Overview

Mosaic Capital is a vault for USDG. You deposit once; the protocol spreads that deposit across several lending venues, keeps it there at sensible weights, and moves it only when moving is worth the gas. Yield shows up as your shares becoming worth more USDG. There is nothing to claim, nothing to monitor, and no reward token.

What a deposit actually does

1. You deposit USDG and receive mUSDG shares priced at the current share price.
2. Your deposit waits in the idle buffer — six percent of the vault is kept liquid — until the next batch. Batching means the gas cost of entering a venue is shared, so a small deposit gets a large deposit's economics.
3. A keeper deploys the batch across the registered venues, pro-rata to target weights.
4. Interest accrues at each venue and raises the vault's total assets, which raises the price of your shares. You hold the same number of shares in month six as on day one.
5. You withdraw whenever you like. Ordinary withdrawals come straight out of the buffer without unwinding anything.

What makes it different

Allocation is priced, not guessed. Each venue is scored on-chain from its rate, its free liquidity, its utilization and how much its rate has been swinging. A venue paying well but lent out to the last dollar scores below a steadier one paying slightly less.

Moving costs are a first-class term. A rebalance only fires when the expected yield change over a thirty-day horizon justifies the gas, within a bounded allowance for moves made on risk grounds rather than yield grounds. Overtrading is how sophisticated strategies underperform lazy ones.

Limits are in the contract, not the marketing. No venue may exceed forty percent of the vault. The performance fee is charged on yield only, against a high-water mark, and cannot touch principal. A keeper can decide when the vault acts but never where the money goes.

The vault tells you what it can actually pay. Withdrawal capacity counts only cash the venues can hand over right now; balances lent out to borrowers are excluded. You see that number before you type an amount.

What it does not do

• It does not promise a rate. Yield is whatever the venues pay, net of fees.
• It does not chase the single highest headline rate. Concentration turns a survivable event into a total loss, and supplying into a pool lowers the very rate that attracted you.
• It does not custody your position off-chain. mUSDG is a standard ERC-4626 share; any wallet or protocol can read it.
• It does not have an emergency it can solve by taking your funds. The owner can pause deposits and pull capital back to the buffer; withdrawals stay open the whole time.

Where to go next

• How it works — the mechanism in detail: buffer, allocation, rebalancing, fees.
• Depositing and withdrawing — what to expect as a depositor.
• Contracts and parameters — the interface, every parameter and its bound.
• Running a keeper — for operators.
• Security — trust model, invariants, known gaps.
• Whitepaper — the full technical treatment.