What is actually live

What the manager can still do

The vault prices its position at one Uniswap V3 pool and that is the only price it has. A manager who can push that pool can sell the position into the vault at an inflated mark and let the price come back — and property 31 executes exactly that rather than denying it: on a $200,000 vault, pushing the mark to twice its value and selling 500 tokens in takes $50,000 from holders, and the manager nets exactly what they lose — to the unit.

That is a property of every vault that marks a position against a venue it does not control. Closing it needs a second price source, not a bound the manager supplies, and this contract does not have one. The guarantee on the front page is therefore about sweep specifically — it moves what was donated and nothing that is owed — and not about the manager in general.

P31 is a control as much as a property: it must show a real loss. If it ever shows none, either the model stopped moving or the property stopped running, and both are worse than the limitation it documents. Its first version was itself wrong — it counted the cash the manager received and not the position they handed over, and reported holders losing $50,000 against a manager gaining $100,000.