Token Flow
Deposit Flow
User approves sUSDe (or any whitelisted asset via zap) spend for the vault contract.
User calls join() with the desired sUSDe amount.
OpalManager distributes sUSDe across adapters proportionally.
The Aave V3 adapter uses the sUSDe to acquire PT-sUSDe (via swap), supplies PT-sUSDe as collateral, and borrows additional USDC to acquire more PT-sUSDe (via swap) to achieve the target leverage.
The vault mints opal-PT-sUSDe-a shares to the user proportional to the vault's current holdings.
Withdrawal Flow
User calls exit() with the number of opal-PT-sUSDe-a shares and USDC to redeem.
OpalManager reclaims from each adapter proportionally.
The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap PT-sUSDe back to USDC).
The vault burns the user's opal-PT-sUSDe-a shares.
sUSDe is transferred to the user.
Managed Rebalance Flow (Leverage Adjustment)
Flash loan USDC from Aave V3.
Swap USDC to PT-sUSDe.
Supply PT-sUSDe as additional collateral.
Borrow USDC against the new collateral.
Repay the flash loan.
Assert the post-rebalance balance sheet.
For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to USDC, repay flash loan, assert balance sheet.
Users do not need to take any action during a managed rebalance. Share balances and redemption rights are unaffected.
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