# Primitives

## Vault

* **Enzyme Vault** *:* Enzyme Vaults are smart contracts that provide a natively tokenized framework for building next-generation financial instruments and strategies. They form the core building block of Enzyme.Onyx.
* **Subscription** : A request submitted by an investor to either deposit assets into the Vault or redeem Vault Shares.
* **Deposit** : The transfer of assets into the Enzyme Vault resulting in issuance of Vault Shares.
* **Redemption** : The process of returning Vault Shares in exchange for underlying assets from the Enzyme Vault.
* **Holdings Valuation** – The assessment of all assets and positions backing the Vault strategy that must be reported into the Administration App to calculate the Enzyme Vault's Net Asset Value (hereafter "NAV").

## Roles

* **Vault Owner** – The primary controller of the Vault with ultimate authority over its configuration and governance.
* **Vault Admin** – A delegated role that can manage specific operational tasks such as accounting or subscription processing.
* **Manager** – The role responsible for executing the investment strategy through the Management Wallet. The Manager can be the Vault Owner, Admin or a third-party.

## Wallets

* **Owner Wallet**: The custody stack used to access the Administration App. It serves as the gateway and identity check for Vault ownership.
* **Admin Wallet:** The custody stack of Admins that the Owner has whitelisted beforehand.
* **Management Wallet**: The custody stack responsible for collecting funds and executing the strategy.

## Assets

* **Deposit Asset** : The denomination asset accepted by the Vault for deposits.
* **Redemption Asset** : The asset in which investors receive payouts when redeeming Vault Shares.
* **Fee Asset** : The asset used to calculate and settle management, performance, or other fees within the Vault.

## Tools

* **Administration App** : The application provided by Enzyme used by Vault Owners and Admins to oversee operations such as ***Holdings Valuation***, subscription management, fee handling, and fund transfers.
* **Investor Interface** : The custom front-end through which investors interact with a Vault to subscribe (deposit/redeem), monitor performance, and access key information.