Curation Vaults
Curation is how lender capital gets allocated across Fira's floating rate markets. Lenders deposit assets into curated vaults. A designated curator decides where that capital goes — which markets, what allocation, under what constraints. Depositors earn yield passively. Curators earn fees for their oversight.
Curators
A curator manages one or more vaults with the objective of optimizing risk-adjusted returns for depositors. The role is strategic, not operational:
Strategy definition
Establishing the vault's mandate — which assets, markets, and strategies are eligible
Risk framework
Setting exposure caps, concentration limits, and risk constraints
Allocator appointment
Designating who executes portfolio adjustments within the strategy. The curator may also act as allocator.
Vault parameters
Defining fee structures, access controls, and compliance requirements
Curator-initiated changes are subject to a timelock. Depositors have time to review proposed changes and withdraw if they disagree.
How Vaults Work
Depositor provides assets (e.g., USDC) to a curated vault
Curator defines the allocation strategy across eligible markets
Allocator executes capital deployment according to the strategy
Yield accrues from multiple sources — trading fees, fixed-rate spreads, floating-rate interest, rehypothecation
Depositor can withdraw at any time, subject to available liquidity
The vault issues shares representing the depositor's proportional claim on the total assets under management.
Related
Floating-Rate Markets — Variable-rate lending
Whitepaper — Complete description
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