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Understanding a Smart Vault

A Spool Smart Vault is a Smart Contract that routes deposits into an array of different Yield Generators in a risk-managed and yield-optimized manner.
In simple terms, a Smart Vault could be compared to a "traditional DeFi vault”, as both take on the job of managing and compounding capital via a strategy. The key difference is that a Spool Smart Vault can be individually setup by users in a permissionless manner.
A Smart Vault contains an assigned Risk Appetite, a chosen Risk Model, and a subset of selected Yield Generators. Mind you that a Smart Vault does not hold user funds directly in the contract itself.
The first iteration of the Spool Protocol supported DAI, USDC, and USDT as deposit currencies. The final iteration of Spool supports "all" assets as deposit currencies, starting with DAI, ETH, USDC, and USDT.
A Spool Smart Vault its contents.