Bracket Vaults

Bracket’s vaults on Ethereum are tokenized vehicles that run predefined strategies within stated limits, with on-chain NAV and accounting. At the 2026-08-14 survey they held about $2.7M, far below our size floor. We do not open an individual review until the protocol clears that floor. One practice advising 100 households moves $1M to $8M into a venue based on the same research, and at this size that book becomes too large for an orderly exit. Size alone decides the judgment, whatever the protocol’s quality.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism applicability

Bracket Strategy Vaults accept deposits denominated in ETH, BTC or stablecoins and place them in actively managed strategies. Investors receive rebasing or wrapped receipt tokens, while approved managers allocate funds under published whitelists that may include multiple chains, protocols, assets, bridges and leverage. Third-party NAV updates set share accounting and deposit or withdrawal values. This is a live product that delegates allocation decisions, and its small total size triggers the shared v1 size-floor review.

Current observation and lifecycle

The DefiLlama protocol API read on 2026-08-15 classified Bracket Vaults as Onchain Capital Allocator and reported approximately $2.73M TVL on Ethereum. Current Bracket documentation lists live brETH, brUSDC and other strategy vaults, current contracts, and daily or weekly withdrawal schedules. The surveyed accounts cover Ethereum vault contracts, even when managers may place the underlying strategy capital on other approved chains.

Control, access and exit applicability

Bracket Protector or policy-managed MPC wallets limit managers to approved operations, but Bracket serves as policy administrator, and vault managers still choose positions within the mandate. A third-party administrator provides NAV at set times, and vaults lock while an overdue NAV is resolved. Withdrawals request a future NAV, and the manager must unwind positions and fund them in full before claims become available. Bracket also describes qualified-user and KYC/AML restrictions, including vaults that conduct the KYC check on withdrawal.

Why the class rule decides

At roughly $2.73M total TVL, a $1M to $8M advised book would make up a material share of the entire platform, even before exact-vault capacity, queued exits, manager unwind or eligibility. The shared v1 size-floor review therefore decides at once. Reopen after DefiLlama TVL remains above the size floor for 30 consecutive days. Then review each vault separately for legal eligibility, manager and administrator authority, policy whitelist, leverage and counterparties, NAV controls, incidents, audited contracts, an executable proposed-size withdrawal, and named direct alternatives.

Research status

This is a capacity-unproven record for Bracket Vaults, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

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

• Bracket — Strategy Vault mechanics · primary · accessed 2026-08-15
  Supports: active management, receipt tokens, third-party NAV, withdrawal queue, manager unwind, investment whitelist
• Bracket — Protector and policy controls · primary · accessed 2026-08-15
  Supports: multisig wallet, policy administrator, whitelisted operations, MPC wallet, bridging, withdrawal queue
• Bracket — manager and qualified-investor workflow · primary · accessed 2026-08-15
  Supports: qualified investors, KYC and AML allowlist, manager controls, withdrawal queue, receipt-token transferability
• Bracket — current brETH strategy · primary · accessed 2026-08-15
  Supports: live Ethereum vault, manager, leverage, cross-chain strategy, daily withdrawal request, policy wallet
• Bracket — audit inventory · primary · accessed 2026-08-15
  Supports: vault audit, whitelist audit, upgrade audit, audit dates
• DefiLlama — Bracket Vaults survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum accounting perimeter, Onchain Capital Allocator category, survey observation

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.