> For the complete documentation index, see [llms.txt](https://docs.ensemble.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ensemble.io/protocol-transparency/developers.md).

# Protocol transparency

See how Ensemble's contracts account for shares, enforce controls and make outcomes verifiable.

Ensemble's strategy runs through contracts you can inspect. Deposits, share ownership, fees and withdrawals follow on-chain rules, while the vault's trading positions live on HyperCore. That gives holders a way to check what the protocol does, beyond the numbers on a screen.

## Follow the money

USDC enters a vault on HyperEVM and becomes shares. Trading gains, losses and costs change the value of those shares. A redemption burns shares and pays from available USDC, subject to the current transaction controls.

Read [how shares work](/start-here/how-vault-shares-work.md) and [share accounting](/how-it-works/nav-and-share-accounting.md) to understand what you own. The [vault lifecycle](/how-it-works/vault-lifecycle.md) explains why moving trading capital and confirming orders can take separate steps.

## Know which rules apply

The vault determines accounting and strategy behavior. CircuitBreaker checks deposit and redemption policy. VaultLens helps readers observe the contracts without changing their state. Those roles work together, but a value estimate is not a promise that the same amount can be withdrawn now.

[Contract roles](/protocol-transparency/contract-architecture.md) explains the responsibilities. [Fees and caps](/how-it-works/fees-and-caps.md) and [liquidity and redemptions](/safety/liquidity-and-redemptions.md) explain the costs and controls that affect holders.

## Check the evidence

The [production addresses](/protocol-transparency/contract-addresses.md) identify all six vaults and their supporting contracts. Use the block explorer to inspect contract identities, ownership and transaction receipts. Check the current implementation behind a proxy when assessing changes.

Pashov Audit Group's [public security review](/safety/audits-and-security.md) records 65 findings, all marked Fixed after reviewed remediations. Read its scope alongside the contracts you use; reviewed code and current deployments are separate things to verify.

## Understand the boundaries

Owners can change supported settings and upgrade authorities can replace implementations. Read [governance and roles](/safety/governance-and-roles.md) for those powers. Leverage can still cause total loss, and liquidity or pending work can restrict redemptions. Transparent rules and external review help you assess those risks; they do not remove them.

Compare [the six strategies](/vaults/vaults.md), then use the [source guide](/data-and-transparency/sources-of-truth.md) to distinguish current state from historical observations and estimates.