> For the complete documentation index, see [llms.txt](https://docs.tydro.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tydro.com/iv.-tydro-institutional/institutional-overview/vault-curation.md).

# Vault curation

Curators and allocators run strategies on Tydro through vaults, under a defined role structure. This page covers what each role does

### Roles

**Curator.** Sets the vault's strategy: which markets the vault can use, what risk limits apply, and how the vault is positioned for depositors. The curator defines the boundaries within which the vault operates.

**Allocator.** Moves capital across the approved markets to run the strategy within the limits the curator has set. The allocator cannot act outside those limits.

Both roles have permissions enforced on-chain. A curator cannot unilaterally withdraw depositor funds, and an allocator cannot approve new markets or change risk limits, since those actions belong to the curator role. Depositors can verify what each role is permitted to do before committing capital. See Access control and roles.

**A curator can post first-loss capital in the vault's markets.** This gives depositors verifiable on-chain coverage: if losses occur, the curator's capital absorbs them first, before depositor funds are affected. The curator takes on higher yield in exchange for holding the first-loss position.

See [First-loss capital](/iv.-tydro-institutional/institutional-overview/first-loss-capital-and-insurance.md) and [Tranching](/ii.-core-concepts/tranching.md) for how the capital structure works.

### Running a vault

Curators are onboarded through a verification process before launching a vault that is surfaced on the Tydro App.

To apply, see [Work With Us](/iv.-tydro-institutional/work-with-us.md)


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