Security model

Core invariants

• Tranche supply backed by vault-managed locked value (construction + redeem paths)
• ID20 totalSupply ≤ backingBalance
• No reward sniping via retroactive credit accounting
• Redemptions constrained to settlement windows + redeem locks

Access control

• Ledger owner: fee + vault configuration
• VeNftManager maintainers: operational Mezo votes / claims
• Gauge transfer hooks only callable from the linked ID20
• Reentrancy guards on state-changing paths

User responsibilities

• Verify destination contracts before signing
• Use the expected chain for the deployment
• Review slippage and price impact on swaps / LP