Custody and redemption

Deposit

Ledger.depositErc20(variant, epochs, amount, to) pulls BTC or MEZO, opens a four-week Mezo lock to the Ledger, then transfers that veNFT into the Vault. Ledger.depositVeNft(variant, epochs, tokenId, to) resets votes if needed, optionally relocks an expired NFT, then sends the NFT to the Vault.

The Vault receiver deposits the NFT into the manager's managed Mezo position with depositManaged. Shares minted equal the locked underlying amount as uint128, 18 decimals.

Each manager records its managed token id only in onERC721Received. The production managers currently report mTokenId = 0, so this path cannot complete until Mezo governance creates empty managed NFTs and safeTransferFroms them to the managers. Raw transferFrom would not set the id. The Ledger lockedVault is already the Vault proxy. normalVault is unset.

Backing

ERC-1155 supply is meant to track vault-custodied inventory for that tranche. trancheAssets counts vault-held ids only. A third party that depositManageds into the same manager NFT (for example another protocol) does not mint Aurove shares. A later valuation decrease updates the checkpoint and does not burn supply.

Redeem

Ledger.redeem(trancheId, amount, receiver, tokenIds):

1. Claims rebases for the listed ids.
2. Burns amount ERC-1155 units.
3. BTC: Vault.releaseVeBtc, which may split the last NFT if Mezo canSplit(Vault) is true.
4. MEZO: Vault.releaseVeMezo withdraws each listed id in full.
5. Requires assetsOut == amount.

Receiver gets veNFTs. Aurove adds no settlement window and no per-account redeem lock. Mezo still enforces epoch windows and one managed operation per child per epoch.

Live check: veBTC.canSplit(Vault) is false, so exact BTC redeem that needs a split currently fails.

User steps: Redeem.