Smart contract architecture

Vault

Each vault cell has its own tokenized vault contract that issues shUSD.

Minting is limited to verified addresses through the permission manager.
Mint price: 1.00 at launch; afterwards, the vault’s current NAV.
No redemption function. Holders exit by selling on the secondary market.
Lockup: newly minted shUSD cannot be transferred until its lockup ends. [TBD: implementation]
After the lockup, shUSD is a transferable ERC-20 token, so it can trade in secondary-market pools.

Keeps the list of verified addresses that can mint and stake.

Tracks staked shUSD and credits the monthly yield. See Staking and payouts.

Calculated offchain and claimed onchain against a published Merkle root. [TBD]

Built on OpenZeppelin libraries with Foundry.

Standard	Usage
ERC-20	shUSD is a fungible ERC-20 token
ERC-4626 (style)	Each vault follows the tokenized-vault pattern, with minting restricted to verified addresses and no redemption path [TBD: confirm interface]

[TBD: other standards, for example permit support] [TBD: source code repository]

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