System Overview
USDREFI is a tokenized vault on Celo that accepts USDC deposits and issues USDREFI receipt tokens at a fixed 1:1 rate. The underlying capital is manually deployed by the Foundation multisig Safe into curated regenerative credit pools, generating real-world yield distributed to holders through Merkl.
Design Principles
Manual capital management over automated strategy wrappers (POC simplicity)
Identity-gated access via API-assigned tiers, not on-chain identity checks
Swap-only exit — no direct vault withdrawals; Uniswap pool is the sole exit path
Separate reward streams for holders and LPs
Foundation Safe retains full admin control with emergency overrides
ERC-4626 compliance for ecosystem tooling compatibility
Component Map
USDREFI Vault
ERC-4626 (Solidity)
Foundation Safe
To deploy
TierRegistry
Custom mapping (Solidity)
Foundation Safe
To deploy
Foundation Safe
Gnosis Safe 2-of-3
Signers: M + L + 1
To deploy
Reward Safe
Gnosis Safe 2-of-3
Signers: M + L + 1
To deploy
Tier Assignment API
Off-chain service
Foundation
To build
Merkl Holder Campaign
Merkl protocol
Reward Safe
To configure
Merkl LP Campaign
Merkl protocol
Reward Safe
To configure
Uniswap V4 Pool
Concentrated Liquidity
Permissionless
To deploy
Frontend App
React / Next.js
L
To build
Dune Dashboard
Dune Analytics
M
To build
Separation of Concerns
The system is designed around clear boundaries:
Vault contract → deposits and share accounting
Foundation Safe → capital allocation and governance parameters
Reward Safe → funds reward distributions
TierRegistry → access control
Merkl → reward computation and claims
Uniswap pool → secondary liquidity and exit
POC Simplifications
Several components are intentionally deferred for the proof-of-concept. These are documented upgrade paths, not missing features:
Strategy wrapper
Manual Safe deposits to Textile/Quipu
On-chain strategy adapter
Yield router contract
Reward Safe + Merkl campaigns
Automated split logic
Harvest keeper bot
Monthly off-chain snapshots
Automated harvest
Direct vault withdrawals
Uniswap swap-to-exit
Emergency toggle available
Dynamic pricePerShare
Fixed 1:1 + side-stream rewards
Accruing share price