Bracket Vaults

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Bracket’s vaults on Ethereum are tokenized vehicles that run predefined strategies within stated constraints, with on-chain NAV and accounting. At the 2026-08-14 survey they held about $2.7M, far under our $100M materiality line. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism applicability

Bracket Strategy Vaults accept ETH-, BTC- or stablecoin-denominated deposits into actively managed strategies. Investors receive rebasing or wrapped receipt tokens while approved managers allocate under disclosed whitelists that may include multiple chains, protocols, assets, bridges and leverage. Third-party NAV updates determine share accounting and deposit or withdrawal value. This establishes a live delegated-allocation product whose small aggregate size triggers the shared v1 below-materiality screen.

Current observation and lifecycle

The DefiLlama protocol API read on 2026-08-15 classified Bracket Vaults as Onchain Capital Allocator and reported approximately $2.73M TVL on Ethereum. Current Bracket documentation lists live brETH, brUSDC and other strategy vaults, current contracts and daily or weekly withdrawal schedules. The surveyed accounting perimeter is Ethereum vault contracts even when managers may deploy underlying strategy capital across other approved chains.

Control, access and exit applicability

Bracket Protector or policy-managed MPC wallets constrain managers to approved operations, but Bracket acts as policy administrator and vault managers still choose positions within the mandate. NAV is periodically supplied by a third-party administrator; vaults lock while overdue NAV is resolved. Withdrawals are requests for a future NAV and require the manager to unwind and fully fund them before claims become available. Bracket also describes qualified-user and KYC/AML restrictions, including vaults whose KYC check occurs on withdrawal.

Why the class rule decides

At roughly $2.73M total TVL, a $1M to $8M advised book would be a material fraction of the entire platform before considering exact-vault capacity, queued exits, manager unwind or eligibility. The shared v1 below-materiality dossier therefore decides immediately. Reopen after DefiLlama TVL remains above $100M for 30 consecutive days, then review each vault separately for legal eligibility, manager and administrator authorities, policy whitelist, leverage and counterparties, NAV controls, incidents, audited contracts, executable proposed-size withdrawal and named direct alternatives.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Bracket — Strategy Vault mechanics · primary · accessed 2026-08-15
  Supports: active management, receipt tokens, third-party NAV, withdrawal queue, manager unwind, investment whitelist
• Bracket — Protector and policy controls · primary · accessed 2026-08-15
  Supports: multisig wallet, policy administrator, whitelisted operations, MPC wallet, bridging, withdrawal queue
• Bracket — manager and qualified-investor workflow · primary · accessed 2026-08-15
  Supports: qualified investors, KYC and AML allowlist, manager controls, withdrawal queue, receipt-token transferability
• Bracket — current brETH strategy · primary · accessed 2026-08-15
  Supports: live Ethereum vault, manager, leverage, cross-chain strategy, daily withdrawal request, policy wallet
• Bracket — audit inventory · primary · accessed 2026-08-15
  Supports: vault audit, whitelist audit, upgrade audit, audit dates
• DefiLlama — Bracket Vaults survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum accounting perimeter, Onchain Capital Allocator category, survey observation

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.