Coming soon. This page describes the planned mechanism. Contract addresses, parameters, and audits publish at launch; unresolved economics are marked as such rather than guessed.
An Exchange, Not a Loan
Most instant-liquidity designs lend capital and hope repayment arrives. A T+0 Vault never does: its cash leaves only inside a transaction where an obligation valued higher at oracle price arrives in exchange - a tokenised asset already queued for redemption, a settlement receivable on TetraFi’s T+1 rail, a claim on funds an escrow already holds. That inversion carries the whole risk story. The vault’s net asset value doesn’t dip when capital deploys - one asset (cash) is swapped for another (an obligation bought at a discount). When the obligation matures at face value, the discount is realised as depositor yield. Fronting a multi-day redemption means holding that obligation to maturity - not trusting a borrower.The Flow
1
A settlement gap appears
A holder wants out of a tokenised asset mid-queue, an OTC trade needs T+0 settlement against a T+1 counterparty, a solver needs destination-chain liquidity for a cross-chain fill.
2
An executor quotes the wait
A market maker or solver prices the duration - how long until the slow leg completes - and requests a binding authorization from the vault. Every gate fires here: compliance policy, per-executor caps, duration limits, and the exit queue’s seniority.
3
The vault exchanges, atomically
In one transaction the obligation transfers into the vault and cash goes out at the authorized, oracle-bounded price. The vault itself performs the exchange - the executor only instructs it, and at no point holds vault capital.
4
The slow leg completes, capital recycles
The redemption pays out, the receivable settles, the escrow releases - proceeds land in the vault at face value, the obligation retires, and the capital is immediately available for the next draw. Recycling is what makes a modest vault serve deep flow.
Why Zero-Collateral Is Safe Here
No executor posts collateral, yet depositors are not extending unsecured credit. The protections stack:- Obligation before liquidity. There is no moment where cash is out and the obligation is not in - the exchange is one transaction or it doesn’t happen.
- The vault executes. Executors instruct draws but never custody capital; no code path hands vault cash to an executor’s address.
- Oracle-bounded pricing. Every purchase clears at or below oracle value minus a curator-set minimum discount - the vault can overpay only if the oracle itself is wrong, and concentration caps bound even that.
- Withdrawals outrank draws. Cash already promised to the exit queue can never be consumed by a new purchase.
- Duration caps match exit windows. No obligation may outlive the vault’s withdrawal delay, so exiting depositors and maturing obligations never race each other.
- Losses are shared instantly. If an obligation ever impairs, the markdown hits all shares pro-rata the moment it’s recognised - no first-out advantage, no reason to run.
- Everyone is gated. Curators, depositors, and executors pass KYB, sanctions, and jurisdiction checks per the vault’s policy - and every draw re-checks it.
- Caps and circuit breakers. Per-executor and per-asset limits bound any single exposure; irregular settlement behaviour halts a lane automatically while existing obligations run to maturity.
What’s deliberately not stated yet: fee splits, specific oracle providers, and idle-capital yield strategies are open design decisions - they’ll be published as parameters, not promises.
Keep Going
Participants
Who curates, who deposits, who executes - and what each earns.
Use Cases
The four settlement gaps the first vaults are built to close.