2 · Product

Four layers

Layer	Owned by	Job
Agents	Execution partners	Read the book and the mandate; decide what to propose
Promorphic	Promorphic	Mandate engine, agent gateway, policy gates, audit record
Vaults	Promorphic curates, issuers distribute	One instrument each, with terms and a DD pack
Assets	Issuers, transfer agents, custodians	The tokenized instruments and cash on Canton

The vaults are necessary and easy to copy. The middle layer is the moat: a mandate that is a contract, a gateway that lets any agent act safely, and a record an auditor will accept.

Three operating modes

Mode	Who acts	What the agent does	When to use it
Manual	The manager	Nothing. The manager reads DD and subscribes or redeems by hand	First weeks; vaults outside the mandate
Copilot	The manager, on the agent's advice	Watches 24/7, proposes moves with reasons; approvers sign	Default for every new mandate
Autopilot	The agent, inside limits	Executes moves at or under the size threshold; larger moves fall back to Copilot	Routine sweeps and rebalances once the record is clean

All three modes run under the same mandate contract. The mode is a field in the mandate, so changing it is a signed amendment, not a settings toggle.

Ship order. Manual and Copilot first. Autopilot follows once the audit record shows a run of proposals that approvers accepted unchanged.

Who it is for

Customer	Typical book	What they buy
Onchain asset manager	Funds and SMAs holding tokenized T-bills, MMFs, credit	A yield sleeve that rebalances itself and never breaks the prospectus
Portfolio manager	Multi-asset book across issuers	One view of exposure, liquidity and limits across every issuer
Fund treasury	Idle cash, reserves, redemption buffers	Cash swept into yield and back before it is needed
Allocator	Fund-of-funds, family offices	Independent DD and a record of every allocation decision

The interface is a terminal, not a retail app. See The terminal.