Capital Flow
USDREFI has three primary flows: deposits in, yield cycling, and exits out.
Deposit Flow
1
User approves USDC spend to vault
User wallet
2
User calls vault.deposit(amount, receiver)
User wallet
3
Vault checks tierRegistry.tierOf(receiver) and caps
Vault contract
4
Vault mints USDREFI to receiver at 1:1
Vault contract
5
Foundation Safe transfers USDC to Textile/Quipu pool
Foundation Safe
Step 5 is a manual operation performed by the Foundation multisig. Deposited USDC sits in the vault until the Safe operators deploy it into the curated credit pool.
Yield Cycle
1
Quipu/Textile reports yield accrual
Monthly
2
Foundation Safe receives yield
Monthly
3
Foundation Safe transfers reward portion to Reward Safe
Monthly
4
Reward Safe funds Merkl campaign (USDREFI + $REFI)
Monthly
5
Merkl snapshots holders and builds Merkle tree
Configurable
6
Users claim rewards via on-chain proofs
On-demand
Exit Flow (Swap-Only)
Users swap USDREFI for USDC on the Uniswap V4 concentrated liquidity pool, which targets a ~1:1 price in a tight range (0.995–1.005).
The Uniswap pool is the only exit path under normal operations:
Protocol-owned liquidity (~$5k) seeds the initial position
LP incentives via a separate Merkl campaign maintain ongoing depth
Dune dashboard monitors pool health in real-time
If liquidity drops below threshold, the Foundation Safe can toggle emergency vault withdrawals
Foundation Safe
Gnosis Safe with 2-of-3 threshold. Signers: Monty, Luuk, and one additional trusted party. Responsibilities:
Hold deposited USDC and deploy to Textile/Quipu
Receive yield returns and transfer reward portion to Reward Safe
Set/adjust vault parameters (global cap, per-tier caps)
Override TierRegistry entries and change API signer address
Toggle emergency withdrawals
Reward Safe
Separate Gnosis Safe (same signers) holding USDREFI + $REFI for distribution. Funded periodically by the Foundation Safe from yield proceeds. Deposits tokens into Merkl campaigns.