# Onchain infrastructrure

The primary smart contract for our onchain infrastructure is the Credit Vault contract, which implements the ERC4626 standard. Outside of the Credit Vault, we have a simple whitelist manager, which is used to manage access to the Credit Vault. Only users that pass KYC/KYB can access our credit vault contracts

Our credit vault contract has the following parameters, adjustable by admins:

* **Rate**: Used for yield-bearing products to set a linear rate of accrual for the redemption value
* **Borrower**: The admin wallet that is allowed to borrow funds from the pool
* **Redemption Value:** The redemption value of an hyToken

<figure><img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdWUxOBlCpf9benN0o0qEh79bxwpu11YR1UdAH6AFCf-ExKAT89owd0j0bIMOEOLmgtRyGhsPWSzHKFAhe9u48GAqBlKRxHi2SnzZLGaNCNf26lfbXabQKj1c66za-RrwqG0T5YAmTmCfHadp-gLyhbWbIC?key=gPioe2F70Hoxnj_wscZCQg" alt=""><figcaption></figcaption></figure>

<figure><img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdlwQtpxWsvkelb4K9hjROoNFmY6Pjdf_hpP7Eb5TosS7m0tVRh7lxz77hpj_Mqe6IxXysw_181E4jpvHChZ9CNvsowq_RrN75i7XXMdrUdaFPncyKsofsGkdM47xflmpH2p7SPm3FgySjqQ1rQaea8Y50?key=gPioe2F70Hoxnj_wscZCQg" alt=""><figcaption></figcaption></figure>

The typical operational flow for the onchain component involves the following:

1. Users transfer USDC to one of our credit vaults and receive a deposit token (e.g. hyTB) representing their share of the pool.
2. The deposit token immediately starts accruing interest so long as some portion of the assets have been borrowed by HiYield
3. Users can then transfer this token to approved DeFi protocols as collateral, or simply hold it in their wallet


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