For the complete documentation index, see llms.txt. This page is also available as Markdown.

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.

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