How It Works

Core Flow

1. Deposit → Shares Minted
   ↓
2. Manager: execute(target, calldata)
   ↓
3. Profits Realized → HWM Check
   ↓
4. Withdraw → 1% Fee (if profit) → Shares Burned

Deposit Example

• TVL: $100K, Deposit: $1K → Shares: 1% (1,000 shares).

• TVL → $120K → Your value: $1,200.

Execution Model

function execute(address target, bytes calldata data) external onlyManager {
    require(whitelist[target], "Not whitelisted");
    (bool success, ) = target.call(data);
    require(success, "Execution failed");
}

Example:

• HWM: $100K → TVL: $90K → 0% fee

• TVL: $110K → $1K profit → $10 fee

Challenge Simulation

• Virtual $100K USDC.

• Actions: [BUY ETH] [SELL 50%].

• Prices: Chainlink real-time.

• Hourly Log: On-chain Merkle root.

• Pass: ≥$200K → Manager role.