when it closes.

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Flows

Between funding and settlement the risk engine watches every account and closes it when it breaches its floor, the level at which the builder’s buffer runs out. It reads equity from the same HyperCore precompiles the contract does and holds no funds. An LP’s position is shares. Fees raise the share price, a loss larger than a builder’s buffer lowers it at settlement, and yield is not claimed separately.

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Allocation limits

The account size and drawdown a builder chooses inside these limits are on Account Parameters and Fees.

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Exit

Shares can be burned without notice or lock-up. A withdrawal must leave utilization under the ceiling, and it is paid only from free EVM cash: what is not reserved for builders’ money on open accounts or for unclaimed refunds and payouts. There is no share lock. A builder holding shares against live funded accounts exits on the same terms as any other LP. What can delay an exit is a busy vault: with utilization at the ceiling, a large withdrawal waits for an account to settle.
Every LP withdrawal path is disabled while the protocol is paused. Pausing can be triggered by the owner or the relayer; only the owner can lift it. Trader and builder payout claims are deliberately exempt and keep working through a pause. LP exits are not.

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Governance

The account-size band, the drawdown band, the utilization ceiling, the per-account ceiling and the vault cap are set by the owner in a single call. The utilization and per-account ceilings have bounds compiled into the contract, and the drawdown band cannot be raised above 50 %; the account-size band and the vault cap have no bounds. The premium tiers, the profit splits and the subscription multiplier are constants. Changing one means replacing the implementation, which the owner can do in one call. Neither that call nor a parameter change carries an observation window today. See Security.

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Yield and Risks

What pays LPs, and what reserveDeficit takes from them

Security

Audit, upgrade authority, and administrative safeguards

Account Parameters and Fees

How B and P are priced on the account the vault funds