Overview

User-deployed managed pools that trade on Pacifica.

A vault is a managed trading pool deployed by a Pacifica user. Depositors contribute USDC; a designated manager (vault manager) trades the pooled balance on Pacifica. Profits and losses are distributed to depositors according to the vault's configuration.

A vault is a real Pacifica trading account, and is subject to the same Margin, leverage, mark-price, and trading rules by default.

The vault's balance, however, is collectively owned by its depositors via shares. The trading actions the manager can take is additionally bounded by configurable trading constraints set at vault creation.

Roles

Role	Description
Creator	The address that calls create_lake and pays the creation fee. The creator chooses the vault's configuration and can later update a small set of post-creation–mutable parameters.
Manager	The address authorized to place orders for the vault. Set at creation, or claimed afterward via claim_lake_manager on a manager-less vault. The manager also deposits capital and holds Manager Shares.
LP / Depositor	Any address that deposits into the vault. Receives LP Shares proportional to the vault's NAV at deposit time.

The creator and manager may be the same address, different addresses, or — for a fresh vault — the manager seat may be left open for a third party to claim later.

Share classes

A vault tracks two independent share classes against the same pool of capital:

• Manager Shares are minted when the manager deposits and burned when the manager withdraws. They give the manager a claim on the manager-side balance and route their share of profits/losses through the manager's economics (including the performance fee on profits above the high-water mark).

• LP Shares are minted to any other depositor and follow the LP-side balance.

Each share class has its own balance and share count, but both classes own a single underlying account balance and a single set of positions. PnL is split between the two classes pro-rata before any per-class economics apply. See Profit & Loss.

Lifecycle

1. Create. Creator pays the creation fee and chooses a configuration. The vault is assigned a fresh address and starts empty.

2. Seed. The creator may seed the vault in the same call, or the manager (if different) may deposit later. A vault with manager_min_balance_portion set must satisfy that floor before LP capital is accepted by the deposit cap.

3. Operate. The manager places orders for the vault subject to its symbol whitelist, blacklist, and per-symbol leverage caps. LPs deposit and withdraw within the configured cooldowns and withdrawal windows.

4. Halt or wind-down. If the manager's balance share falls below the configured liquidation portion, the engine halts trading and liquidates open positions. The manager can lift the halt by depositing back to the minimum balance portion. A vault with no remaining capital can be left dormant indefinitely.

Per-page guide

• Depositing — for users putting USDC into a vault. Covers share accounting, withdrawals, and what to evaluate before depositing.

• Managing a Vault — for vault creators and managers. Covers configuration, mutability, and operating constraints.

• Profit & Loss — how PnL is distributed between LP and Manager Shares, the performance fee, and the high-water mark.

• Risk Controls — symbol whitelists, leverage caps, manager balance requirements, trading halt, and vault liquidation.