> 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/vault-as-a-service/vault-architecture/core-participants.md).

# Core participants

<table><thead><tr><th width="265.64453125">Participant</th><th>Role</th></tr></thead><tbody><tr><td>LP / Vault User</td><td>Deposits assets, receives vault shares or a claim, monitors performance, and redeems according to vault rules.</td></tr><tr><td>Vault Creator / Curator</td><td>Defines vault mandate, eligible assets, strategy rules, fee policy, risk limits, and distribution policy.</td></tr><tr><td>Strategy Manager</td><td>Allocates approved capital to whitelisted strategies and execution venues within the vault mandate.</td></tr><tr><td>NAV Signers / Oracle Operators</td><td>Validate and publish NAV or share price updates according to oracle policy.</td></tr><tr><td>Third-Party Verifier</td><td>Verifies reserves, collateralization, service-provider data, settlement records, or proof of deployment.</td></tr><tr><td>Governance / Guardian</td><td>Manages high-sensitivity actions such as parameter changes, emergency pauses, upgrades, or strategy approvals.</td></tr><tr><td>Neofinance Integrator</td><td>Lists the vault in the approved partnering interface, a partner app, or an API/SDK integration.</td></tr></tbody></table>