> For the complete documentation index, see [llms.txt](https://docs.vault.ky/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.vault.ky/smart-contracts/trust-boundary.md).

# Trust boundary

Vault is not trustless, and this page says precisely where the line falls.

## Enforced on-chain

These properties are guaranteed by the programs. No party, including Vault, can override them.

* **Custody.** Contributions sit in a campaign-specific escrow PDA. There is no discretionary withdrawal path.
* **Fixed terms.** Goal, deadline, fee rates, and caps are written to the campaign account at creation and are not read from global config afterward.
* **Refund entitlement.** Each contributor's entitlement derives from their own on-chain receipt.
* **Permissionless progression.** State transitions and refunds can be submitted by anyone.
* **Rent preservation.** Sweeps never drain custody accounts below their rent-exempt minimum.
* **Auditable history.** Every transition emits an event.

## Requires trust in Vault

* **Off-chain fulfillment.** Once funds settle to the execution wallet, delivering the service or deliverable happens off-chain. The chain records that settlement occurred; it cannot verify that a vendor delivered.
* **Cancellation.** Vault can cancel a campaign before release. Cancellation routes funds to refunds rather than to Vault, but the decision is Vault's.
* **Program upgrades.** Vault holds the upgrade authority.
* **Campaign review.** Vault decides which submitted campaigns become live.
* **Global parameters.** Vault sets fee rates and the waiting window for campaigns created going forward.

## What this means practically

The escrow guarantees you cannot lose your contribution to a campaign that simply fails: refunds are automatic and recoverable without Vault's cooperation.

The escrow does not guarantee that a funded project delivers, that a vendor performs, or that a campaign's stated purpose is honest. Those depend on the parties involved.

## Audit status

Vault has completed an internal security review. **No third-party audit has been completed.**

Report vulnerabilities to `security@vault.ky`.


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