Vaults

ERC-4626 vaults, base asset, share pricing, and NAV calculation. Powered by Ethereum's standard for tokenized vaults. Glare makes vault shares easy to read, transfer, and build on across DeFi.

Core design

Each vault accepts USDG as its single base asset and deploys it into markets on Robinhood Chain that the vault's curator selects and caps. USDG is Robinhood Chain's native settlement stablecoin.

Morpho Vault V2 (ERC-4626)
├── Base Asset: USDG
├── Allocation: curator-selected markets, each with a cap
│   e.g. Steakhouse: USDe, syrupUSD, mGLO, spUSDG
├── Idle: unallocated balance, available to withdraw
├── Shares: proportional ownership of vault assets
└── Fees: management, performance (set by the vault)

Share mechanics

Deposits

When you deposit USDG:

1. Entry fee is deducted (sent to FeeManager)
2. Shares are minted proportional to current NAV: shares = (deposit * totalShares) / totalAssets
3. Deposited funds are held as unallocatedDeposits until allocated into the portfolio

Withdrawals

When you withdraw:

1. Shares are burned
2. The vault calculates the proportional claim on all held assets
3. Held tokens are auto-liquidated via TokenRouter to return USDG
4. Exit fee is deducted
5. Net USDG is returned to you

NAV calculation

totalAssets = USDG balance
            + Σ (held_token_balance × token_price_in_USD)
            for each token in the portfolio

Token prices are sourced from the TokenRouter oracle. Share price is simply totalAssets / totalShares.

Allocation and rebalancing

Allocation

Idle USDG is deployed into target positions. This only uses unallocated funds and never sells existing positions.

Rebalancing

The strategy sells over-weight positions and buys under-weight ones to realign the portfolio as the market moves.