Lifecycle

Every vault follows the same six phases on the same fixed schedule. Nothing about your terms or strike levels changes partway through.

The phases

1

Deposit

7-day window

You deposit tokenised BTC and receive vault shares recording your position.

2

Collar placed

after the window

Collateral is placed with FalconX under a collar. Strike levels are set and published.

3

Claim

on-chain

Capital returns to the vault. You claim 50% of your BTC value in USDC, at 0%.

4

Loan period

12 months

No interest, no liquidations, no margin calls, no changes to your strikes.

5

Repayment

at maturity

You repay the USDC you claimed. The amount is unchanged from day one.

6

Redemption

7–15 days

The collar settles against your strikes, then collateral is released.

The two halves are covered in detail on their own pages:

• Deposit and Claim phases 1 to 3

• Repayment and Redemption phases 5 and 6

Where each part happens

Everything you do happens against the vault: depositing, claiming, repaying, redeeming.

The collar itself is executed off-chain, with FalconX, through vault infrastructure operated by Accountable. During the term your collateral is not sitting idle in a contract it is held under the collar that makes the 0% possible. That is a real difference from a purely on-chain lending protocol and you should understand it before depositing. See System Architecture.

What cannot happen during the term

• Your position cannot be liquidated, at any price.

• You cannot receive a margin call.

• Your strike levels, LTV, term or repayment amount cannot be changed.

• Interest cannot start accruing.

• You cannot withdraw early, in part or in full.

The first four protect you. The fifth is the cost of the first four.