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Vaults

A vault is the entry path into a pool, the way investors come in and out of a share token. Each vault defines three things: which investment asset it accepts, on which network it lives, and how execution works.

Instant vs request-based execution​

Centrifuge supports two vault configurations:

Instant (synchronous, ERC-4626)

  • The investor deposits and receives share tokens in the same transaction.
  • Redemptions remain request-based.
  • Suited to liquid strategies where on-demand issuance is possible.
  • The manager can bound how much liquidity the vault accepts through a deposit capacity.

Request-based (asynchronous, ERC-7540)

  • Both deposits and redemptions follow an order lifecycle.
  • The investor submits a request, the manager processes it according to the product's cadence, and the investor claims the resulting tokens or assets.
  • Suited to products with offchain settlement or periodic valuation.

Redemptions are processed through requests on every vault type. Only deposits can settle instantly. This lets the manager control outgoing liquidity according to the product's terms.

Several vaults, one token​

A single share token can be served by several vaults, each accepting a different asset (ERC-7575). One class might be investable in USDC through one vault and in another investment asset through a second, with all capital consolidated in the same pool balance sheet and every investor receiving the same token.

Vaults and networks​

Vaults are how a product reaches investors on different networks. The token itself can be deployed to several chains. To open subscriptions and redemptions on one of them, the manager deploys a vault there.

Investors interact locally, investing from whichever network suits them in the asset that vault accepts, while the protocol coordinates the product across its deployments: one balance sheet, one supply, one price everywhere. See Pricing for how valuations stay consistent across networks.

Token deployment and vault deployment serve different purposes. Deploying a token makes the share class available to hold or transfer on a network. Deploying a vault opens subscriptions and redemptions there. Crosschain transfers are available only when permitted by the product's configuration.