# Vault Types

Trilobyte supports two types of vaults that determine who can invest in a loan.

## Permissionless Vaults

In a **permissionless vault**, any address can deposit funds during the RaisingFunds phase. There are no restrictions on who can participate as an investor.

This is the default model and enables the broadest possible participation in loan funding.

## Permissioned Vaults

In a **permissioned vault**, only addresses that have been **allowlisted** by the Pool Manager can deposit funds. This enables managers to restrict participation to specific investors — for example, those who have completed KYC/AML verification or who meet certain accreditation requirements.

### Managing the Allowlist

The Pool Manager controls the allowlist using two functions:

* `add_to_allowlist(caller, investor)` — Add an investor address
* `remove_from_allowlist(caller, investor)` — Remove an investor address

Only the vault's Pool Manager can modify the allowlist. Investors not on the list will be rejected when attempting to deposit.

### When to Use Permissioned Vaults

Permissioned vaults are appropriate when:

* **Regulatory compliance** requires investor verification (KYC/AML)
* The loan involves **sensitive deal terms** that should only be visible to approved parties
* The Pool Manager wants to **curate the investor base** for a specific deal
* **Institutional investors** require controlled access to the vault

{% hint style="info" %}
The `permissioned` flag is set at vault creation and cannot be changed afterwards. A vault is either permissioned or permissionless for its entire lifecycle.
{% endhint %}


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