> For the complete documentation index, see [llms.txt](https://docs.yodl.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.yodl.fi/strategy-and-execution/execution-lifecycle.md).

# Execution Lifecycle

<figure><img src="/files/vnDK4s9aZZugz7Ks91f1" alt=""><figcaption></figcaption></figure>

When Curator vaults allocate capital and participants delegate $YODL, the Operator receives a USD-denominated execution-credit ceiling that defines how much liquidity can be mobilized.

**Activation:** Execution-credit ceiling = (delegated YODL × credit multiplier × RM).

**Utilization:** Strict on-chain checks prevent overspending or unauthorized access.

**Repayment:** All utilized Curator capital must be restored before epoch end.

**Liquidation:** If HF ≤ 1.0, a Bounded Liquidation restores the vault’s balance.

**Renewal:** Restored capital immediately frees up execution credit, which is reusable within the same epoch.