Vaults

Learn what a Vault is, why it issues shares, and how users deposit and withdraw assets.

Complete the remaining Vault foundations by learning ERC-4626 entry and exit operations, asset-share conversions, preview and maximum functions, rounding direction, and the invariants that secure user value.

Learn how BakerFi separates vault share accounting from a leveraged strategy, how the strategy calculates net assets from collateral and debt, and how deposits and withdrawals convert between assets and shares. Then audit the completed implementation and determine whether an attacker can manipulate the share price and capture a disproportionate portion of a later depositor’s assets.

Reconstruct the core Popcorn vault implementation: an outer vault that routes assets into an ERC-4626 adapter, owns adapter shares, derives total assets from the adapter position, and charges fees by issuing vault shares. Follow the real deposit, mint, withdraw, and redeem flows before investigating the implementation in the lab.