> 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, market-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, realizing 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 market-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 contracts are permissionless at the protocol level.
Entities contracting directly with Syntetika, distribution partners and institutional counterparties, complete business verification through an independent provider.
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## Operational Cadence
Syntetika runs on a twice-monthly cycle. Capital queues close two business days before each strike. Cutoffs falling on a weekend or holiday roll back to the preceding business day. Strike dates do not move. Exact cutoffs are shown in the app.
Deposits and redemption requests can be submitted at any time. Requests in by the cutoff are dealt at the next strike NAV; later requests roll to the following cycle.
Deposit cancellations close at the cutoff and reopen after processing; redemption requests can be cancelled at any time before they are paid.
Once the strike NAV is published, deposits are minted and the net is routed to the fund through a whitelisted gateway, the same day. Redemptions are paid once the strike NAV is published and settlement runs.
Deposits and redemptions are both dealt at the strike NAV. NAVs strike on the 15th and last day of each month and finalize typically within five business days, and up to fifteen in exceptional cases. Nothing transacts until that figure is in, so nobody is dealt at a price that was already public when they queued.
