> For the complete documentation index, see [llms.txt](https://docs.rfy.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.rfy.finance/rfy/product/strategy-vaults.md).

# 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.md)

***

## 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.md)


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