> For the complete documentation index, see [llms.txt](https://city-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://city-protocol.gitbook.io/docs/platform/products/curated-vaults.md).

# Curated Vaults

Access to institutional yield strategies, run by a named curator inside a mandate that the contracts enforce.

Curated Vaults provide access to institutional yield strategies. A Curated Vault pools participant deposits in a vault contract, and a named, independent curator runs one strategy inside an approved mandate that the contracts enforce. The participant deposits stablecoins, receives Receipt Tokens priced at NAV per share and redeems through the vault's liquid or epoch-based settlement window.

The curator is responsible for the vault's mandate, disclosures and compliance. The display of a vault on Venzo is not an offer, solicitation or recommendation.

<figure><img src="https://3297077862-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FJxNp2waFk6hg1G4lEQZu%2Fuploads%2Flg6NzIU5vuIDR5paUX2H%2Ffig-curated-vault-v21.png?alt=media" alt="Stablecoins flow into a pooled vault, a curator runs the strategy inside the mandate, and participants hold Receipt Tokens"><figcaption><p>A Curated Vault. Deposits are pooled, the curator executes only inside the mandate, and each participant holds Receipt Tokens priced at NAV per share.</p></figcaption></figure>

The return comes from the strategy, such as lending interest, funding income, credit spreads or arbitrage spreads. Each vault carries a risk of partial or total loss, and participants must review the mandate, fees, redemption terms and risk disclosures before committing capital.

## Curated Vaults on Venzo

Venzo lists every live Curated Vault with its curator, strategy type, headline rate, TVL and terms, and new vaults join the ecosystem as curators are onboarded. As of September 2026, the vaults cover the following strategy types.

<table><thead><tr><th width="259.21875">Strategy type</th><th width="296.71875">Example vault</th><th>Curator</th></tr></thead><tbody><tr><td>Market-neutral DeFi strategies</td><td>Delta-Neutral Prime USD </td><td>Liquid Alpha</td></tr><tr><td>Credit strategy </td><td>JPEG Credit Strategy </td><td>JPEG Trading</td></tr><tr><td>Private credit</td><td>AFUSD Private Credit </td><td>Affinity</td></tr><tr><td>Lending</td><td>Pro Lend PLUS </td><td>Bitlend Pro</td></tr><tr><td>Cross-exchange arbitrage</td><td>Ergodic Cross-Exchange Arbitrage </td><td>Ergodic</td></tr></tbody></table>

Each vault sets and discloses its own economics.

## A Curated Vault on Venzo

Each Curated Vault has a product page on Venzo. The header names the curator, the networks, the deposit asset and the strategy type and links to the risk disclosure, documents, legal terms and audits. The statistics card shows the headline rate, the TVL, the Receipt Token and the minimum withdrawal wait.

<figure><img src="https://3297077862-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FJxNp2waFk6hg1G4lEQZu%2Fuploads%2F9VZbLrXC5jusmkZzh3SU%2Fui-vault-page.png?alt=media&amp;token=a005811a-2b33-4879-a6e1-12530263ce0f" alt="The Delta-Neutral Prime USD page on Venzo with callouts on the curator, the name, the protocol dashboard link, the document links, the statistics, the withdrawal wait and the Deposit panel"><figcaption><p>Venzo as of 26 September 2026. The product page of Delta-Neutral Prime USD, curated by Liquid Alpha.</p></figcaption></figure>

The Deposit tab previews the Receipt Tokens a deposit mints. The Withdraw tab takes Receipt Tokens and states the vault's request rule: for Delta-Neutral Prime USD, a request becomes eligible after a minimum wait of seven days, is then processed daily and remains valid for 14 days, and submitting again replaces the existing request and restarts the wait. Every screen of the vault page is set out in [Venzo](/docs/platform/products/venzo.md#a-curated-vault-product-page).

<figure><img src="https://3297077862-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FJxNp2waFk6hg1G4lEQZu%2Fuploads%2FHnFiAaOiruubqtjmqIgK%2Fui-vault-deposit.png?alt=media&amp;token=febe1fc3-99c5-4b96-b2b9-ce2331925cad" alt="The Deposit and Withdraw tabs side by side, with callouts on the amounts, the previews, the estimated yield and the request rule"><figcaption><p>Deposit beside Withdraw. The request rule box states the withdrawal terms of the vault.</p></figcaption></figure>

## How a Curated Vault works

* **Subscription:** The participant deposits an accepted stablecoin, and the vault checks access, limits, product status and pause state.
* **Settlement:** Requests settle in epochs at one valuation point, after authorized reporters sign the NAV and it passes freshness and deviation checks.
* **Execution:** The strategy manager acts only on the assets, venues and actions the mandate allows, within debt caps that the contracts enforce.
* **Redemption:** A redemption claim becomes payable once the vault holds the settlement assets for the whole epoch.

The contract design, the settlement steps and the fees are set out in [How Curated Vaults work](/docs/platform/product-mechanics/how-curated-vaults-work.md) and [Fees](/docs/platform/product-mechanics/fees.md).