Is this really an ERC-4626 vault? How does the share work?

Yes — the vaults are built on OpenZeppelin's audited ERC-4626 standard. When you deposit USDC you receive a vault share (an ERC-20 token on HyperEVM). The share tracks the vault: it's worth total assets ÷ total shares, so as the vault profits, each share is worth more USDC.

One deliberate twist: our shares are non-transferable — they only come into existence on deposit (mint) and are destroyed on withdrawal (burn). A freely transferable, fee-bearing share opened up attack vectors our re-audit caught (poisoning another holder's high-water mark, dodging the performance fee). Composability is a deliberate future phase — done properly and audited.