Limit engine
The concentration, exit and stress rules a curator's allocations are checked against.
Design defaults
The values below are the proposed defaults for Akashi's own vault (research of 16 September 2026). They ship as defaults, not constants; every override is recorded with who, when, why and the value it replaced.
The limit engine turns the sources registry into a verdict for each allocation: is this line eligible, how much headroom is left, and what breaks if it is added. Rules are expressed against the vault's total value.
Eligibility
- Only sources in tiers A and B are investable.
- A token with an allowlist, permanent delegate, transfer hook, or unresolved legal note is blocked.
- The venue must be open (not close-only) with at least 5 % of its deposit cap left.
Concentration
| Rule | Default |
|---|---|
| Per line | 8 %, hard ceiling 10 % (above that only as a named exception) |
| Single borrower | 4 % |
| Originator, look-through | 25 % |
| Macro driver | 35 % |
| Program (venue) | 35 % |
Stress budget
The sum of each line's weight times its stress loss must stay under the Junior share of the vault: by default 25 %. A curve variant ties the budget to book utilisation, floored at 20 % and capped at 40 %.
Exit
| Rule | Default |
|---|---|
| One day | at least 25 % of the book exitable within a day at 0.6 % cost or less |
| One week | at least 50 % exitable within seven days, counting cooldowns and queues |
| Idle buffer | 5 % |
Triggers for review
- Venue utilisation at 95 % (review) or 98 % (block new deposits).
- Venue cap headroom under 5 %.
- Rate under the 5 % floor for 30 days.
- Any change to a held reserve's LTV, liquidation threshold, cap or oracle.
- Any change of admin, curator or upgrade authority on a held venue.
Most defaults are borrowed from regimes that already solved this problem for pools of short-dated dollar claims (US money market fund rules, EU UCITS and MMFR, Basel large-exposure limits, CLO concentration tests), with deviations argued case by case.