Protocol Overview
Multyr is an autonomous yield infrastructure protocol. It deploys deposited USDC into diversified lending strategies across major DeFi protocols, returning yield to depositors through a single ERC-4626 compatible vault interface.
The protocol is designed around three principles: NAV-first accounting (share price is always derived from on-chain net asset value), risk isolation (each strategy operates independently and can be paused without affecting others), and deterministic flows (deposit, withdrawal, and rebalancing paths follow fixed, auditable logic with no off-chain dependencies in the critical path).
Architecture
┌─────────────────────────┐
│ Periphery │
│ Permit2DepositHelper │
└────────────┬────────────┘
│
▼
┌──────────┐ ┌──── ────────────────────────────────┐
│ │ deposit │ CoreVault │
│ User │────────▶│ (ERC-4626 Vault) │
│ │◀────────│ Single Asset: USDC │
└──────────┘ shares └────────────────┬───────────────────┘
│
┌────────────────┼────────────────────┐
│ │ │
▼ ▼ ▼
┌──────────────┐ ┌──────────────┐ ┌──────────────┐
│StrategyRouter│ │BufferManager │ │ FeeCollector │
└──────┬───────┘ └──────────────┘ └──────────────┘
│
┌────────────┼────────────┬──────────────┐
▼ ▼ ▼ ▼
┌─────────┐ ┌─────────┐ ┌─────────┐ ┌─────────┐
│ Aave V3 │ │ Euler │ │ Morpho │ │Compound │
└─────────┘ └─────────┘ └─────────┘ └─────────┘
Three Layers
Core
CoreVault is the single entry point for deposits and withdrawals. It holds depositor shares, tracks NAV, and delegates capital deployment to the module layer. The core is intentionally minimal — it owns accounting and access control, nothing else.
Modules
Modules extend the CoreVault with specific responsibilities while preserving vault invariants:
| Module | Responsibility |
|---|---|
| StrategyRouter | Routes capital to strategies based on allocation targets |
| BufferManager | Maintains a liquid USDC reserve for instant withdrawals |
| FeeCollector | Accrues and distributes protocol fees |
| Incentives | Distributes rewards to depositors |
| PriceOracleMiddleware | Integrates external price feeds for NAV calculations |
| BatchGuardrails | Enforces safety limits on batch operations |
| StrategyHealthRegistry | Tracks the health status of each active strategy |
Periphery
Periphery contracts improve UX without introducing trust assumptions into the core. Permit2DepositHelper enables gasless approvals and single-transaction deposits via Uniswap's Permit2 standard.
Design Principles
- NAV-first. Share price is derived from the total value of deployed assets, not from external price feeds or market makers. The vault never trades its own shares.
- Minimal core. The CoreVault contains only accounting and access control logic. All other functionality lives in modules that can be upgraded or replaced independently.
- Deterministic flows. Every deposit, withdrawal, and rebalance follows a fixed code path. There are no off-chain dependencies in the critical path.
- Risk isolation. Each strategy is an independent adapter. A failure in one strategy cannot cascade to another or to the CoreVault itself.
Current Deployment
Multyr is currently in shadow testing on Arbitrum as the first chain. The shadow vault runs the full protocol stack in parallel with test capital, validating strategy behavior, fee logic, and operational procedures before production deployment.
Next Steps
- Vaults & Strategies — How the vault deploys capital into lending strategies
- CoreVault Lifecycle — From deployment through sealing and emergency states
- Modules — Detailed module descriptions
- Multichain — Cross-chain deployment model
Document version: 1.1 Last updated: 2026-03-29