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   (loan settled · terminal)
                                        │  ↕
                                        │  Renegotiation  (⇄ Active only)
                                        ▼
                                     Defaulted             (terminal)

RaisingFunds / AwaitingApproval ──► Finalized
   (funding or approval deadline expired → investors refunded)

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	Loan settled (outstanding reached zero) — investors claim remaining yield. Terminal.	Investors, Borrower
Finalized	Terminal state for a vault cancelled before disbursement (funding or approval deadline expired) — investors refunded	—
Renegotiation	Terms are being renegotiated (from Active only)	Pool Manager
Defaulted	Borrower failed to repay within the grace period. Terminal (manager collateral is slashed).	Anyone (trigger)

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 the outstanding balance reaches zero (terminal — investors claim any remaining yield here)

• Active → Renegotiation: Manager proposes new terms

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

• Renegotiation → Active: Manager approves the proposal (EMI recalculated) — or rejects it, which restores Active

(Defaulted and FullyRepaid are terminal. Renegotiation is only reachable from — and returns to — Active; a defaulted loan cannot be renegotiated because the manager's collateral is already slashed.)

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