Vault Accounting

totalAssets()

The vault's total assets denominated in WETH:

totalAssets =
  WETH balance in vault
  + stETH balance in vault              (not yet queued to Lido)
  + (totalPendingStEth − finalizedStEth) (stETH queued, not yet finalized)
  + claimableEther                       (ETH receivable from finalized Lido NFTs)
  − _reservedRedeemAssets               (WETH reserved for claimable LP redemptions)
  − _pendingRedeemAssets                (WETH owed to pending LP redemptions)

Finalized Lido NFTs are valued at their actual claimable ETH (via getClaimableEther), not at stETH face value. A slashing event is therefore reflected in the share price immediately upon finalization - before the keeper claims the NFT.

Effect of actions on totalAssets / totalSupply

Action	totalAssets	totalSupply
deposit(assets)	+assets	+shares
swap (no fee)	+discount	unchanged
swap (with fee)	+discount + feeAmount	+feeShares
requestRedeem(shares)	−convertToAssets(shares)	−shares
claimPendingWithdrawals...()	unchanged	unchanged
withdraw (no fee)	unchanged	unchanged
withdraw (with fee)	+fee	+feeShares

Fees

Swap fee (feeBps)

Charged on the gross WETH output of each swap. The fee WETH stays in the vault as liquidity; the owner is minted equivalent shares. Hard cap: 30% (MAX_FEE_BPS = 3_000).

Withdrawal fee (withdrawalFeeBps)

Charged when an LP withdraws claimable WETH via withdraw(). Deducted from the payout; fee WETH stays in the vault as liquidity and the owner is minted equivalent shares. Hard cap: 10% (MAX_WITHDRAWAL_FEE_BPS = 1_000).

The withdrawal fee exists to deter flash-loan–based discount extraction (deposit → swap → requestRedeem → withdraw in one transaction).

Minimum deposit

The _deposit override rejects deposits that would result in fewer than minRedeemShares shares. This ensures every deposit position is large enough to be redeemed via requestRedeem later.