> For the complete documentation index, see [llms.txt](https://docs.origami.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.origami.finance/the-third-fold-opal/whats-new-in-v3.md).

# What's New in V3

### NEW FEATURES

#### OPAL: The Autonomous Balance Sheet

V3 introduces OPAL (Origami's Portfolio of Assets and Liabilities), a new vault architecture that manages multiple asset and liability positions simultaneously across different protocol integrations. OPAL vaults implement the Tokenised Balance Sheet (TBS) V2 interface, meaning the vault share price reflects the net value of an entire portfolio rather than a single token position.

Key differences from V2 leveraged vaults:

<figure><img src="/files/R7KL4HTJxcor7MG39seY" alt=""><figcaption></figcaption></figure>

#### Perpetual PT Vaults

OPAL enables a new category of vault: the Perpetual PT Vault. These vaults hold leveraged Pendle Principal Token (PT) positions and automatically roll the position to the next maturity when a PT expires. The depositor's vault share remains valid across maturities. There is no need to withdraw, wait for a new vault, and redeposit.

#### Immutable Adapter Configuration

Every protocol integration in an OPAL vault is configured through immutable bytecode arguments baked into the adapter contract at deployment. The pool address, token configuration, and protocol parameters cannot be modified by governance, admin keys, or any other mechanism after deployment. Risk parameters such as `maxSafeLtv` remain governance-adjustable.&#x20;

See [How Does an OPAL Vault Work? — The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work.md#the-adapter-layer) for details.

#### Atomic Managed Rebalances

All multi-step vault operations (leverage adjustments, PT rollovers, inter-adapter migrations) execute as atomic bundles within a single transaction using Origami's fork of Morpho Bundler3. If any step fails, the entire transaction reverts and the vault returns to its pre-operation state.

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Make sure you understand the Risks associated with Origami Finance before opting to use any of its products.
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