Protocol Security
Withdrawal circuit breaker
Direct SY redemptions back to the underlying asset are rate-limited per time window. The circuit breaker protects a vault's reserves from being drained by a single large exit or an oracle-driven run.
How it works
Each adapter vault tracks a rolling withdrawal window. Within a window, only a capped share of the vault's base reserve - set in basis points - can be redeemed directly. As users redeem, the amount withdrawn accrues against the window's quota; when a new window begins, the quota resets against a fresh reserve snapshot.
- Redemptions inside the remaining quota settle immediately.
- The quota is a share of the vault's base reserve, not a fixed amount.
- Minting and AMM trading of PT/YT are not affected by this limit.
- Window length and quota are configured by governance under ACL.
When a redeem exceeds the quota
If a redemption would push past the remaining quota, it is not silently rejected. Instead the user can enter a managed flow:
1
Create a withdrawal requestThe redemption is queued and the SY is held in escrow.
2
Operator reviewAn ACL-gated operator can process or reject queued requests as reserves allow.
3
Cancel anytimeThe user can cancel a pending request to receive the escrowed SY back.
Parameters
| Parameter | On-chain field | Meaning |
|---|---|---|
| Withdraw window | withdraw_window_ms | Length of each rolling window, in milliseconds. The quota resets when a new window starts. |
| Per-window quota | withdraw_bps_per_window | Maximum share of the vault base reserve that can be redeemed per window, in basis points. |
| Base reserve | withdraw_window_base_reserve | The reserve snapshot the quota is measured against for the current window. |
| Remaining quota | remaining_withdraw_quota | How much of the current window's quota is still available before requests are queued. |
Why a quota instead of a hard cap
Measuring the limit as a share of reserves means the breaker scales with the size of the vault, and a burst of exits is smoothed across windows rather than blocked outright.