Lifecycle and safety modes

A vault has a phase, a safety mode and a deposit-window flag. The phase tracks the trading and capital cycle. The safety mode blocks operations: frozen stops new risk, closing stops standard activity, and so on. The deposit window opens and closes intake.

Normal cycle

Phase	Transition	Conditions
`idle`	Open the first position → `active`	Idle capital is unpriced, intake is closed, and the delegate holds trading permission under the policy. The position sets the active expiry.
`active`	Reach expiry → `settling`	New risk closes at the expiry cutoff. The contract reads chain time.
`active` / `settling`	Close the last position → `processing_capital`	All positions are closed and funding is settled. Capital starts uncomputed.
`processing_capital`	Compute equity	Requires fresh price accounts. The boundary becomes computed.
`processing_capital`	Finalize the cycle → `idle`	Equity is computed and the deposit and withdrawal queues are empty. Idle capital becomes unpriced again.

idle capital is unpriced, accepting deposits, or priced. When the manager closes the deposit window, it can start trading from unpriced idle capital. Priced idle capital lets the manager process requests but not open a position.

Request processing

Deposits enter during idle intake or during active before expiry. Withdrawals enter in idle or in active before expiry. closing has its own withdrawal path.

The manager normally prices capital and drains the queues. If it does not, anyone can process requests after capital_fallback_delay_secs (default 43,200 seconds, maximum 259,200 seconds):

In idle, a request becomes publicly processable at created_at + delay, once capital is priced. Under withdraw_only, idle requests are processable immediately.
In processing_capital, public processing opens at active_expiry + delay.
A public processor can price unpriced idle capital only to process an aged withdrawal. A queue holding only deposits cannot force an idle equity checkpoint.

Public processing requires settled positions, validated prices and valid recipient accounts.

Deposit and withdrawal cancellation closes once idle capital is priced and at the active expiry cutoff. Deposit refunds under emergency_unwind and withdraw_only have their own instructions. In closing, withdrawals can be requested and cancelled at any phase and time.

Safety modes

Mode	Behavior
`normal`	Trading and capital operations run under the phase rules.
`frozen`	No new positions. Settlement and capital processing continue.
`emergency_unwind`	Regular capital processing stops. Deposits can be refunded and open positions and funding are unwound.
`withdraw_only`	Holders withdraw after the unwind completes. No new positions.
`closing`	Standard activity stops. The vault converts assets, computes equity and finalizes, then moves to withdrawal-only operation.

FreezeVault accepts the protocol cold authority or the guardian. UnfreezeVault and EmergencyStartUnwind require the cold authority. Vault governance runs StartVaultShutdown and FinalizeVaultShutdown.

See Shares, equity and fees for valuation and final redemption.