> ## Documentation Index > Fetch the complete documentation index at: https://tetrafi.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # Programmable Vaults > The shared primitive under every product in the collateral network - permissioned, compliance-gated, curator-run. **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](/collateral) 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 Exits go through a withdrawal delay - the same window that caps how long any obligation may live, so a requested exit can always be honoured from maturing obligations. If an obligation ever impairs, the loss marks all shares down pro-rata immediately: nobody wins by racing the exit. ## The Demand Side Each product brings its own drawers to the same capital: market makers and solvers filling [redemptions](/collateral/instant-redemption), desks and issuers being fronted a [deferred leg](/collateral/instant-settlement), PSPs executing across [venues](/collateral/venue-prefunding), solvers funding [cross-chain fills](/collateral/solver-credit). 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. Why one shared capital base beats a buffer per product. Tell us which side you're on - depositor, curator, issuer, or drawer.