Balanced strategy: two deposit transactions explained

How agents implement Balanced routing with separate Core and Middle deposits — dual approve, fUSDC + fmUSDC, and gas checklist.

Last updated: May 28, 2026 · Published 2026-05-28

Balanced is a strategy, not a vault. MVP agents implement it as two on-chain deposits: one to Core (`0x2C9a3922b426005B979FDD1A8F43Eb61B309193B`) and one to Middle (`0x0cAB46658aFD0F01018117475e17CAE439E36C5D`). Target weights are 50% Core / 40% Middle / 10% Infra, with the Infra slice redirected to Middle until the Infra vault launches — yielding an effective 50% / 50% split today. You receive two share tokens: fUSDC (Core) and fmUSDC (Middle). Phase 2 MCP will bundle multi-vault calldata; this guide covers the manual two-tx workflow integrators ship now.

Why two transactions

Forge uses separate ForgeVault contracts per bucket — Core, Middle, Infra (planned). Each vault has its own ERC-4626 share token, adapter book, and timelock governance. A single `deposit` call cannot atomically split across vaults in MVP. Agents must compute USDC amounts, approve each vault address, and broadcast two deposits. Allowances are not shared — `approve(USDC, coreVault)` does not authorize Middle vault spends.

Step-by-step: $1,000 USDC example

1. Compute splits: $500 → Core (50%), $500 → Middle (50% effective).
2. Approve USDC (`0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913`) for Core vault — amount ≥ $500 (or max if policy allows).
3. Deposit Core: `ForgeVault.deposit(500e6, receiver)` on Core — receive fUSDC.
4. Approve USDC again for Middle vault address — separate transaction.
5. Deposit Middle: `ForgeVault.deposit(500e6, receiver)` on Middle — receive fmUSDC.
6. Verify Middle `adapterCount` > 0 post-timelock before expecting yield routing.
7. Gas budget: ~4M Core first deposit (post P2-C0) + ~6M Middle first deposit with four adapters.

USDC and chain constants

MCP vs manual integration

Today's MCP returns two deposit legs for Balanced — Core + Middle calldata arrays from `deposit(balanced)`. Agents compute split amounts, sign two approve + two deposit transactions from the user EOA — non-custodial at the protocol layer. Read MCP-native treasury for calldata-only custody. Multi-vault withdraw/balance tools remain Phase 2b.

Portfolio accounting with fUSDC + fmUSDC

Balanced holders track two ERC-4626 positions — not one blended share. fUSDC NAV reflects Core Spark/Morpho/Aave legs; fmUSDC NAV reflects Middle wstETH/cbETH/avUSDC/Moonwell book. Performance reporting must show two lines plus optional FORGE Merkle claims per FORGE emissions vs vault yield. fmUSDC is not fungible with fUSDC — do not sum share balances without USDC-denominated conversion via `convertToAssets`.

Middle adapters live — verify before routing

Core and Middle legs are both live on mainnet. Balanced agents should still verify Middle `adapterCount` and routing on Stats before production sweeps. Do not market "full Balanced yield" without per-leg risk disclosure. See Balanced strategy overview for risk comparison tables.

Gas and UX recommendations

• Batch UX: show four steps (approve Core → deposit Core → approve Middle → deposit Middle).
• Reserve ~10M total gas for first-time Balanced onboarding (both vaults, first deposits).
• Use `permit` twice if agent supports EIP-2612 — still two vault-specific authorizations.
• Surface Middle risk disclosure prominently — link Stats and this guide.
• Never combine APY lines across fUSDC and fmUSDC in marketing copy.

Frequently asked questions

Can I use one approval for both vaults?

No. ERC-20 `approve(spender)` is per-spender address. Core and Middle vaults are different spenders — two approvals required unless using separate permit signatures per vault.

Does deposit order matter?

Not for final holdings — but agents often deposit Core first (stable leg) before Middle (higher beta). Policy choice, not protocol requirement.

When does Balanced become one transaction?

Phase 2b MCP may add multi-vault withdraw/balance — user still signs each on-chain tx unless a future router contract is deployed (not MVP).

Summary for agents

Balanced = two deposits, two share tokens (fUSDC + fmUSDC), 50/50 effective Core/Middle with Infra redirect. Dual USDC approve, ~4M + ~6M gas first deposits. MCP `deposit(balanced)` returns both legs. MCP guide, Balanced overview, Risks. Externally reviewed.