Vault Lifecycle

Every Trilobyte vault goes through a series of phases that represent the state of the loan. Transitions between phases are triggered by on-chain actions — deposits, approvals, payments, or enforcement calls.

Phase Diagram

RaisingFunds → AwaitingApproval → Active → FullyRepaid → Finalized
                                    ↕           ↗
                               Renegotiation
                                    ↕           ↘
                                 Defaulted

Phases at a Glance

Phase	Description	Who Acts
RaisingFunds	Vault is open for investor deposits	Investors
AwaitingApproval	Fully funded, waiting for manager to approve and disburse	Pool Manager
Active	Loan is live — borrower makes payments, investors claim yield	Borrower, Investors, Manager
FullyRepaid	All payments received — investors claim remaining yield	Investors, Borrower
Finalized	Terminal state — vault is closed	—
Renegotiation	Terms are being renegotiated (from Active or Defaulted)	Pool Manager
Defaulted	Borrower failed to repay within the grace period	Anyone (trigger), Manager (resolve)

Transition Rules

• RaisingFunds → AwaitingApproval: Automatic when total deposits equal the principal

• RaisingFunds → Finalized: Funding deadline expired (permissionless call)

• AwaitingApproval → Active: Manager calls approve_and_disburse

• AwaitingApproval → Finalized: Approval deadline expired (permissionless call)

• Active → FullyRepaid: Automatic when all payments are made

• Active → Renegotiation: Manager proposes new terms

• Active → Defaulted: Grace period expired after missed payment (permissionless call)

• Defaulted → Renegotiation: Manager proposes new terms

• Renegotiation → Active: Manager approves the proposal (EMI recalculated)

• Renegotiation → previous phase: Manager rejects the proposal (restores Active or Defaulted)

• FullyRepaid → Finalized: All claims settled

Explore each phase in detail using the sub-pages below.