Very Liquid Vaults
The Rheo Earn product relies on specialized vaults to earn a variable rate while awaiting matches with fixed-rate borrowers.
DeFi's variable-rate lending products target a high utilization rate, meaning that only 10-20% of deposits are typically withdrawable at any given time. The Very Liquid Vaults are designed to safely allocate across strategies up to the amount that is instantly withdrawable, so as to always be available at all times to fixed-rate borrowers.
How It Works
The Very Liquid Vaults are ERC-4626 "vault of vaults" that accept user deposits and distribute them across multiple investment strategies to optimize yield while maintaining liquidity (in particular withdrawability).
Read more about how they work here.
Security
ERC4626 property tests from A16Z, Trail of Bits' Crytic, and Runtime Verification
OpenZeppelin's implementation with decimals offset (A Novel Defense Against ERC4626 Inflation Attacks)
First deposit during deployment with dead shares, pioneered by the Morpho Optimizer
Timelock for sensitive operations using OpenZeppelin's TimelockController
Invariant tests for a list of system properties
Audits
Code
https://github.com/rheo-xyz/very-liquid-vaults
Technical Docs
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