# Overview

<mark style="color:$primary;">RFY combines strategist-led offchain execution with onchain yield infrastructure.</mark>

> RFY vaults let users deposit supported assets and receive tradable ERC-4626 receipt shares. A vetted strategist executes the vault strategy directly, while eligible idle collateral may also be deployed into curated onchain yield opportunities. Realized results are reflected in the vault's net asset value (NAV).

***

{% columns fullWidth="false" %}
{% column width="50%" %}

### <mark style="background-color:$primary;">The problem</mark>

Many users cannot efficiently access advanced options strategies or manage the execution, settlement, and risk controls those strategies require.

**Consequences**

* Idle capital may earn limited passive returns.
* Advanced strategies require specialist execution and active risk management.
* Users often have to choose between onchain composability and managed strategy exposure.
  {% endcolumn %}

{% column width="50%" %}

### <mark style="background-color:$primary;">Our solution</mark>

RFY combines transparent vault accounting with direct execution by a vetted strategist.

**Core elements**

* A strategist directly runs the defined offchain strategy.
* Eligible idle collateral may earn additional onchain yield through curated protocols.
* ERC-4626 receipt shares represent each user's pro rata claim on vault assets and accrued performance.
* Rolling epochs provide orderly strategy resets, settlement, deposits, and withdrawals.
  {% endcolumn %}
  {% endcolumns %}

***

### Products

| Vault type      | Purpose                                                                            | Risk profile |
| --------------- | ---------------------------------------------------------------------------------- | ------------ |
| Yield Vaults    | Compounding yield strategies designed for a more conservative profile              | Lower        |
| Blackbox Vaults | Higher-conviction options and momentum strategies managed directly by a strategist | Higher       |

***

### Mechanics

| Stage              | Details                                                                                                                                                                     |
| ------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Deposit**        | The user deposits a supported token during the available deposit window.                                                                                                    |
| **Receipt minted** | The vault mints an ERC-4626 share representing the user's proportional ownership.                                                                                           |
| **Execution**      | A vetted strategist directly executes the defined strategy. Depending on the vault, eligible idle collateral may also be deployed into curated onchain yield opportunities. |
| **Settlement**     | Realized strategy results and onchain yield are reflected in the vault's NAV.                                                                                               |
| **Withdrawal**     | Requests are processed according to the vault's epoch and redemption rules.                                                                                                 |

***

### The strategic value of RFY

RFY connects specialist strategy execution with onchain vault accounting. Users receive composable shares, transparent NAV accounting, and access to strategies that would otherwise require active execution and risk management.

{% hint style="warning" %}
Vault returns are not guaranteed. Strategy, market, counterparty, smart contract, liquidity, and protocol risks can reduce NAV.
{% endhint %}


# Quickstart

#### **Goal:** Connect a wallet, deposit into a vault, receive an ERC-4626 receipt share, and request redemption according to the vault's epoch rules.

{% hint style="success" %}
Read Risks & Disclosures and the selected vault's terms before depositing.
{% endhint %}

***

{% stepper %}
{% step %}

### 1 · Prepare

* Use a self-custodial wallet.
* Hold the supported deposit asset and enough native gas for the network shown in the app.
  {% endstep %}

{% step %}

### 2 · Connect

1. Open [RFY.FINANCE](https://rfy.finance/).
2. Click **Connect Wallet** and approve the connection.
   {% endstep %}

{% step %}

### 3 · Choose a vault

Review the deposit asset, strategy, current epoch, risk profile, fees, caps, and withdrawal rules shown on the vault page.

Blackbox is RFY's higher-conviction vault tier and currently uses USDT.
{% endstep %}

{% step %}

### 4 · Deposit

Select **Deposit**, approve the token allowance, and confirm the transaction. The vault issues an ERC-4626 receipt share representing your proportional ownership at the current NAV.
{% endstep %}

{% step %}

### 5 · Hold and monitor

Receipt shares track the vault's NAV as strategy results and any applicable onchain yield are realized. Availability of transfers or secondary liquidity depends on the specific vault.
{% endstep %}

{% step %}

### 6 · Request withdrawal

Submit a withdrawal request during the period shown on the vault page. Rolling vaults may queue requests until the applicable redemption window or settlement.
{% endstep %}
{% endstepper %}

***

### Quick troubleshooting

* **No receipt shown?** Add the receipt-token contract displayed by the official vault page to your wallet.
* **Deposit pending?** Check the transaction in the network explorer linked by your wallet.
* **Withdrawal not immediate?** Check the current epoch and redemption schedule; requests may be queued.


# Changelog

* **v0.5 — 2026-08-06**

Added Blackbox Vaults, removed retired vault and deployment references, refreshed vault links and rewards wording, and aligned execution language across the docs.

* **v0.4 — 2026-04-11**

Added [Trader Integration](/resources/trader-integration) and Settlement Reference.

* **v0.3 — 2025-10-25**

Added the Points Program and Earning Activities.

* **v0.2 — 2025-10-01**

Added Audits, Risks & Disclosures, and Contract Addresses.

* **v0.1 — 2025-09-25**

Added the Overview, [Products](/rfy/product), and Yield Vaults.


# Products

<table data-view="cards"><thead><tr><th></th><th></th><th data-type="rating" data-max="5"></th><th></th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><h3>Yield Vaults</h3></td><td><strong>Lower risk</strong></td><td>1</td><td>Compounding strategies designed to generate passive yield through strategist execution and eligible onchain yield opportunities.</td><td><a href="https://docs.rfy.finance/rfy/product/yield-vaults">https://docs.rfy.finance/rfy/product/yield-vaults</a></td><td><a href="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FCBMgeSUM6MWMMBNH3nk1%2FRFY%20vault%20(1).gif?alt=media&amp;token=ecd03a8b-7eba-4af5-a519-3b42740ce2aa">RFY vault (1).gif</a></td></tr><tr><td><h3>Blackbox Vaults</h3></td><td><strong>Higher risk</strong></td><td>3</td><td>Higher-conviction options premium capture and selective momentum strategies managed directly by a vetted strategist.</td><td><a href="https://docs.rfy.finance/rfy/product/strategy-vaults">https://docs.rfy.finance/rfy/product/strategy-vaults</a></td><td><a href="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FwDTWfOpgtog6Q78pwpHk%2FRFY%20vault%20(3).gif?alt=media&amp;token=0fff7dee-a661-4bfa-a9ce-968f7cff7a2d">RFY vault (3).gif</a></td></tr><tr><td><h3>Volatility Vaults</h3></td><td><strong>Highest risk</strong></td><td>5</td><td>Directional vaults intended to provide exposure to market volatility and narrative-driven assets.</td><td></td><td><a href="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FZyw97kwTwGhsFQ8Ytn7w%2FRFY%20vault.gif?alt=media&amp;token=92c556b3-c2e9-48ba-a1c6-b16307abc9af">RFY vault.gif</a></td></tr></tbody></table>

{% hint style="warning" %}
Risk labels are relative, not guarantees. Every vault can lose value.
{% endhint %}


# Yield Vaults

Yield Vaults convert supported assets into ERC-4626 strategy shares whose NAV reflects realized strategy returns and any applicable onchain yield. Users deposit during an available window, receive vault shares, and redeem according to the vault's epoch rules.

{% hint style="info" %}
Yield Vaults are rolling. Each epoch includes defined deposit, strategy, settlement, and redemption periods.
{% endhint %}

***

### How Yield Vaults work

* **Deposit window** — Users deposit a supported token and receive an ERC-4626 share representing their proportional ownership.
* **Epoch start** — A vetted strategist directly executes the defined income strategy. Eligible idle collateral may also be deployed into curated onchain yield opportunities.
* **Settlement** — Realized strategy results and onchain yield are reflected in the vault's `totalAssets()` and NAV.
* **Redemption window** — Users redeem according to the schedule and rules shown on the vault page.

***

## Fees

| Strategist | Performance fee |
| ---------- | --------------- |
| RFY        | 10%             |

{% hint style="info" %}
The performance fee is charged only on realized positive returns at settlement. Always confirm the current fee on the vault page before depositing.
{% endhint %}

**Example**

A vault starts an epoch with 100 units in deposits and earns 1 unit of gross profit. With a 10% performance fee:

* Gross profit: 1 unit
* Performance fee: 0.1 unit
* Net profit reflected in NAV: 0.9 unit

***

### Available vaults

Current vault availability, deposit assets, caps, fees, and links are maintained in the [RFY app](https://rfy.finance/).

For RFY's higher-conviction tier, see Blackbox Vaults.

***

### Risks and disclosures

Yield Vaults carry strategy, market, counterparty, smart contract, liquidity, and protocol risk. A lower relative risk label does not mean principal is protected, and positive returns are not guaranteed. [Read Risks & Disclosures before depositing.](/security/risks-disclosures)


# Blackbox Vaults

Blackbox is RFY's higher-conviction vault tier: a managed USDT vault built for strategies that need more freedom than passive yield. Depositors receive ERC-4626 receipt shares, while the share price reflects the vault's realized performance through NAV.

{% hint style="warning" %}
Blackbox is a higher-risk product. Returns are not fixed or guaranteed, and NAV can decline.
{% endhint %}

***

## Inside the Blackbox

Blackbox is best understood as a **managed capital engine**, not a fixed-rate pool. Three layers work together throughout each rolling epoch.

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><h3><i class="fa-vault" style="color:$primary;">:vault:</i></h3></td><td><strong>The vault</strong></td><td>USDT enters an ERC-4626 vault. Receipt shares represent each depositor's proportional claim on the vault's assets.</td><td></td></tr><tr><td><h3><i class="fa-chart-line" style="color:$primary;">:chart-line:</i></h3></td><td><strong>The strategist</strong></td><td>A vetted strategist directly manages the mandate, combining options premium capture with selective momentum exposure and controlled position sizing.</td><td></td></tr><tr><td><h3><i class="fa-layer-group" style="color:$primary;">:layer-group:</i></h3></td><td><strong>The reserve</strong></td><td>Eligible idle collateral may be deployed into curated onchain opportunities when appropriate, adding a yield layer while capital is not in active strategy positions.</td><td></td></tr></tbody></table>

The result is a continuous loop: capital is accounted for onchain, deployed by the strategist within the mandate, settled back into the vault, and reflected in `totalAssets()` and receipt-share NAV. Deposits and withdrawals align with the vault's rolling epoch windows rather than an always-open liquidity model.

![Blackbox vault architecture](https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FIkxqyc7KHBvexbSYcCRt%2Fimage.png?alt=media\&token=0f9656dd-315e-417f-b2e5-679e68d87dce)

{% hint style="info" %}
Deposit and withdrawal requests may be queued until the applicable epoch, settlement, or redemption window. Check the live vault page for the current status before submitting a request.
{% endhint %}

***

## Live deployments

Both Blackbox vaults currently accept USDT.

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><h3><i class="fa-ethereum" style="color:$primary;">:ethereum:</i></h3></td><td><strong>Ethereum Mainnet</strong></td><td>Chain ID <code>1</code><br>Vault <code>0xb15e63222be05b1128609a5ce6ebb549632687ec</code><br>USDT <code>0xdAC17F958D2ee523a2206206994597C13D831ec7</code></td><td><a href="https://rfy.finance/vault/1/0xb15e63222be05b1128609a5ce6ebb549632687ec">https://rfy.finance/vault/1/0xb15e63222be05b1128609a5ce6ebb549632687ec</a></td></tr><tr><td><h3><i class="fa-layer-group" style="color:$primary;">:layer-group:</i></h3></td><td><strong>Arbitrum One</strong></td><td>Chain ID <code>42161</code><br>Vault <code>0xe2d73dd71757d988971ffa947c887f1201ead28a</code><br>USDT <code>0xFd086bC7CD5C481DCC9C85ebE478A1C0b69FCbb9</code></td><td><a href="https://rfy.finance/vault/42161/0xe2d73dd71757d988971ffa947c887f1201ead28a">https://rfy.finance/vault/42161/0xe2d73dd71757d988971ffa947c887f1201ead28a</a></td></tr></tbody></table>

{% hint style="warning" %}
Always confirm the selected network, vault contract, and deposit-token address before approving USDT or depositing.
{% endhint %}

***

## Contract architecture

Blackbox uses the same core vault contracts as RFY's other vaults. The post-BailSec changes were minor and were not specific to Blackbox; Blackbox does not introduce a separate product-specific contract system.

[See Audits and Contract Addresses.](/resources/contract-addresses)

***

## Fees

Blackbox currently charges no management or performance fee. Confirm the terms shown in the RFY app before depositing because vault terms may change.

***

## Principal risks

* **Strategy and market risk** — Options and momentum positions can lose value, especially during sharp or persistent market moves.
* **Directional exposure** — Blackbox is not designed to remain fully delta neutral at all times.
* **Strategist and counterparty risk** — Offchain execution and settlement depend on the strategist and the venues used.
* **Liquidity risk** — Deposits and withdrawals may be queued around rolling epochs.
* **Smart contract and protocol risk** — RFY contracts and any onchain yield protocols used can fail or be exploited.
* **Performance risk** — Backtests and prior returns do not predict future results.

[Read the complete Risks & Disclosures before depositing.](/security/risks-disclosures)


# Points Program

### Base concept

Eligible RFY vault deposits can earn RFY Points while the deposit remains active. The current multiplier, campaign dates, lockups, and eligibility rules are shown on the applicable vault page in the [RFY app](https://rfy.finance/).

{% hint style="info" %}
Vault multipliers and campaign bonuses can change. The terms displayed by the selected vault at the time of deposit are the current source of truth.
{% endhint %}

***

### How points are calculated

`daily_points = USD_value_deposited × base_rate × vault_multiplier × applicable_bonus_multiplier`

Where:

* `USD_value_deposited` is the qualifying deposit value.
* `base_rate` is the campaign's stated base rate.
* `vault_multiplier` is the multiplier displayed for that vault.
* `applicable_bonus_multiplier` includes only bonuses for which the deposit qualifies.

***

### Campaign bonuses

Pre-deposit, duration, referral, or other campaign bonuses may be offered. Any lockup, early-withdrawal restriction, start date, end date, or forfeiture condition will be shown with the campaign terms.

***

### Eligibility

* Points accrue only for qualifying deposits and periods.
* A queued deposit may begin accruing only when the applicable campaign terms say it becomes active.
* Withdrawing or failing to satisfy a lock condition may reduce or forfeit campaign bonuses.
* Check the vault page before depositing; historical multipliers do not apply automatically to new vaults or epochs.


# Earning Activities

Current vault availability and terms are maintained in the [RFY app](https://rfy.finance/).

| Activity            | Return source                                                                                             | Current terms                       |
| ------------------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------- |
| **Blackbox Vaults** | Strategist-managed options premium capture, selective momentum exposure, and any applicable onchain yield | [View in RFY](https://rfy.finance/) |
| **Yield Vaults**    | Strategist-managed income strategies and any applicable onchain yield                                     | [View in RFY](https://rfy.finance/) |

{% hint style="info" %}
APR, vault caps, points multipliers, fees, and epoch dates can change. Confirm the current terms on the vault page rather than relying on historical campaign figures.
{% endhint %}


# Audits

> Smart contracts audited by **BailSec**.\
> [RFY audit report — BailSec](https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FHTtznNguDQLIzlK3wjOU%2FRFY_audit_Bailsec.pdf?alt=media%5C\&token=624fafc7-783c-491e-8a5a-19d4ed68a70e) · Audit date: **2025-08-15**

{% hint style="info" %}
Blackbox uses the same core vault architecture as RFY's other vaults. Changes made after the BailSec audit were minor and were not specific to Blackbox.
{% endhint %}

***

### Legal and disclosure note

An audit is a third-party assessment, not a guarantee that vulnerabilities are absent. RFY products involve strategy, market, counterparty, smart contract, liquidity, and protocol risks. See Risks & Disclosures.


# Risks & Disclosures

> This page summarizes principal risks associated with RFY vaults and important disclosures for users and partners. It is educational material, not financial, legal, or tax advice. Perform your own due diligence.

***

### High-level risk categories

<details>

<summary><strong>Strategy, execution, and counterparty risk</strong></summary>

A vetted strategist directly executes the defined offchain strategy. Strategy errors, venue failures, inaccurate reporting, liquidity constraints, or counterparty credit events can reduce settlement proceeds and receipt NAV.

**Mitigations**

* Vetted strategist and counterparties.
* Position and PnL monitoring.
* Onchain settlement and NAV accounting.
* Strategy-specific sizing and risk parameters.

</details>

<details>

<summary><strong>Smart contract and protocol risk</strong></summary>

Bugs, exploits, or failures in RFY contracts, external protocols, or relayers could cause loss, incorrect accounting, or interrupted deposits and redemptions.

**Mitigations**

* Independent third-party audit.
* Limited contract surface area.
* Emergency pause capability.
* Curated external protocol selection.

</details>

<details>

<summary><strong>Liquidity and exit risk</strong></summary>

Receipt-token liquidity may be limited, and rolling epochs can queue deposits or withdrawals. Users may be unable to exit immediately or at an acceptable price.

**Mitigations**

* Deposit caps.
* Defined redemption windows.
* Vault-page disclosure of epoch timing and withdrawal rules.

</details>

<details>

<summary><strong>Market and collateral risk</strong></summary>

Volatility, sharp price moves, and changing correlations can reduce collateral value and strategy performance. Even strategies designed to limit directional exposure retain residual risk.

**Mitigations**

* Controlled position sizing.
* Dynamic risk parameters.
* Strategy and collateral limits.

</details>

<details>

<summary><strong>Blackbox-specific risk</strong></summary>

Blackbox is a higher-conviction strategy that combines options premium capture with selective momentum exposure. It may carry directional positions and can experience material drawdowns. Any onchain yield layer, including use of protocols such as Pendle or Aave, adds separate protocol and liquidity risk.

</details>

***

### Disclosures

#### Strategist execution

A vetted strategist directly operates each defined offchain strategy. Final settlement and updated vault accounting are recorded onchain, but offchain execution and counterparties still introduce risk.

#### No guarantee of returns

RFY does not guarantee positive returns or principal protection. Performance varies, and past performance or backtests do not predict future results.

#### Fees and terms

Fees, caps, supported assets, and epoch rules can differ by vault and may change. Confirm the terms shown in the RFY app before depositing.

#### Composability and external use

Receipt tokens are ERC-4626 shares. Transferring them, using them in other protocols, or providing liquidity can add smart contract, market, liquidity, and counterparty risks.

#### Legal, tax, and financial disclaimer

This documentation does not constitute financial, legal, or tax advice. Consult a qualified professional for guidance relevant to your circumstances.

***

### User responsibilities

* Verify contract addresses through official RFY pages.
* Understand the selected vault's strategy and risk profile.
* Review fees, caps, epoch timing, and withdrawal rules.
* Check available liquidity and slippage before transferring or trading receipt shares.

***

### Legal notice

RFY, its contributors, and its partners are not offering investment advice. Use of RFY products involves substantial risk and may result in loss of some or all deposited funds. By interacting with RFY contracts, you acknowledge these risks.


# Contract Addresses

The following are the current Blackbox deployments. Both vaults use USDT as their deposit token.

| Network          | Chain ID | Vault contract                               | Deposit token                                                          |
| ---------------- | -------: | -------------------------------------------- | ---------------------------------------------------------------------- |
| Ethereum Mainnet |      `1` | `0xb15e63222be05b1128609a5ce6ebb549632687ec` | <p>USDT<br><code>0xdAC17F958D2ee523a2206206994597C13D831ec7</code></p> |
| Arbitrum One     |  `42161` | `0xe2d73dd71757d988971ffa947c887f1201ead28a` | <p>USDT<br><code>0xFd086bC7CD5C481DCC9C85ebE478A1C0b69FCbb9</code></p> |

{% columns %}
{% column width="50%" %}

### Ethereum

[Open the Ethereum Blackbox vault](https://rfy.finance/vault/1/0xb15e63222be05b1128609a5ce6ebb549632687ec)
{% endcolumn %}

{% column width="50%" %}

### Arbitrum

[Open the Arbitrum Blackbox vault](https://rfy.finance/vault/42161/0xe2d73dd71757d988971ffa947c887f1201ead28a)
{% endcolumn %}
{% endcolumns %}

{% hint style="warning" %}
Verify the network, vault contract, and deposit-token address before approving USDT or depositing. Do not rely on historical addresses, search results, or unofficial links.
{% endhint %}

### Blackbox architecture

Blackbox uses the same core vault contracts as RFY's other vaults. It does not introduce a separate Blackbox-specific contract system.

For contract implementation details, see [Trader Integration](/resources/trader-integration). For audit context, see [Audits](/security/audits).


# Trader Integration

Technical guide for strategists integrating with RFY vault execution, settlement, and workflow requirements.

## Overview

The RFY vault is an epoch-based ERC-4626 vault that enables offchain strategy execution by a whitelisted multisig **strategist address** while maintaining vault accounting onchain.

Deposited assets are pooled into a vault for a defined epoch. During the active epoch, a whitelisted strategist can borrow capital, execute the strategy directly offchain, and return funds at settlement with the realized profit or loss.

Blackbox uses this same core vault architecture; it does not require a separate Blackbox-specific contract system.

The vault acts as:

* Collateral custody layer
* Accounting and NAV calculation layer
* Settlement enforcement mechanism

{% hint style="info" %}
In the contracts, the strategist is authorized through `TRADER_ROLE`. This role name is a contract-level identifier and does not imply a separate execution partner.
{% endhint %}

***

### Roles

#### Strategist

Authorized through `TRADER_ROLE`.

**Permissions**

* Borrow capital during an active epoch
* Settle final PnL at expiry

#### Admin (RFY)

Authorized through `DEFAULT_ADMIN_ROLE`.

**Responsibilities**

* Start and manage epochs
* Configure vault parameters
* Control deposit and withdrawal states

***

### Vault lifecycle

#### 1. Deposit phase

Users deposit assets and receive ERC-4626 shares.

* Deposits increase `totalAssets`.
* Shares represent proportional ownership.
* Deposits remain open until an epoch is started, subject to vault-specific rules.

#### 2. Epoch initialization

```
startNewEpoch(uint256 minimumDeposits)
```

When an epoch starts:

* Deposits are paused.
* Withdrawals are paused.
* Vault capital is locked.
* Initial assets are recorded.

**Capital allocation**

* A portion may be deployed to an external vault or onchain yield layer.
* Remaining assets stay as idle liquidity.

#### 3. Strategy phase

During the active epoch, the strategist can borrow funds.

**Borrowing**

```
borrow(uint256 amount)
```

Funds are sourced in order:

1. Idle vault liquidity
2. Redeemable external-vault assets

The borrowed amount is tracked internally. Liquidity is pull-based: the strategist requests capital through the authorized multisig.

**Available liquidity**

```
maxBorrow()
```

Returns the sum of idle liquidity and redeemable external-vault assets.

{% hint style="danger" %}
All borrowed funds are accounted for and must be settled at the end of the epoch.
{% endhint %}

#### 4. Settlement phase

Settlement occurs after the epoch duration has elapsed.

```
settle(int256 pnl)
```

Settlement is the point where PnL is enforced and vault NAV is updated.

***

### Settlement mechanics

The strategist returns funds based on borrowed capital and realized PnL:

```
If pnl > 0:
    return = borrowed + pnl

If pnl < 0:
    return = borrowed - |pnl|
```

Execution:

```
IERC20(asset).safeTransferFrom(strategist, vault, returnAmount);
```

**Requirements**

* The epoch must be finished.
* The strategist must approve the token transfer.
* Losses cannot exceed borrowed capital: `|pnl| <= borrowed`.

#### Final accounting

```
totalPnl =
    tradingPnl
  + externalVaultPnl
  + adminPnl

finalVaultAssets = initialVaultAssets + totalPnl
```

This updates the vault's NAV through `totalAssets`.

#### Post-settlement

* The epoch closes.
* Withdrawals are enabled according to the vault rules.
* Deposits remain paused until reopened.
* Users redeem shares based on the updated NAV.

See the Settlement Reference for worked examples.


# Settlement Reference

```
If PnL ≥ 0:
    Amount Returned = Borrowed + PnL

If PnL < 0:
    Amount Returned = Borrowed - |PnL|
```

Settlement call:

```
settle(int256 pnl)
```

### Settlement Checklist

Before calling `settle()`:

* [ ] Epoch duration has elapsed
* [ ] All contract interactions must use **base units (raw token amounts)**.
* [ ] Total borrowed amount is accurately tracked (If borrowed)
* [ ] Token approval is set for the vault contract

***

### Settlement Scenarios

#### 1. Borrowed Capital with Profit

| Parameter | Value   |
| --------- | ------- |
| Borrowed  | 8 USDC  |
| PnL       | +1 USDC |

**Conversion (USDC, 6 decimals):**

* Borrowed = `8,000,000`
* PnL = `1,000,000`
* Return = `9,000,000`

**Execution**

Transfer:

```
9000000
```

Call:

```
settle(1000000)
```

***

#### 2. Borrowed Capital with Loss

| Parameter | Value   |
| --------- | ------- |
| Borrowed  | 8 USDC  |
| PnL       | -2 USDC |

**Conversion (USDC, 6 decimals):**

* Borrowed = `8,000,000`
* PnL = `-2,000,000`
* Return = `6,000,000`

**Execution**

Transfer:

```
6000000
```

Call:

```
settle(-2000000)
```

{% hint style="warning" %}
Losses are reflected by returning less capital. No additional capital is required.
{% endhint %}

***

#### 3. No Borrowing with Profit

| Parameter | Value   |
| --------- | ------- |
| Borrowed  | 0       |
| PnL       | +1 USDC |

**Conversion (USDC, 6 decimals):**

* Borrowed = `0`
* PnL = `1,000,000`
* Return = `1,000,000`

**Execution**

Transfer:

```
1000000
```

Call:

```
settle(1000000)
```

***

#### 4. No Borrowing with Loss

This scenario is **not permitted as-is**.

If no capital was borrowed during the epoch, the trader cannot settle with a negative PnL directly, since the contract enforces that losses cannot exceed borrowed capital.

{% hint style="danger" %}
A negative `pnl` is only valid if there is sufficient recorded borrowed balance.
{% endhint %}

**Resolution**

If the strategy resulted in a loss but no capital had previously been borrowed, the trader must first borrow the required amount from the vault, then settle using the negative PnL value.

**Example**

| Parameter        | Value   |
| ---------------- | ------- |
| Initial Borrowed | 0 USDC  |
| Realized PnL     | -1 USDC |

Since `Borrowed = 0`, calling `settle(-1 USDC)` directly is invalid.

**Required process:**

1. Borrow the required amount
2. Approve the vault
3. Call settlement with the negative PnL

**Conversion (USDC, 6 decimals):**

* Borrow = `1000000`
* PnL = `-1000000`
* Return amount at settlement = `0`

**Execution**

Borrow:

```
borrow(1000000)
```

Approve:

```
approve(vault, 0)
```

Call:

```
settle(-1000000)
```

***

### Summary

* Settlement enforces final PnL onchain
* Return amount must reflect borrowed capital ± PnL
* All values must be provided in base units
* `settle(pnl)` finalizes the epoch


# FAQ

<details>

<summary>What is Blackbox?</summary>

Blackbox is RFY's higher-conviction vault tier. It uses USDT and combines options premium capture with selective momentum exposure under controlled position sizing.

</details>

<details>

<summary>Who runs the strategies?</summary>

A vetted strategist directly operates the defined offchain strategy.

</details>

<details>

<summary>What do I receive after depositing?</summary>

The vault issues an ERC-4626 receipt share representing your proportional ownership at the current NAV.

</details>

<details>

<summary>Can I exit mid-epoch?</summary>

It depends on the vault. A receipt-token market may provide secondary liquidity, but rolling vaults can queue withdrawals until the applicable redemption window or settlement. Check the vault page before depositing.

</details>

<details>

<summary>Will receipt shares always be worth one unit of the deposit asset?</summary>

No. Shares may initially be issued around a one-to-one ratio, but their NAV changes as assets per share reflect realized profits, losses, yield, and fees.

</details>

<details>

<summary>What if a strategy loses money?</summary>

Net losses reduce `totalAssets()` and receipt NAV proportionally. Blackbox can carry directional exposure and may experience material drawdowns.

</details>

<details>

<summary>Where is collateral held?</summary>

Vault accounting and custody are maintained onchain. Depending on the strategy, eligible idle collateral may be deployed into curated onchain opportunities, including protocols such as Pendle or Aave, and capital may be used for direct offchain strategy execution and settlement.

</details>

<details>

<summary>How do RFY Points work?</summary>

Eligible deposits accrue points according to the multiplier and campaign terms shown on the vault page. See the Points Program.

</details>

<details>

<summary>What are vault caps?</summary>

A vault cap limits total deposits. The current cap is shown on the vault page before deposit.

</details>

<details>

<summary>What assets can I deposit?</summary>

Blackbox currently uses USDT. Supported assets for other vaults are shown in the RFY app.

</details>

<details>

<summary>Are receipt shares cross-chain?</summary>

Receipt shares are issued on the network displayed for the selected vault. They are not automatically transferable across networks.

</details>


# Media Kit

Summary of RFY’s brand assets and how to use them.

**Link:** [**Media kit**](https://www.notion.so/RFY-Request-For-Yield-24812c255c8a804b8a4bfdf3428fc6b6)

{% embed url="<https://www.notion.so/RFY-Request-For-Yield-24812c255c8a804b8a4bfdf3428fc6b6>" %}

***

### Content summary

1. [Logo & Wordmark](#id-1.-logo-and-wordmark)
2. [Typography](#id-2.-typography)
3. [Color Palette](#id-3.-color-palette)
4. [Brand Enquiry](#id-4.-brand-enquiry)

***

#### 1. Logo & Wordmark

**1.1 Primary Wordmark**

The wordmarks shown below are to be used across any RFY related media. It is suggested to use these backgrounds, in order to maintain consistency with our brand palette.

<figure><img src="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FLZK24iZZth5WUCxkmyvA%2Fimage.png?alt=media&amp;token=06acc7f5-2948-4a73-bedb-633951b7afba" alt="" width="375"><figcaption></figcaption></figure>

**Primary Wordmark**

[PNG Format](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/f9ecc691-e18e-49f4-b2fa-f74cc864e1db/RFY_Logo_Primary.png?table=block\&id=24912c25-5c8a-80f6-9c82-dcaa4ca0c645\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=Qs5R0rr2o-xJEPDXgJymaG8HOX-IEjU-Q-iP8lrhqpU\&downloadName=PNG+Format.png)

[SVG Format](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/bd724173-5cb1-48c7-8f83-0e15ff716951/RFY_Primary_Wordmark_\(Social-Dark\).svg?table=block\&id=25012c25-5c8a-80aa-9ab6-ff8ed5b519cf\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=FYJEg3lhGNlHwc19wPodol8HYfTbpIGaOJCbZ8Iy3hw\&downloadName=SVG+Format.svg)

Click on the above link(s) to download

<figure><img src="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2Fceqrb2IxENIZt3pPIBSV%2Fimage.png?alt=media&amp;token=825be0cd-9520-4200-9433-ec1bc5ce3a32" alt=""><figcaption></figcaption></figure>

**Alternate Wordmark**

[PNG Format](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/f18ce55e-cf36-496a-b800-a6fb40b1c09b/RFY_Logo_Secondary.png?table=block\&id=24912c25-5c8a-8022-8dfb-c2a85661e126\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=6cn24_dhWL5FJQol_OqC5TeyvzJzlhPn7LTaj-fVhGM\&downloadName=PNG+Format.png)

[SVG Format](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/58d4a6af-d052-41e2-8dd2-b5f7f00127c7/RFY_Primary_Wordmark_\(Social-White\).svg?table=block\&id=25012c25-5c8a-80a4-9159-ef581d11f95d\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=JNMar9fZ_WGpd-vFu1o0dEc2Qia-oRqA1dsghSIOXFE\&downloadName=SVG+Format.svg)

Click on the above link(s) to download

**1.2 Logomark**

The logomarks shown below are to be used across any RFY related media. It is suggested to use these with their respective backgrounds, in order to maintain consistency with our brand palette.

<figure><img src="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FcgpoJ3RWuj6UY9JYACF2%2Fimage.png?alt=media&amp;token=15ee8fbf-52a3-4eb3-8813-320b90bc88f7" alt=""><figcaption></figcaption></figure>

**Primary Logomark**

[RFY Logo\_Primary.png](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/f9ecc691-e18e-49f4-b2fa-f74cc864e1db/RFY_Logo_Primary.png?table=block\&id=24b12c25-5c8a-80f9-9791-ff7e1a499f3a\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=NWPwsxKvlaxiSQm1CeKEn2C6Gt4tDanRAAYQl6rJo6Q\&downloadName=RFY+Logo_Primary.png)

[SVG Format.svg](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/a2450ac8-ef9b-4999-b164-72089d8887fe/RFY_Primary_Wordmark_\(Social-Dark\)_copy.svg?table=block\&id=25012c25-5c8a-80ec-a3eb-c62a922e0b6e\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=tptnC5PmQOt4Ltpi_C6Ch1X6WSDQrRSYRHFeXSr62HY\&downloadName=SVG+Format.svg)

Click on the above link(s) to download

<figure><img src="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FCHpEKEYP9SBn2iAXVhZs%2Fimage.png?alt=media&amp;token=1dc82224-f9ca-4402-8f0b-2171aad0e69d" alt=""><figcaption></figcaption></figure>

**Alternate Logomark (Transparent BG)**

[RFY Logo\_Secondary.png](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/f18ce55e-cf36-496a-b800-a6fb40b1c09b/RFY_Logo_Secondary.png?table=block\&id=24b12c25-5c8a-806e-b048-ffda21cacc30\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=hbvzxdJ-tI9kb4ZKHzCrcm_2jTnTU6KE5Ky7ah_H8_o\&downloadName=RFY+Logo_Secondary.png)

[SVG Format.svg](https://file.notion.so/f/f/ad312c25-5c8a-8145-80d1-0003754e8e21/2ea25521-c509-41ac-9f74-ca64f50ffb42/RFY_Primary_Wordmark_\(Social-White\)_copy.svg?table=block\&id=25012c25-5c8a-8079-b8c3-d34a08cf4dd8\&spaceId=ad312c25-5c8a-8145-80d1-0003754e8e21\&expirationTimestamp=1762214400000\&signature=YFadaBcBBcl_z5DLoj_a17PVbhgcv4BZOD4fd51i06U\&downloadName=SVG+Format.svg)

Click on the above link(s) to download

***

#### 2. Typography

Primary typeface

* **Montserrat - ExtraBold**

Download: <https://fonts.google.com/specimen/Montserrat>

Secondary typeface

* OpenSans - Light
* **OpenSans - Bold**

Download: <https://fonts.google.com/specimen/Open+Sans>

<figure><img src="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FelaDqTuljdVG70SKnKAO%2Fimage.png?alt=media&amp;token=9a4d0ab1-a5af-496d-9c2a-c487e321ae42" alt=""><figcaption><p>The above fonts can be used for internal and external communications, including Social Media.</p></figcaption></figure>

For builders, our dApp uses a separate digital font system:

* SF Pro
* SF Pro rounded

Builders can request access, for our dApp fonts.

***

#### 3. Color Palette

The below color palette represents all aspects of RFY Finance.

The first two color rows are used in all pages under RFY’s general mode.

<figure><img src="https://882061702-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fkn2lMOb5kQIxJ8PDO0gi%2Fuploads%2FrtgaueD1umYtNYwdNKHy%2Fimage.png?alt=media&amp;token=1774d515-e407-4480-b92a-627faf3afca2" alt=""><figcaption></figcaption></figure>

The last row in the above palette are used in RFY’s Meme marketplace pages exclusively.

For social media usage, You can use the following HEX codes:

→ Standard Colors:

* Standard Black - Primary Background color

  **#111111**
* Standard Gray - Secondary Text color **#AAADB2**
* Standard White - Primary Text color **#FFFFFF**

→ RFY Colors:

* RFY Green - Accent color **#00DA8E**
* RFY Blue - Yield color

  **#0095FF**
* RFY Red

  **#FF0048**

→ Meme Colors:

* Meme Green - Meme Accent color

  **#80FF00**
* Meme Blue - Meme Yield color

  **#00BBFF**
* Meme Bearish - Bearish

  **#FF0048**

***

#### 4. Brand Enquiry

We are currently present on the following Social Media platforms:

* [X](https://x.com/casedotfun)

If you would like to reach us for any other brand enquiry, please contact us on:

* Email: <tz@case.fun>