The LP journey

This page follows the path your capital takes, from deposit to redemption.

1. Deposit. You deposit a stablecoin into a Trade Dollar vault on Ethereum; each vault shows its accepted deposit token. Access is a verified whitelist, so you complete verification before you can deposit.

2. Mint. The vault mints vault share tokens and sends them to you, priced on the current Net Asset Value (NAV). These tokens are your share of the vault, including any yield it builds up over time.

3. Deploy. The vault puts the capital to work in commodity trade finance deals. The Curator selects and approves each deal inside the risk framework the Risk Committee sets. The money funds the purchase of commodity inventory from suppliers who need cash up front.

4. Secure. For every funded trade, a financing vehicle takes legal title to the goods on the vault's behalf, because a smart contract cannot hold title itself. A Digital Warehouse Receipt (DWR), issued on the Salus layer in the vehicle's name, records them. Each trade also carries cargo insurance, with the financing vehicle as the named loss payee, so any payout flows to the vehicle and through it to the vault. This is the non-credit model at work: the vault is the beneficial owner of real goods, rather than a lender relying on a borrower's promise to repay.

5. Settle. When the trade finishes, usually within 30 to 90 days, the pre-contracted end buyer pays for the goods into a controlled settlement account. The financing is repaid from those proceeds, the capital returns to the vault with the financing fee on top, and the NAV is updated to reflect the gain.

6. Redeem. You can request a withdrawal at any time. Requests join a first-in, first-out queue and are paid first from the vault's cash buffer, held in stablecoins and short-term on-chain positions, and then from trades as they mature. Because the capital is working in deals of 30 to 90 days, a full withdrawal can take up to that long, and sometimes longer when markets are under stress.