> For the complete documentation index, see [llms.txt](https://docs.syntetika.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.syntetika.io/syntetika-overview.md).
# Syntetika Overview
Syntetika offers on-chain access to institutional-grade strategies through a single user-facing vault, where participants deposit cbBTC and hold hBTC, a token that reflects the performance of a CIMA-registered, delta-neutral fund.
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## Key Features
**Tokenized positions.** Each allocation is represented as an ERC-4626 token on Base: a transparent, on-chain claim on the vault's position, priced from independently attested NAV.
**Single point of access**. Enter and monitor a position through one vault, without the minimums, paperwork, and gatekeeping that usually stand between allocators and institutional funds.
**Separation of duties**. Responsibilities are partitioned across four layers, so no single party can move capital or set the vault price alone. Capital flows only along defined paths, under multi-signature control, to whitelisted addresses.
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## How Returns Accrue
Each position is an ERC-4626 vault share, a proportional claim on the vault's assets.
Participants receive no separate payouts, and there is nothing to claim or restake. As the underlying strategy performs, the value of the share moves with the fund's NAV, and the return accrues inside the token already held.
When a NAV strike is published, the share's exchange rate against cbBTC updates on-chain, up or down, and the position reflects the new value automatically. Gains compound in place, realising them is simply a matter of redeeming.
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## The cbBTC Vault
Syntetika currently operates a single cbBTC Vault, deployed natively on Base with its own subscription and redemption queue and NAV cycle.
Participants deposit cbBTC, Coinbase's wrapped Bitcoin, into the vault, putting an otherwise idle asset to work inside an institutional delta-neutral strategy.
The architecture is built to onboard further assets and strategies on the same basis, each operating with its own queue and NAV cycle.
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## Vault Access
The vault is permissionless at the protocol level. Syntetika contracts only with verified counterparties; every entity onboarded for direct participation completes business verification through an independent provider.
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## Operational Cadence
Syntetika runs on a twice-monthly cycle. Capital queues close on the 13th and 28th, and net flows are routed through a whitelisted gateway to, or from, the fund ahead of the valuation strikes on the 15th and at month-end. Mints and redemptions settle at independently attested NAV, never an internal estimate.
Participants can submit a redemption request at any time through the on-chain dashboard. Each request joins the next cohort at the cutoff; it is not locked, and later requests simply roll into the following cycle.
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