> ## Documentation Index
> Fetch the complete documentation index at: https://docs.royco.org/llms.txt
> Use this file to discover all available pages before exploring further.
# Vaults Overview
Dialectic offers two Vault products for the Royco ecosystem.
**About Dialectic**
Dialectic is a Swiss crypto-native investment firm founded in 2019. The firm specializes in systematic, market-neutral DeFi yield strategies, powered by proprietary on-chain automation and risk-management tooling built by its in-house research arm, Atelier.
Vault performance is variable and depends on underlying market conditions, borrow costs, and yield source performance. Past performance is not indicative of future results. All depositors should review its [Risk Framework](/risk-framework) before participating.
### Portfolio Strategy
Dialectic has built a robust framework for how they will manage the following parameters across the Vaults:
1. Concentration limits
2. Rebalancing expectations
3. Market evaluation criteria
It can be found at: [https://www.notion.so/dialectic/Dialectic-DD-Framework-31feeae9e9298020a8fbfc5f15d1347b](https://www.notion.so/dialectic/Dialectic-DD-Framework-31feeae9e9298020a8fbfc5f15d1347b)
### **Withdrawals & Liquidity**
**Delays**
It may take up to 30 days for a withdrawal to process. Each Vault requires users to request a redemption. Dialectic will then process the liquidity for the redemption. Users will then need to claim the assets once the liquidity is open for redemption.
Users may be able to sell Vault positions via decentralized protocols such as LiFi, Curve, Balancer and Uniswap, bypassing the processing period associated with native deposit or withdrawal.
**Sequence**
The Vault will process withdrawals in the following priority:
1. Royco's own Vaults (i.e., srRoyUSDC and roywstETH)
2. Priority Partners
3. Remaining Withdrawals
### **Flow of Funds**
The funds are managed through both Makina and Concrete to preserve self-custody. Depositors can review each custodian's infrastructure and security documentation directly: [docs.makina.finance](https://docs.makina.finance) and [docs.concrete.xyz](https://docs.concrete.xyz).
### **Fees**
Vault-level fees are detailed in [Governance and Fees](/governance-and-fees).
### Key Risks
Dialectic has published an overview of all key risks, accessible at: [https://www.notion.so/dialectic/Royco-Vault-Risk-Overview-31feeae9e9298090add8c1dea433517d](https://www.notion.so/dialectic/Royco-Vault-Risk-Overview-31feeae9e9298090add8c1dea433517d)
### **Audits**
Royco's audits can be found in [Security and Audits](/security-and-audits). Concrete has completed audits with [Cantina](https://docs.concrete.xyz/assets/files/cantinacode-concrete-finance-813b45d86d6450723139b0cc55857c4d.pdf/) and [Halborn](https://docs.concrete.xyz/assets/files/Standard-Implementation-9948d7fcebb518e5c29051bc2326b5ec.pdf/). Additionally, Makina has completed audits from [ChainSecurity, Enigma Dark, Sigma Prime, Cantina and Ottersec](https://docs.makina.finance/contracts/security).
***
*This document is provided for informational purposes only and does not constitute investment advice, a solicitation, or an offer to sell any securities or financial instruments. Participation in Royco products involves risk, including the potential loss of all capital deployed. Prospective participants should conduct their own independent due diligence and consult with qualified legal, financial, and tax advisors before making any investment decisions.*