Coming soon. The roles below describe the planned protocol. At launch, vaults are TetraFi-curated with a whitelisted participant set; independent curation opens after.
The Primitive
Every product in the Shared Collateral Network runs on the same kind of vault: a permissioned pool of committed capital with identifiable counterparties. What makes it programmable is the adapter - each use case reaches the capital through code that encodes what the money may do and the proof of how it comes back, verified when the draw happens. Add a product, and it arrives as a new adapter over the standing pool, never as a new pool to fund - which is the whole capital-efficiency case: one committed base earning across every use case, instead of a buffer per product earning nothing. Capital is encumbered only while a draw is live, and only to that one obligation - the rest of the pool keeps working for every other product at the same time.Curators
Curators deploy vaults and own their risk envelope: which products and adapters are enabled, which assets qualify, the minimum discount or yield every draw must clear, per-drawer and per-asset caps, the withdrawal delay, and the compliance policy that gates everyone else. They earn a share of the realised spread. Curation is where vaults compete. Two curators can serve the same flow with different envelopes - one strict, single-jurisdiction, and short-duration; the other broader and higher-yielding - and depositors pick the envelope, not just the asset.Depositors
Depositors supply the vault’s asset and hold vault shares against it. Yield comes from real settlement demand across every product the curator enables, not emissions - what depositors earn is what idle buffers used to cost the other side:- The discount spread - obligations are bought below oracle value and mature at face
- Intrinsic obligation yield - where the obligation itself accrues, priced with duration
- Idle-capital base yield - potentially, as a curator-optional strategy; an open design decision, since it adds external protocol risk
The Demand Side
Each product brings its own drawers to the same capital: market makers and solvers filling redemptions, desks and issuers being fronted a deferred leg, PSPs executing across venues, solvers funding cross-chain fills. Drawers instruct draws; the vault performs every movement itself, so a drawer never custodies vault capital.Who Gates Whom
Every role passes compliance checks appropriate to it - KYB, sanctions, jurisdiction - against the vault’s own policy, and draws re-check standing at execution time. Compliance is configuration, per vault: the same primitive can run a tightly-scoped regulated vault and a broader one side by side. Every vault names its own regulated operator facing depositors and drawers - TetraFi stays infrastructure.The Network
Why one shared capital base beats a buffer per product.
Register Interest
Tell us which side you’re on - depositor, curator, issuer, or drawer.