Vesper is a yield pool protocol: each pool takes one token, lends it on to a set of strategies that each work a different venue, and hands depositors a share token whose price per share carries everything the strategies earn back to the pool.

The accounting is deliberately conservative. A pool's value is the token it holds plus the debt its accountant books against each strategy, and that debt moves only when a strategy reports: an earning is paid back into the pool and lifts the price per share, a loss written off lowers it, and nothing in between marks a strategy to market. Deposits mint shares at the price per share less any deposit fee the strategies charge; withdrawals burn them for their portion of the pool, recalling from the strategies in queue order when the pool's own balance falls short.

What Vesper automates is the lending; what it leaves to the holder is everything around it. A pool's governor can pause deposits or shut it down entirely. The rate one pool earns on a token drifts against another venue's on the same token. A pool's deposit base shrinks as its largest holders leave. Every one of those moves waits on someone noticing.

Every number a Vesper pool keeps is a step in a plug: the price per share, the total value it manages, the token it takes, and the shares a deposit would mint. Deposits and withdrawals run when a condition is met rather than when a person is awake, and the shares a deposit mints or the token a withdrawal pays out flow straight into the next step of the same run.

A token deposited the block it lands in the wallet. A position moved out the moment a pool pauses, and into a venue paying more on the same token. Profit taken when the price per share crosses a mark, and the proceeds swapped, bridged, or repaid in the same breath.

Vesper's strategies already work the token without being asked. The holders who get the most from it extend that to everything the pool does not do for them.