Vault Book is a visual guide to DeFi lending vaults: how they are structured, how risk is controlled, where prices come from, and what happens when positions are liquidated.

Right now the book only includes Euler, so the current chapters are Euler-first where the mechanics are protocol-specific. Morpho and Aave will be added soon using the same chapter map.

Start with the intro page for the big-picture map, then pan, zoom, and move chapter by chapter through the vault mechanics.