Anvil

CollateralVault is the accounting gate for available and reserved ERC-20 balances. Governance chooses supported tokens and approves contracts that may use the vault. An account must also set an allowance before one of those contracts can reserve its collateral. The contract therefore does not turn every deposit into a general line of credit.

LetterOfCredit adds named parties to that base. A creator reserves collateral for a beneficiary and specifies a credited amount. Redemption requires the beneficiary or a third party holding its signed authorization. Cancellation follows that rule before expiry, while current v3 allows any caller to cancel after expiry. The code creates a bounded on-chain claim rather than a transferable ownership interest in everything held by the vault.

A static LOC uses the same token as collateral and credited value. A dynamic LOC separates them. The latter must begin overcollateralized because exchange rates can move before redemption. Governance configures creation and liquidation factors, limits and Pyth price feeds for each supported pair.

If the position weakens, a liquidator can convert collateral into the credited token. The beneficiary receives that asset and never owns the underlying collateral. Documentation says the full credited value is invariably received; current verified v3 code also handles insolvency by paying liquidator and protocol fees first and giving the beneficiary as much as possible. The absolute guarantee therefore conflicts with the deployed implementation.

TimeBasedCollateralPool gathers supported ERC-20 assets from multiple accounts for a specified claimant. Contributors receive units tied to their share, while configured epochs delay unstaking so collateral remains predictable across the current and following period. A new pool proxy also needs governance approval before CollateralVault accepts it. Each pool instance assigns separate administrator, claimant, routing and reset roles; ownership of the shared beacon does not mean core governance holds every instance role.

These pool units are not ANVL. ANVL is an ERC20Votes token whose voting weight must be delegated to oneself or another address. Current rules require 1 billion delegated votes to propose, 10 billion votes for quorum, five days of voting and a seven-day timelock before an approved call can execute.

The repository maps the Governor proxy, AnvilTimelock, CollateralVault, LetterOfCredit proxy, Pyth adapter and pool beacon. At Ethereum block 25,908,119 on 5 September 2026, read-only calls returned the timelock as owner or admin across those reviewed core paths. The LOC proxy had already moved to verified v3 implementation 0x6c22beA8930980C6C5B4f9c449DA0964eDCAa33B on 27 August, while the README still named an older singleton.

A delay makes a change visible before execution, but does not make the machinery immutable. Delegated-vote concentration can decide which calls pass, and proxy upgrades can alter logic while keeping familiar addresses. The documentation’s public queue and execute route goes through the Governor. In the reviewed pinned source, AnvilGovernorDelegate inherits that route and forwards internal operations to the timelock. The September 5, 2026 role probes did not grant direct Timelock roles to the zero address; that result does not test a user’s access through the Governor and does not establish a conflict with the documentation. Current deployed roles and an end-to-end call through the live Governor were not verified in this source comparison.

ANVL v1 deployed on 3 June 2024 with a Claim contract that handled initial issuance and vesting. A September 2025 proposal chose Ethereum block 23,461,500 as the v2 snapshot. It specified 1:1 v2 amounts for snapshot-recorded community balances, full vesting for Claim and Reward allocations, and at least a twelve-month lock for contributor and team allocations. V2 itself has no Claim-contract vesting integration, which does not mean every allocation was immediately unlocked.

The v2 contract deployed on 2 October and its initial recipient began distribution transactions on 3 October. Two executed proposals then upgraded governance and made v2 the Governor’s token on 15 October, restoring the seven-day timelock. The reviewed thread does not establish a continuing bridge for v1 bought after the snapshot, and its published schedule was not treated as a fully reconciled transfer ledger. Public materials identify Acronym Foundation as publisher, but do not establish its registration jurisdiction or additional contractual rights for ANVL holders.