Pouchr,
explained.

Pouchr is a delegated on-chain fund platform. Depositors participate in a shared vault; a manager chooses the trades within the protocol’s rules.

Fund shares record each holder’s participation. The manager’s trading permission is separate from the withdrawal path, and fund accounting uses independent oracle prices rather than a price published by the manager.

1. 1

   Explore a strategy

   Use Discover to compare examples and open a fund’s detail. A demo chart is a simulated illustration, not a verified track record.

2. 2

   Read beyond the headline

   Review the manager’s permissions, holdings, valuation basis, fees and risks. For a real fund, verify its vault identity; a familiar name or ticker is not enough.

3. 3

   Check the transaction

   For configured live actions, connect your wallet on the configured network. Review the asset, amount, approval and transaction details before confirming in your wallet.

4. 4

   Follow your position

   Portfolio displays recorded positions from your wallet’s on-chain ledgers. Recorded NAV can be stale and is not a guaranteed liquidation quote.

Starting a fund as a manager?

Create fund deploys a vault and ledger with a name and ticker. An optional seed deposit is a separate transaction; if it fails, a successfully created fund still exists.

Minimum deposit, cooldown, mandate, bio and social fields are currently profile previews. They are not saved or enforced as contract rules, and do not verify a manager’s identity.

Shares cannot be transferred or traded between wallets. A holder exits through the protocol’s withdrawal process. A manager who also holds shares can redeem their own position as a holder; that does not give them access to other holders’ assets.

The current implementation uses USDG as the settlement token. A live deposit requires sufficient USDG allowance and a deposit transaction. If approval is needed, it is a separate wallet transaction. Where a fund already holds a basket of assets, the buy-in follows the existing portfolio weights within the contract’s checks.

1. 01Approve USDGReview the spender and amount
2. 02Enter the basketBuy into existing weights
3. 03Receive sharesPriced using fund NAV

Accrued performance fees crystallize before a new deposit changes the share supply. This avoids charging a new entrant for gains that happened before their deposit.

The manager selects a pair, amount and timing. The quote service obtains a route from KyberSwap and authorizes the exact trade. The authorization binds the vault, adapter, tokens, amount, minimum output, route, expiry and nonce.

A manager cannot lower the signed minimum output or turn trading permission into a direct withdrawal. These checks limit permitted execution; they do not guarantee liquidity or a profitable trade.

Net asset value (NAV) is the total value of the vault’s assets, using independently configured Chainlink-based prices and each asset’s token decimals.

Feeds must pass freshness and completeness checks. Missing, stale or invalid prices prevent normal NAV operations rather than falling back to a manager-supplied mark.

USDG is treated as the settlement unit. Converting USD feed prices to that unit assumes USDG stays at dollar parity; the current accounting model does not protect against a USDG depeg.

Withdrawals redeem a holder’s shares through the withdrawal controller. The process limits sales to that holder’s pro-rata slice of the vault and settles in USDG.

The execution-value path does not send an in-kind basket to your wallet and cannot be used just to bypass fees while all assets are priceable. It does not crystallize a performance fee because an independent profit measurement is unavailable. It still needs executable routes and sufficient liquidity.

The current contract structure charges a performance fee on gains above the fund’s high-water mark. Network and execution costs are separate.

Deposit fee

0%

Management fee

0%

Withdrawal protocol fee

0%

Network & execution costs

Variable

How the high-water mark works

Performance fees accrue only above the fund’s high-water mark. Crystallization mints fee shares, split equally between the manager and protocol, and raises the post-fee high-water mark. The same gain is not charged twice.

Because fees are represented by newly minted shares, they affect the share supply and each share’s claim on the fund. Review the live transaction details as well as the headline percentage.

Trading authority is limited. Investment risk is not eliminated.

• Market & manager decisions

  Asset prices can fall, strategies can underperform, and capital can be lost. Profile text and social identities are not verification of a manager or their performance.

• Liquidity & execution

  Thin markets, slippage, unavailable routes and network conditions can affect trades and withdrawals. A quote can expire or fail to execute.

• Contracts, oracles & dependencies

  Contract failures, oracle outages and external protocol dependencies can affect funds. A quote-service outage can prevent new manager trade authorizations.

• Governance & configuration

  Enabled controllers, adapters and signers are part of the trust model. Timelock protections depend on deployment configuration; disabling components can affect available actions.

Vault

The contract that holds a fund’s pooled assets and enforces its execution permissions.

Fund shares

Non-transferable ledger balances that record a holder’s participation in the fund.

NAV

Net asset value: the value of the fund’s holdings according to independent configured oracle prices.

High-water mark

The fund-level reference used to calculate performance fees only on gains above that mark.

USDG

The settlement token used for deposits and withdrawal payouts in this implementation.

Slippage

The difference between an expected trade outcome and the price available when it executes.

Quote authorization

A time-limited signature that binds a manager trade to exact execution terms and a one-time nonce.