> For the complete documentation index, see [llms.txt](https://docs.trilobyte.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trilobyte.finance/overview/key-participants.md).

# Key Participants

Trilobyte's lending model involves four key participants, each with distinct roles and responsibilities.

```
┌─────────────┐         ┌──────────────┐         ┌─────────────┐
│  Borrower   │◄────────│  Pool Manager │────────►│  Investor   │
│ (business)  │  loan   │ (underwriter) │  yield  │ (lender)    │
└─────────────┘         └──────────────┘         └─────────────┘
                              │
                     underwrites & monitors
                              │
                        ┌─────────────┐
                        │   Protocol  │
                        │  (Governor) │
                        └─────────────┘
```

## Borrower

A **business** that needs working capital. The borrower receives the loan proceeds once the vault is fully funded and approved, and repays through incoming revenue over the loan term.

**Key responsibilities:**

* Apply for a loan through a Pool Manager
* Make periodic repayments on schedule
* Withdraw available funds from the cash pool

**On-chain actions:** `receive_payment`, `withdraw_cash`

## Pool Manager

A **professional underwriter** who evaluates businesses, negotiates loan terms, and manages the vault throughout its lifecycle. Pool Managers are the bridge between borrowers and investors.

**Key responsibilities:**

* Perform due diligence on borrowers
* Structure loan terms (principal, rate, term, split ratio)
* Create vaults via the Factory contract
* Deposit collateral (skin in the game)
* Approve and disburse funded loans
* Monitor repayments and apply late fees when necessary
* Propose renegotiation when terms need adjustment

**Requirements:**

* Must be approved by the protocol's Operations Admin
* Must deposit collateral covering a percentage of each vault's principal
* Subject to credit limits that cap total outstanding principal
* Flagged as delinquent if a vault defaults — blocked from creating new vaults until cleared

**On-chain actions:** `create_vault`, `deposit_collateral`, `approve_and_disburse`, `apply_late_fee`, `propose_renegotiation`, `approve_renegotiation`, `reject_renegotiation`

## Investor

Anyone who funds a loan and earns yield from the borrower's repayments. Investors deposit funds into a vault during its fundraising phase and receive SEP-41 debt tokens representing their share.

**Key responsibilities:**

* Evaluate available vaults and their terms
* Deposit funds during the RaisingFunds phase
* Claim yield from the EMI pool as repayments come in
* Monitor vault health and repayment status

**In permissioned vaults**, investors must be allowlisted by the Pool Manager before they can deposit.

**On-chain actions:** `deposit`, `withdraw`, `claim_yield`

## Governor

The **protocol administration** that manages global settings and infrastructure. Governance actions are routed through a **Timelock** contract that enforces a delay on critical changes.

The Governor manages three roles:

| Role                 | Who                 | Responsibilities                                                                                              |
| -------------------- | ------------------- | ------------------------------------------------------------------------------------------------------------- |
| **Admin**            | Governor / Timelock | Whitelist assets, set treasury, register the factory, upgrade contracts                                       |
| **Security Admin**   | Security team       | Pause/unpause the protocol in emergencies                                                                     |
| **Operations Admin** | Operations team     | Approve/remove pool managers, set credit limits, clear delinquency, **update global settings & protocol fee** |

**On-chain actions:** `whitelist_asset`, `set_treasury_address`, `set_factory`, `pause`, `unpause`, `update_settings`, `set_protocol_fee`, `approve_pool_manager`, `remove_pool_manager`, `set_manager_credit_limit`, `clear_delinquency`

{% hint style="info" %}
Note: changing global settings and the protocol fee is an **Operations Admin** action and is not currently timelocked. See the [Governance](/protocol-mechanics/governance.md) page.
{% endhint %}