The controls
Emergency pause. A kill switch. When active, it blocks all deposits and redemptions immediately. Used only in emergencies. See also the per-asset and global pauses on the queues, which are narrower tools. Depositor whitelist. A fund can restrict deposits to an approved set of addresses using a merkle root. If enabled, you must supply a proof of membership when depositing; non-members are rejected. Applies to deposits only. Drawdown gate. Protects investors during a downturn. If the fund’s base price has fallen more than a configured percentage below its high-water mark, new deposits are blocked. This keeps new depositors from entering into a fund that’s underwater and protects existing holders from dilution at depressed prices. Applies to deposits only. Minimum sizes. A fund can require a minimum deposit and a minimum redemption, each valued in the base asset, to avoid dust-sized requests. Per-batch caps. A fund can cap the total value deposited — or redeemed — in any single batch. Once a batch hits its cap, further requests of that kind wait for the next batch. TVL cap. A ceiling on the fund’s total value. Deposits that would push the fund over its TVL cap are rejected. Applies to deposits only.When checks are evaluated
Risk checks run at request time, valued against the last accepted price. The batch itself settles later at the next accepted price. So a check tells you your request is admissible now; it does not lock in your execution price (see Depositing). If a fund enables no value-based checks at all, price lookups are skipped entirely — which is what lets the very first batch accept deposits before any price exists.Pausing, at three levels
Beyond the emergency pause, funds have finer-grained pause tools:Estimating before you commit
The RiskManager exposes read-only helpers —estimateDeposit and estimateRedeem — that front-ends use to show you the shares or assets you’d receive at current prices, after fees. These are estimates only; actual settlement uses the next accepted report’s price.