> ## Documentation Index
> Fetch the complete documentation index at: https://docs.shores.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Protocol actors: roles and permissions

> Who does what in the Shores protocol.

### Depositors

Verified holders who deposit into a vault and hold shUSD. They may stake shUSD for the monthly cash yield.

### Borrowers

Property owners who take bridge loans secured by first liens. Borrowers deal offchain and never touch the contracts.

### Vault issuer

Shores Vault SPC, a Cayman exempted segregated portfolio company. Each vault is one of its cells, and the cell holds that vault's loans.

### Vault manager

The Shores operating company runs the app, underwrites loans and administers the vaults. It is never the issuer of shUSD. \[TBD: entity name and jurisdiction]

### Servicers

Collect payments, monitor loans and manage enforcement locally. \[TBD: names]

### Security agent / trustee

Holds liens for the benefit of each cell, so collateral cannot be redirected by the operator. \[TBD: name]

### Shores Foundation

Issues SHORES and is walled off from the vaults.

### Liquidity providers (LPs)

Supply shUSD and other assets to secondary-market pools. Liquidity comes from LPs as well as Shores.

### Admin roles

Protocol admin, permission admin and pause guardian. See [Admin functions](/technical/security-and-audits#admin-functions).


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