LibraryCredit and stable value2022Design paperCorpus record
Tokenized Vault Standard
ERC-4626. Joey Santoro, t11s, Jet Jadeja, Alberto Cuesta Cañada, Señor Doggo.
A tokenised vault has deposit, mint, withdraw and redeem, and a defined conversion between the asset and the share. The share is an ERC-20.
A reading of the public document. Not a copy of it, and not a claim about a later network that reused the name.
A protocol that accepts 'any yield token' should say whether it requires this interface, and what it does when convertToAssets moves suddenly.
- Evidence
- Primary paper
- Re-measured
- No
- Assumptions
- 3
- Records linked
- 5
Code
Source, repository, and what is actually hosted
- EIP-4626https://eips.ethereum.org/EIPS/eip-4626
- The source URL is not a GitHub repository. No code remote is invented.
- Full text is not mirrored. Public availability is not a licence to copy the file onto this site.
- Add to a reading list
01 Claim ledger
What the paper is allowed to say
Each row is a sentence already in the study. The status is the same on every row: a model claim, not a live measurement.
Claim 01 · Paper model
The defect
Every lending pool invented its own share token. Integrators guessed how to deposit and how shares convert.
Claim 02 · Paper model
The rule
A tokenised vault has deposit, mint, withdraw and redeem, and a defined conversion between the asset and the share. The share is an ERC-20.
Claim 03 · Paper model
How it is put together
Assets go in. Shares come out. The conversion functions are the interface. Yield is whatever increases assets per share. The standard does not promise yield.
Claim 04 · Paper model
Where the claim stops
The standard does not make a vault solvent.
02 Three cuts
Observation, model, falsifier
A desk does not stop at the summary. Each claim is cut three ways, using only this study's own assumptions and checks. Nothing here is a new figure.
01 The defect
Observation
What the study says
Every lending pool invented its own share token. Integrators guessed how to deposit and how shares convert.
Falsifier
What would retire it
What does one share redeem for, and who computes it?
02 The rule
03 How it is put together
Observation
What the study says
Assets go in. Shares come out. The conversion functions are the interface. Yield is whatever increases assets per share. The standard does not promise yield.
Model
What has to hold
A malicious vault can implement the interface and still steal assets. The interface is not an audit.
Falsifier
What would retire it
What does one share redeem for, and who computes it?
04 Where the claim stops
03 Sequence
One action, as an operating tape
- 01Deposit assets, receive shares.
- 02Redeem shares, receive assets.
- 03An integrator reads convertToAssets rather than assuming a 1:1 peg.
- 04What does one share redeem for, and who computes it?
04 Load-bearing
The argument, and where a pitch drops it
Why it is still on the desk
The cut
A protocol that accepts 'any yield token' should say whether it requires this interface, and what it does when convertToAssets moves suddenly.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
A malicious vault can implement the interface and still steal assets. The interface is not an audit.
After the text
The cut
Yearn, Morpho vaults and many lending wrappers adopted it. The strategy behind the share is still a separate document.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
It does not define the strategy.
05 Register
What has to be true
06 Divergence
What happened after the paper
Yearn, Morpho vaults and many lending wrappers adopted it. The strategy behind the share is still a separate document.
A later client, parameter set, or reward formula is a different object. Cite this paper for the mechanism. Cite a primary release for the network. This desk has not re-run the proof.
07 Pre-mortem
What to check before you use the idea
- 0 of 3 marked on this browser. A mark is a reading note, not a pass, a rating, or a recommendation.
08 Anatomy
The paper, in the order a builder needs
The problem it names
Every lending pool invented its own share token. Integrators guessed how to deposit and how shares convert.
What the design proposes
- Assets go in. Shares come out.
- The conversion functions are the interface.
- Yield is whatever increases assets per share. The standard does not promise yield.
How the mechanism is specified
- Deposit assets, receive shares.
- Redeem shares, receive assets.
- An integrator reads convertToAssets rather than assuming a 1:1 peg.
What this page does not treat as proven
Why the desk still reads it
A protocol that accepts 'any yield token' should say whether it requires this interface, and what it does when convertToAssets moves suddenly.
09 Lexicon
Terms, opened into the record
- Asset
- The token the vault custodies.
10 Repository
Every linked record on this page
Underlined words open a page that already exists: a concept, a protocol profile, a failure record, or another paper. If a word is not underlined, this desk does not have a record for it.
Concepts
This is Blockchain Lab's reading of a public design paper. It is not the paper, not a copy of it, and not an offer of tokens, equity, custody or a partnership. Later network behaviour can diverge from the text. Nothing here is investment, legal or technical advice.
Research status: Design paper. Last reviewed: 1 October 2026. This is a reading of a public paper, not investment, legal or security advice.