System Components

Actively Validated Service (AVS). Off-chain coordination layer. It receives orderflow from external aggregators through a relayer, detects Coincidence of Wants (CoW) opportunities, and prepares trade metadata for operator execution. It does not hold capital; its role is limited to validation and construction of executable cycles.

Approver. The protocol’s risk gateway. It controls admission of new execution capacity by checking operator eligibility, validating vault delegations, and enforcing system-wide exposure limits against staked YODL.

Orchestrator. Deployed per operator. It holds the operator’s execution reserve, receives taker tokens on settlement, accounts for trades, processes fees, and manages batch finalization. It also triggers rebalancing when reserves or vaults require adjustment.

Execution Vaults and Burners. Vaults hold curator-delegated principal that defines execution capacity. Burners handle slashed or staked assets and convert them into the form required for settlement or rebalancing.

Escrow. Temporary custody layer for taker tokens after settlement. Escrow provides the first liquidity source for rebalancing and serves as the entry point for finalized proceeds before distribution.

Fee Manager. Enforces fee policies and allocates settlement yield. It receives aggregator fees at settlement time and distributes operator, curator, and protocol shares during finalization.

Oracle Router. Supplies USD valuations and price references, checked for deviation and freshness. These values underpin coverage checks, accounting, and rebalancing bounds.

Registry. Maintains the mappings and allowlists that enforce deterministic routing of trades, operator assignments, and collateral access.