## **Epoch Lifecycle**
The N-Vault operates in distinct **epochs**, each with defined timelines and user interactions. Here’s how the lifecycle and features are structured:
1. **Live (Start of Epoch):**
* The N-Vault transitions from the **Indicative Phase** to the **Active Phase** at **1 AM UTC**.
* User deposits are **locked** and deployed according to the N-Vault strategy.
2. **Maturity (End of Epoch):**
* The epoch ends on the **last Friday of the calendar month at 9 AM UTC**.
## **N-Vault Status**
1. **Indicative Phase (Minimum 7 Days):**
* Users can **preview the indicative terms** of the upcoming epoch, including estimated APY, option strategy parameters and coupon payment schedule.
* Key terms such as **option strikes, coupon rates, and APY** may be updated based on market conditions.
* **Deposits and withdrawals are fully open** during this phase.
2. **Active Phase (Typically 30–90 Days):**
* The terms are fixed, user deposits are locked, and the N-Vault deploys pooled capital to:
* A **fixed-yield source** (e.g., Pendle Finance's Principal-Token).
* An **options strategy** to generate additional returns.
* **Only Early withdrawal** is available for amounts in multiples of minimum block size.
* Any coupon or option payouts that has been distributed is withdrawable.
3. **Matured Phase (Typically less than 1 day):**
* User can only withdraw coupon and option payouts.
* **New deposits are not allowed** during this phase, as the indicative terms for the next epoch have not yet been published.
## **User Interactions**
**1. Pre-Deposit (Indicative Phase):**
* Users can review the **investment structure** and indicative returns before the N-Vault enters the **Active Phase**.
* Deposits can **only** be made during this phase using the specific deposit token supported by the N-Vault.
* If users do not already hold the required token, they can:
* Obtain it via a decentralized exchange (DEX) or centralized exchange (CEX)
* Some input tokens may require minting directly through the deposit token's native protocol.
**2. Withdrawal:**
* **Indicative Phase:** Users can withdraw their total balance, including principal.
* **Matured Phase:** Users can only withdraw coupon and option payouts. Principal remains locked until the next **Indicative Phase**.
**3. Early Withdrawal (Active Phase):**
* Users whose deposits meet the minimum **block size** requirement may request an early withdrawal during the Active phase.
* The principal is withdrawn immediately, while the option value, if applicable, is typically transferred to the user's wallet address within 24 hours.
* Deposits below the block size threshold remain **locked** until maturity.
* Early Withdrawal is available up to one day before maturity.
* Any undistributed coupons will be forfeited.
**4. Coupon Withdrawal:**
* Coupons represent **fixed-yield payments** distributed to users according to the schedule shown in product parameters .
* Users can redeem coupons anytime after distribution which happens after 1am UTC on each scheduled payment date.
**5. Options Profit Withdrawal:**
* Once the N-Vault reaches the **Matured Phase**, users can withdraw the profits generated from the options strategy at any time.
**6. Auto-Roll:**
* Only the Principal balance will be automatically **rolled-over** to the next epoch if users do not withdraw before the next epoch’s **Live** date.
---
# Agent Instructions: Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.
Perform an HTTP GET request on the current page URL with the `ask` query parameter:
```
GET https://docs.superhedge.com/superhedge-products/n-vaults/lifecycle.md?ask=
```
The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.
Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.