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Cargo vaults have no yield strategy contract. Capital is not deployed by code; it buys shares that are already backed by receipted goods. The on-chain logic that matters is how shares are sold and how they come back. The same contracts run every vault; each vault sets its own parameters, shown here for the Genesis Vault (cvCOCOA).

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Genesis Curve

A primary sale by the Vault SPV on a linear price curve from a start price P₀ to an end price P₁ over the cap C:
Genesis Vault Parameters: P₀ = 4.793, P₁ = 5.118, C = 1,500,000, so b = 0.325 / 1,500,000. Each ticket pays the average price across its slice of the curve, so splitting a ticket gives exactly the same number of shares. Fills are ordered by time, the priority window first. Below the minimum ($500,000 in the Genesis Vault), all USDC is refunded.

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Batch Auction

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Creation and Redemption

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Safeguards

Creations and redemptions pause when the NAV fallback triggers. Minting stops if the collateral-manager report is stale or a lot shows a discrepancy above 0.5%. Every contract that mints, auctions or holds value will be audited before mainnet; no audit has been completed yet.