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Depositing and redeeming ​

Share price only means something at a moment when someone has actually valued the book. So LP flows are batched into epochs.

Depositing. You request a deposit and your USDT sits in the vault, ring-fenced from trading, until the epoch cuts off. You can cancel and take it back any time before the cutoff. After the cutoff the epoch is priced against a signed valuation, shares are minted, and you claim them.

Redeeming. You request a redemption and your shares are escrowed. When the epoch closes the vault flips into close-only mode: it can still sell the corridor asset for USDT, but it cannot buy more of it. It raises the cash it owes and stops adding to the position it is trying to unwind. Then the epoch settles and you claim.

Only one redemption epoch runs at a time, so redeemers never race each other for the same inventory.

Batching is the honest version of this. A vault that lets you exit instantly either holds idle cash it is not earning on, or pays you out of someone else's position. Both are worse than waiting for the next epoch.

Share price ​

Share price comes from a signed valuation, not from a live balance read.

The valuation states the corridor price, the vault's free balance in both assets, and a validity window, all bound to that specific vault, chain and epoch. The chain then checks it against reality. Live balances have to be at least what the valuation claims. If a fill drained inventory since it was signed, settlement reverts rather than paying at a stale price.

A stale valuation cannot be replayed later, because it also commits to the last settled value.

If the risk key stops signing valuations entirely, the timeout ladder settles the epoch in kind instead.

Idle yield, optional ​

A vault can park settlement inventory it is not quoting with in an Aave v3 market.

The rules are narrow on purpose. Only the settlement asset, never the corridor asset. Never money that belongs to a pending deposit or a queued payout. Never below the liquid floor the operator set. A helper contract unstakes and fills in one transaction, so a quote cannot fail because the cash was busy earning.

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