Spectra MetaVaults

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

Spectra MetaVaults are curated vaults that roll deposits across Spectra’s fixed-rate markets automatically. At the August 14, 2026 survey they held $7.7M across 4 pools on Base, Flare, and Katana, far below our $100M materiality line. An advised position at that size would be a meaningful share of the venue, which is its own exit risk. 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. If the product crosses the threshold and holds there, the file reopens and the curation and rollover discretion get the full review.

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

The research file

Applicability to the surveyed record

Spectra describes MetaVaults as cross-chain managed yield vaults that aggregate positions across markets and chains, delegate allocation to permissioned curators, and automate rollover of maturing fixed-term positions. Depositors receive managed exposure rather than directly controlling the underlying PT, YT, or LP positions, establishing the surveyed product identity.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Spectra MetaVaults as an Onchain Capital Allocator and showed approximately $7.67M TVL, with active balances on Base, Flare, and Katana and zero balances on its other listed chains. That remains far below the shared v1 $100M threshold; the live Spectra app independently displayed three current curated vaults across those active chains.

Control and exit applicability

Each MetaVault is owned by a Safe multisig; scoped curators allocate and bridge liquidity, guardians can cancel delayed actions, accountants settle share value and epochs, and owners can pause user operations. The ERC-7540 asynchronous deposit/redeem model uses epoch settlement, and curators must prepare sufficient underlying assets for redemptions, making both settlement operations and underlying market liquidity relevant to exit capacity.

Why the class rule decides

The shared v1 below-materiality dossier controls because current aggregate surveyed TVL remains under $100M despite live vaults and documented guardrails. Reopen after DefiLlama TVL remains above $100M for 30 consecutive days, then review each curator and strategy, Safe and Zodiac permissions, accounting and oracle controls, cross-chain and underlying-market dependencies, audits and incidents, epoch settlement history, executable liquidity, stressed exit, and named allocator alternatives.

Sources

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

• Spectra developer docs — MetaVaults overview · primary · accessed 2026-08-15
  Supports: cross-chain managed vaults, permissioned curators, Zodiac constraints, ERC-7540, epoch settlement
• Spectra developer docs — access control and roles · primary · accessed 2026-08-15
  Supports: Safe multisig owner, curator permissions, guardian cancellation, accountant settlement, pausing
• Spectra — live MetaVaults · primary · accessed 2026-08-15
  Supports: live vaults, curators, Base, Flare, Katana, displayed TVL
• DefiLlama — Spectra MetaVaults survey record · secondary · accessed 2026-08-15
  Supports: current TVL, chain balances, 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.