> For the complete documentation index, see [llms.txt](https://perena.gitbook.io/perena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perena.gitbook.io/perena/protocol/perena-vault-v2.md).

# Perena Vault V2

High-level overview of Perena's structured vault framework

Perena Vault V2 is Perena's current framework for managed, programmable vaults. It supports standard pro-rata vault shares and, where configured, multiple claims on the same underlying portfolio.

When a vault uses multiple claims, each claim has a distinct place in the payout and loss order. This lets one managed portfolio support different risk and return profiles without changing the underlying strategy.

{% hint style="info" %}
**Current implementation:** New Perena vault and curator workflows use Vault V2. Older V1 and Vault Adapter documentation is retained only for historical reference. The features available to users depend on each vault's configuration.

This overview stays intentionally high level. It explains the product shape and user value without exposing sensitive implementation details.
{% endhint %}

### What Vault V2 introduces

* **Programmatic tranching**. One portfolio can support senior and junior claims.
* **Deterministic waterfall**. Gains and losses flow through predefined priority rules.
* **Validated accounting**. Valuation, tranche balances, and fee logic follow protocol rules.
* **Managed liquidity flow**. Subscriptions and redemptions can use queue-based processing when needed.
* **Risk boundaries**. Execution limits and concentration controls constrain portfolio construction.

### How Vault V2 improves on the legacy vault framework

#### It separates risk by design

[USD STAR (USD\*)](/perena/products/usd-star-usd.md) gives holders a pro rata claim on a diversified pool.

Vault V2 supports both isolated single-claim vaults and, where configured, multiple claims within one portfolio. It makes capital structure native. Conservative capital can sit above first-loss capital inside the same portfolio. That creates cleaner risk buckets without fragmenting the underlying strategy.

#### It creates multiple payoff profiles from one portfolio

Without native tranching, users often choose between separate products, wrappers, or isolated vaults.

Vault V2 supports a broader range of outcomes from one asset base:

* senior fixed-style income
* variable yield participation
* junior first-loss upside

This expands product fit without forcing every user into the same return path.

#### It improves protection for conservative capital

The current [USD\* Protected](/perena/products/usd-protected.md) and [USD\* Junior](/perena/products/usd-junior.md) design already begins to separate risk.

Vault V2 implements that separation directly in core portfolio logic.

Loss allocation and cash-flow priority are enforced by a built-in waterfall. That makes protection rules more explicit, more auditable, and less dependent on product-specific overlays.

#### It fits credit and RWA strategies better

Some strategies do not behave like instant-liquidity DeFi vaults.

Credit, treasury, and tokenized RWA exposures need stronger NAV discipline and more orderly liquidity handling.

Vault V2 is designed around validated NAV, queued flows, and continuous accounting. That makes it better suited to structured credit than a simple share-token design.

#### It improves transparency without exposing internals

Vault V2 can expose tranche-level positions, attribution, and auditability at a high level.

Users can understand where they sit in the capital stack without disclosing sensitive execution logic.

### How it fits with other Perena products

* [USD STAR (USD\*)](/perena/products/usd-star-usd.md) offers one shared claim on diversified yield sources.
* [USD\* Protected](/perena/products/usd-protected.md) adds a capital-preserving posture on top of USD\* exposure.
* [USD\* Junior](/perena/products/usd-junior.md) adds a first-loss, higher-upside posture on top of USD\* exposure.
* [Vault Adapter Technical Design](/perena/protocol/legacy-vault-adapter-technical-design.md) focuses on modular strategy routing and risk isolation across vaults.

Vault V2 combines these directions into a more unified framework. It keeps diversification and composability, while adding native claim priority inside the portfolio itself.

### Why this matters

Vault V2 creates a stronger base for:

* on-chain fixed income
* treasury products
* tokenized RWA credit
* structured yield markets

That is a meaningful step beyond standard yield aggregation. It turns capital structure itself into protocol logic.