How to close a vault

Overview

Closing a vault permanently shuts down its operations and allows users to withdraw their assets at a fixed price. The process requires coordination between the vault admin and the safe contract.

3-Step Closure Process

Step 1: Initiate Closure (Admin)

The vault admin starts the closure process:

vault.initiateClosing();

What happens:

• Vault state changes to Closing

• New deposit settlements are blocked

• Users can still request deposits but they won't be processed

Step 2: Update NAV (Valuation Oracle)

Update the vault's value before final closure:

vault.updateNewTotalAssets(1000000); // Current market value

Step 3: Complete Closure (Safe)

The safe contract finalizes the closure:

vault.close(1000000); // Must match the NAV from step 2

What happens:

• Updates final asset value

• Settles all pending requests

• Takes final fees

• Transfers all assets to vault contract

• Vault state changes to Closed

• Share price becomes fixed

After Closure

Users can only:

• Withdraw their assets using withdraw() or redeem()

• Claim any pending settled requests

• Transfer shares

Important Notes

⚠️ Permanent action - Cannot be reversed

⚠️ NAV matching - The value in step 3 must match step 2

⚠️ Asset requirements - Safe must have enough assets for all withdrawals

Role Requirements

Step	Who Can Execute	Function
1	Vault Admin	initiateClosing()
2	Valuation Manager	updateNewTotalAssets()
3	Safe Contract	close()

Events Emitted

event StateUpdated(State.Closing);    // Step 1
event NewTotalAssetsUpdated(uint256); // Step 2
event TotalAssetsUpdated(uint256);    // Step 3
event StateUpdated(State.Closed);     // Step 3