Vault

ERC-4626. Fully reserved caps. Phase 0 is founder capital only.

The underwriting vault is a standard OpenZeppelin ERC-4626. There is no custom custody contract. Every open contract's cap is reserved. No leverage, no margin calls, no liquidations.

open caps + new cap ≤ vault assets × 0.7

Above that ratio the product stops selling and states the reason on screen. Phase 0 underwrites only with founder capital, publicly verifiable on-chain. The deposit button does not exist in this build. It will not exist until an audit.

Underwriters are paid from premiums, in USDG. $LANTERN is not part of underwriting. Launching the token is a manual action through Pons, after premiums are actually flowing.