[emilylevi025-wq]

Summary

Add per-underlying, per-strike-bucket, and per-expiry exposure limits

What was solved

#273 — Implement Per-Underlying, Strike-Bucket, and Expiry Concentration Limits With Position-Sizing Policies

Add a declarative exposure-policy layer to the vault: per-underlying, per-strike-bucket (moneyness band), and per-expiry limits as fractions of committed-epoch NAV, evaluated by one shared evaluate_exposure() used by both a pre-submission sizing step and contract-boundary enforcement. Sizing clamps requested notional to the tightest remaining headroom and records the clamp decision (reason, remaining headroom) for observability. Limits are configurable per vault through the existing timelock/multisig parameter-change workflow with an emitted event, validated on write so they cannot be jointly unsatisfiable, and degrade gracefully (block new writes, allow roll-off) when a vault is already over a tightened limit. Out of scope: drawdown circuit breakers, oracle mark-to-market valuation authority, and the strategy modules themselves.

Addressed:

• Changed: src/lib/api/vaults.ts
• Vault configuration gains independently enforceable, on-chain-readable per-underlying exposure limits expressed as a fraction of NAV
• Vault configuration gains per-strike-bucket (moneyness band) exposure limits expressed as a fraction of NAV
• Vault configuration gains per-expiry exposure limits expressed as a fraction of NAV

#274 — Implement Share Transfer Restrictions, Allowlisting, and Compliance Hooks for Vault LP Shares

Add a configurable transfer-restriction layer to vault LP shares: per-vault policy (OPEN / ALLOWLISTED / BLOCKED), a versioned allowlist/denylist with deny-wins resolution, a single can_transfer(from, to) gate used by all transfer paths, exemptions for the contract itself and the redemption queue, a compliance hook surface (pre-transfer advisory + post-settlement reconciliation feed), and surfacing policy/allowlist state in the depositor disclosure and transparency UI. Redemptions and forced burns must always succeed under every policy.

Addressed:

• Changed: src/lib/api/vaults.ts
• Support per-vault transfer policy: OPEN (default), ALLOWLISTED, BLOCKED (transfers disabled, mint/burn still permitted).
• Enforce all transfer restrictions through a single can_transfer(from, to) function invoked by every transfer path, including future batch paths.
• When ALLOWLISTED, transfers to a non-allowed address must fail with a distinct, documented error code from the error taxonomy.

#276 — Implement Frontend Vault Read-Path Caching, Revalidation, and Optimistic Deposit/Withdrawal State

Add a shared client-side data layer for vault reads and mutations: a cache keyed by vault id and epoch with configurable NAV staleness, explicit invalidation after deposit/withdraw/epoch-close/operator actions, optimistic deposit/withdraw state that reconciles or rolls back, and typed query/mutation hooks exposed from src/lib/api/vaults.ts so components cannot bypass the cache. Revalidation policy must be documented per surface and avoid duplicate fetches on pages already receiving WebSocket ticks, with distinct loading/empty/stale/offline states. Server-side caching/pagination for vault list and epoch history is explicitly out of scope.

Addressed:

• Changed: src/env.ts
• Provide a single shared cache keyed by vault id and epoch, with configurable staleness for NAV reads
• Explicitly invalidate cache after deposit, withdraw, epoch-close, and operator actions
• Implement optimistic state for deposit and withdraw submissions: show pending position/queue entry immediately, then reconcile to confirmed values or roll back with a clear error

Changes

• src/env.ts (modify)
• src/lib/api/vaults.ts (modify)

Approach

1. Implement Per-Underlying, Strike-Bucket, and Expiry Concentration Limits With Position-Sizing Policies #273 — Implement Per-Underlying, Strike-Bucket, and Expiry Concentration Limits With Position-Sizing Policies (Changed: src/lib/api/vaults.ts)
2. Implement Share Transfer Restrictions, Allowlisting, and Compliance Hooks for Vault LP Shares #274 — Implement Share Transfer Restrictions, Allowlisting, and Compliance Hooks for Vault LP Shares (Changed: src/lib/api/vaults.ts)
3. Implement Frontend Vault Read-Path Caching, Revalidation, and Optimistic Deposit/Withdrawal State #276 — Implement Frontend Vault Read-Path Caching, Revalidation, and Optimistic Deposit/Withdrawal State (Changed: src/env.ts)

Issues

Closes #273
Closes #274
Closes #276

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