Owner powers. One owner address controls Vellum's contracts. Each of these takes effect immediately, with no delay, vote or cap: change the tenor and the maturity of any open series (earlier or later); change the fixed-claim share, the mint and redeem fee (up to 100%, applying to future redeems of settled series too), the underwriting premium, coverage depths and the cover basis, set the realised-fee rate the cover basis reads for a vault, per-series and per-epoch coverage limits (0 means no limit), epoch length, the VELLUM reference price, haircut, first-loss share and token address, the premium vesting period, the cover retry window, the backstop gas limits, keeper bond sizes, rewards and unbond delay, and every projector timing; reset the projector history; lower, cancel or drop the cover of any open series; release any staker's queued withdrawal early; slash keeper bonds; point the backstop at a different vault; pause new deposits, new cover, keeper rewards and the signal (settle, redeem, cover payment, cover retry and withdrawal claims are never paused); and withdraw 100% of accumulated creator and protocol fees at any time in one call.

What these powers can do to you

Moving a maturity earlier, or (on the testnet sandbox) setting the accrued fees of an owner series, lets the owner create a shortfall on that series, which the backstop then pays from stakers' quote to RB holders, including RB the owner holds. Moving a maturity later, or a series whose settlement is deferred, freezes every queued staker withdrawal behind it, because a withdrawal waits until every cover granted before it has settled; the owner's early release is then the only way out. Changing the backstop's vault or the VELLUM token while series are open re-routes new cover and capacity: open covers still settle against the vault and token they were granted with, but new capacity counts only the new token. Setting the premium vesting period to 0 lets a deposit placed just before a harvest take a share of that premium at once. Setting a first-loss share of 0 while a VELLUM token is set grants deep cover backed only by stakers' quote. Setting the realised-fee rate of a vault by hand sizes the cover of its next series in the realised-fee basis (mode 1) without any settled history behind it. Setting the projector's checkpoint interval below its tenor divided by 256 lets anyone shrink the projection window with spam checkpoints. Setting the backstop gas limit to 0 turns cover off for new series and records settling covers as failed until it is raised again.

Current limits the owner has not removed

Each is listed for the owner to decide: the live testnet test dollar keeps its faucet-cap bound until it is redeployed; the mainnet position source can be wired to a vault only once, because it holds LP principal; the sandbox fee knobs apply only to the owner's own series unless the owner widens their scope; ownership transfer takes two steps (the new owner must accept). Staker capital, RB/UT payout pools and LP principal are not fees and cannot be withdrawn by the owner. The current owner is 0xA864D52c6a30c9e9bEe0299892c91260B451e192.

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