Smart contract addendum

A conceptual, contract-level view of the Meta Vault: its components, its roles, and the invariants that hold across them.

This addendum complements the product-level Meta Vaults overview with a contract-level view: the components involved, how they relate, and the invariants worth knowing before you rely on one. It describes the contract conceptually rather than function by function; see Architecture for the operational flow.

Components

Component	Role
Vault contract	The ERC-4626 entrypoint. Holds the whitelisted strategy set, target weights, and idle target; exposes the standard user functions plus role-gated management functions
Strategy set	Each entry is itself an ERC-4626 vault. Yield sources that are not natively ERC-4626 are wrapped in a minimal adapter that presents one, the same wrapper pattern OAVs use
Compounding pipeline	A configurable reinvestor component the vault delegates reward claiming and swapping to, so the core vault contract does not embed swap logic directly
Off-chain allocation service	Reads on-chain state, proposes weight changes, and, where enabled, submits them; described in Architecture

Core mechanics

Deposits and withdrawals. deposit and mint take the underlying asset from the caller and mint shares against the vault’s current total value; withdraw and redeem burn shares and return the underlying asset. Newly deposited assets can sit idle until a role holder deploys them into a strategy, rather than being split across strategies inside the deposit transaction itself.

Allocation. The vault tracks two things per strategy: how much of the portfolio it currently holds, and how much it is targeted to hold. A portfolio rebalance reconciles the two by moving capital out of over-allocated positions and into under-allocated ones; a targeted allocate or exit call can also move capital into or out of one specific strategy without touching the rest of the portfolio.

Fees. Deposit, management, and performance fees are configured together and enforced through share minting rather than asset withdrawal: a deposit fee mints fee shares alongside the depositor’s shares, and management and performance fees are realized at harvest based on elapsed time and portfolio value growth since the last checkpoint.

Roles

The vault separates administration, emergency pausing, economic configuration, strategy composition, allocation, and fee realization into distinct roles, so no single key holds all of them. See Roles & signing models for the full reference and who typically signs for each. End users never hold a role. Exact function gating per role is not published here; confirm it with yield.xyz before assigning a role to your own signer.

Invariants worth knowing

• One share price for the whole portfolio. The vault’s total value is always the sum of its idle balance and the redeemable value of every strategy position, so a single conversion rate applies to every share regardless of how many strategies are behind it.
• Weight changes do not move capital. Setting a new target only changes what the vault is aiming for. Capital moves only when a rebalance, or a targeted allocate or exit call, actually executes.
• Fees dilute, they do not withdraw. Every fee is collected by minting shares to the fee recipient, never by pulling assets out of a strategy, so realizing a fee cannot itself disturb the portfolio’s positions.
• Role functions don’t send assets to arbitrary addresses. They move capital between idle and whitelisted strategies; strategy whitelisting and contract upgrades remain privileged actions held by yield.xyz.

Next steps

Architecture

The operational view of the same components.

Accounting and share price

The share-based accounting model in detail.