SBELM

Metal — Protocol Overview

Metal is a vault-based on-chain system developed within the SBELM framework. This document describes the protocol architecture, custody model, and system constraints.

This document is descriptive in nature and does not constitute an investment offer or guarantee of returns.

1. Introduction

Metal is designed as a transparent, on-chain vault system where asset custody, token supply, and flows are enforced exclusively by smart contracts.

The protocol separates asset custody from operational logic and eliminates discretionary control over user funds. All critical behaviors are verifiable on-chain.

2. System Overview

The Metal system is composed of three core components:

  • METAL v2 Token (vault share representation)
  • Vault Core V2 (mint and redeem logic)
  • Treasury (restricted custody layer)

Each component has a strictly defined role and limited authority. No single contract has unilateral control over the system.

3. METAL v2 Token

METAL v2 is a minimal ERC20-like token representing proportional shares of assets held by the Vault.

Minting and burning of METAL v2 tokens can only be performed by the authorized Vault Core contract. Users cannot mint or burn tokens directly.

The token itself contains no economic logic and does not implement yield, rebasing, or discretionary mechanics.

4. Vault Core V2

The Vault Core V2 contract manages deposits and redemptions between users and the system.

In its current configuration, the Vault operates on a 1:1 basis in base units: deposited assets result in an equivalent amount of METAL v2 tokens, and vice versa.

The Vault Core is designed to be extensible, allowing future protocol upgrades while maintaining strict custody guarantees.

5. Treasury

The Treasury contract acts as a restricted custody layer for assets managed by the Metal system.

Asset transfers from the Treasury are only possible through authorized contract pathways. Manual withdrawals and discretionary fund movement are not permitted.

The Treasury Core reference can be set once and permanently locked, reducing upgrade and governance risk.

6. Transparency and Verification

All contract addresses, balances, and state variables are publicly accessible on-chain and can be independently verified using standard blockchain explorers.

The SBELM frontend uses the same ABI definitions and contract addresses exposed publicly, ensuring consistency between interface and protocol behavior.

7. Disclaimers

Metal is not a yield product and does not guarantee returns. Protocol behavior is defined by code and may evolve over time.

This document is provided for informational purposes only.

SBELM — Metal Whitepaper (v1)