Authorized Participant Flow
The Authorized Participant is the quoting and policy interface between external flow and the vault. The AP does not custody user funds, submit user transactions, or override vault rules. Its authority is limited to signed quotes that the vault can verify independently.
Quote Fields
| Quote field | Purpose |
|---|---|
| Product / vault | Identifies the relevant PMF product and vault. |
| Action | Creation or redemption. |
| Receiver | Address receiving shares or settlement asset. |
| Settlement asset | Asset used for payment or redemption. |
| Amount | Input or output amount being quoted. |
| Bounds | Protects against unexpected mint or redeem results. |
| Deadline | Prevents stale quote execution. |
| Nonce / quote ID | Prevents replay. |
| Quote reference | Binds the quote to the product's pricing and basket context. |
| Signature | Confirms AP authorization. |
Policy And Verification
The AP checks policy and operating conditions before signing. The vault then checks the signed authorization onchain. Both layers matter: the AP controls whether a quote should be issued, while the vault controls whether the submitted authorization is valid.
Quote Refusal
Quote refusal is expected behavior. PMF may refuse flow when requested size exceeds available capacity, NAV inputs are stale, solver readiness is degraded, market depth is insufficient, settlement checks fail, or reconciliation is not complete.
The absence of a quote does not necessarily mean a product is inactive. It means the current requested primary flow is not available under the product controls.