# Ceres Farm Docs

Ceres Farm is a DeFi smart vault protocol for yield-bearing assets. Each vault is designed around a partner or project asset and runs Pendle PT and direct looping strategies under the hood.

{% hint style="info" %}
**One vault. One supported asset.** Multiple strategies, managed automatically.
{% endhint %}

![](/files/uPz3udKdjPMbgMQ8bqyy)

## How it works

Users deposit the vault's underlying asset and receive smart vault shares. Smart Allocation routes capital between Pendle PT and direct looping strategies within predefined risk limits. PT rollover, rebalancing, and auto-deleverage are designed to be handled by the vault under the hood.

## Start by role

| I am...                        | Start here                                    |
| ------------------------------ | --------------------------------------------- |
| A user depositing into a vault | [Quickstart](/02-quickstart.md)               |
| A user reviewing risks         | [Risk & Security](/08-risk-and-security.md)   |
| A partner or project           | [Vaults](/09-vaults.md)                       |
| An investor or reviewer        | [Smart Vault Model](/04-smart-vault-model.md) |

## Core mechanics

| Mechanic         | What it does                                                |
| ---------------- | ----------------------------------------------------------- |
| Pendle PT        | Fixed-maturity yield exposure                               |
| Direct looping   | Controlled leverage when spreads support it                 |
| Smart Allocation | Routes capital between supported strategies                 |
| Auto-deleverage  | Reduces leverage when risk thresholds are triggered         |
| Withdrawal queue | Reserve buffer designed to process most withdrawals quickly |


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