Token Flow

Deposit Flow

1

User approves sUSDe (or any whitelisted asset via zap) spend for the vault contract.

2

User calls join() with the desired sUSDe amount.

3

OpalManager distributes sUSDe across adapters proportionally.

4

The Aave V3 adapter uses the sUSDe to acquire PT-sUSDe (via swap), supplies PT-sUSDe as collateral, and borrows additional USDT0 to acquire more PT-sUSDe (via swap) to achieve the target leverage.

5

The vault mints opal-PT-sUSDe-PLASMA-a shares to the user proportional to the vault's current holdings.

Withdrawal Flow

1

User calls exit() with the number of opal-PT-sUSDe shares and USDT0 to redeem.

2

OpalManager reclaims from each adapter proportionally.

3

The Aave V3 adapter unwinds a proportional share of the leveraged position (repay debt, withdraw collateral, swap PT-sUSDe back to USDT0).

4

The vault burns the user's opal-PT-sUSDe-PLASMA-a shares.

5

sUSDe is transferred to the user.

Managed Rebalance Flow (Leverage Adjustment)

1

Flash loan USDT0 from Aave V3.

2

Swap USDT0 to PT-sUSDe.

3

Supply PT-sUSDe as additional collateral.

4

Borrow USDT against the new collateral.

5

Repay the flash loan.

6

Assert the post-rebalance balance sheet.

For a leverage decrease, the steps are reversed: flash loan, repay debt, withdraw collateral, swap to USDT, 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.