SEVERE concentration risk on this vault, against an overall band of low.
The band weighs them against everything else, which is why it can read better without being in conflict.
Evidence · Not scored · 3 of 5 components read (55% of the weight)
Point at a risk to read what it rests on.
The contract holds 1.07 WBTC, read from the chain by its token. At the price we publish that is $85.3k, against the $85.1k shown above.
99.7% of the capital we can attribute here, or $85.4k, belongs to 10 addresses that also hold an open vault elsewhere, the deepest of them in 110. They can leave all of them on the same morning.
The contract imposes NO notice period: a redeem settles in the transaction that asks for it.
That is not a promise of an instant exit — it is still subject to the vault having the money, which is the liquidity reading and a separate question — but there is no queue, no request step and no lock-up in the contract.
There is no exit capacity to read here, and that is the contract rather than a gap in our reading. THE CONTRACT HAS NO EXIT CAPACITY TO READ, and that is a fact about the contract rather than a gap in our reading. Asked what a holder who demonstrably holds shares could withdraw, it returned their whole holding converted, with no liquidity cap inside the answer. Asking again returns the same thing and so would any other reader: there is no figure here that measures what the vault could actually pay.
A quoted rate is one input, not a verdict.
It moves only when the strategy earns or loses; deposits do not move it.
Dashed: what the venue advertised, all recorded by us, which we began on 2026-10-01.
$10.0k would be $10.0k , a loss of $20.01, -0.2% over 86 days.
Priced from our first reading 4 days after that date; 2026-08-02, because it is the earliest price we hold rather than one we would have to invent.
Computed from the price of one share, so another depositor arriving is never counted as this strategy’s performance. Fees the venue charges inside the share price are included; anything charged outside it is not. It says what this vault did between two dates and nothing whatever about what it will do next.
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Six questions, and what we hold for each. 2 of 6 are not measured for this vault.
| Source mark | Question | What we hold | Source |
|---|---|---|---|
| What does it hold or lend into? | WBTCThe venue names a deposit asset. What the vault actually holds behind it has not been read. | Declared | |
| How much could leave now? | —No exit reading. This is the figure that decides whether a position can be left, and we do not have it. | Not measured | |
| Who runs it, and what else have they run? | IPOR FusionA named operator with a record across every vault they run, including the ones that closed. |
6 transactions moved assets on the vault’s own account, across 2 tokens.
Counted as manager activity because the transaction carried neither a deposit nor a withdrawal. 1 further transfer travelled with somebody’s own money and are not counted here. A transfer is not a trade: this says the contract acted, not that it acted well.
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
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| Risk | Reads | In the band | From |
|---|---|---|---|
| Market | Low | Yes | drawdown |
| Liquidity | Not read | Yes | nothing fed it |
| Concentration | Severeworse than the band | Yes | concentration |
| Operating | Low | Yes | consistency |
| Controller | Not read | No | who may move the money |
| Evidence | Not scored | No | 3 of 5 components read (55% of the weight) |
The levels come from this vault’s own risk components and controller reading. The bars draw them; they are not a second calculation, and there is deliberately no overall figure.
The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.
That is our coverage, not a finding.
Unexamined is not acceptable, and THIS IS NOT PART OF THE OVERALL BAND either way.
This is a statement about our coverage and carries no level of its own, because how much we could read is not a risk the vault runs.
Figures computed from the share price read from the vault contract as we went: 2026-10-06 to 2026-10-26, 109 observations. No fixed window is long enough to compute yet. Readings from the share price read from the contract at past blocks, reconstructed afterwards (52) exist and are not mixed in: one series, one source.
These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
| Measured |
| What does it depend on? | IPOR Fusion on EthereumThe venue and the chain are known; what the strategy routes into underneath them has not been read. | Declared |
| Who can change it, and how fast? | —Access control has not been read for this vault. Who can move the money, and how quickly, is unknown. That is not the same as nobody being able to. | Not measured |
| How much of the above was measured? | 3 of 5 not measuredCounted from the rows above rather than asserted. Every figure on this page carries when it was read and what it was read from; the gaps are listed on /reconciliation with their size. | Measured |
This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so.
The mark says where an answer came from, never whether it is good: a filled circle is a reading we made, a half circle an inference from readings we hold, quotation marks what the venue or operator states, and a dashed ring means we did not read it rather than that there is nothing to read.
Nothing here is a rating, a recommendation, or a statement that this vault is safe.
These fields are empty because nobody has attested them, not because we failed to find them.
An operator who registers gets a record that provably cannot be edited after the fact, and a grade no unregistered strategy can reach.