# High Level Architecture ### Key Terms `Vault`: A Vault is an investment vehicle for a single underlying asset, such as USDC or WETH `longZCB:` A token that accrues junior tranche returns of the underlying instrument. These are concentrated and levered bets on a single instrument. They are programmed such that the purchaser’s collateral would be used as first loss capital. `shortZCB`a tokenized borrow+sell position of `longZCB`. Pays off positively when the instrument fails to be profitable, akin to a credit default swap. `Instrument`: A Universal Creditline or a Universal Lending pool Example Vault A **vault investor** is exposed to a senior tranche of all instruments(lending pools or creditlines) attached to the vault. Idle capital would be invested in a low-risk and liquid yield source. **Borrowers** will either borrow instantly from an isolated lending pool that is liquid *and* supports his collateral, or they can propose an individual credit line to be approved. How much capital is allocated to each instrument is determined by the amount of leverage(buying `longZCB`) **managers** are willing to take minus the aggregate amount of protection **vault investors** wish(by buying `shortZCB`) for the said instrument. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://limitless.gitbook.io/rammlend/introduction/high-level-architecture.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.