# CodeBase

Perennial V2 has been designed to be as modular as possible, allowing for horizontal scaling to many markets, oracles & vaults.

#### Ownership Hierarchy <a href="#ownership-hierarchy" id="ownership-hierarchy"></a>

In terms of structure, the protocol owns three factories covering Markets, Oracles & Vaults. The protocol owner can use these factories to spawn new markets, exotic oracles & vaults to direct liquidity. Additionally, the protocol owns the Multi Invoker (an Operator contract for the UI)

<figure><img src="https://2608572446-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FesXIGSYvKcOjqMTCdsjo%2Fuploads%2Fb53tsPq646RXGUcbeSO0%2Fperennial-v2-Protocol%20View.drawio.svg?alt=media&#x26;token=ec8f35ea-02e8-4966-915a-6101b38586e5" alt=""><figcaption><p>A hierarchical ownership tree for the perennial protocol.</p></figcaption></figure>

#### Standard Market Flow w/ MultiInvoker <a href="#standard-market-flow-w-multiinvoker" id="standard-market-flow-w-multiinvoker"></a>

When a user interacts with a market using the MultiInvoker they are able to bundle a number of steps required to modify their position.

A user takes a 1 unit position in a market.

<figure><img src="https://docs.perennial.finance/~gitbook/image?url=https%3A%2F%2F2608572446-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FesXIGSYvKcOjqMTCdsjo%252Fuploads%252F8hlaGLicChYwQlsayryD%252Fmarket_USER.drawio.png%3Falt%3Dmedia%26token%3D22422cb4-1c3c-4622-940f-cd2b61cfafa4&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=ac7b423c&#x26;sv=1" alt=""><figcaption><p>A user takes a 1 unit position in a market.</p></figcaption></figure>

#### Standard Vault flow w/ MultiInvoker <a href="#standard-vault-flow-w-multiinvoker" id="standard-vault-flow-w-multiinvoker"></a>

When a user interacts with a Vault they generally follow this flow to adjust the vault balances between markets.

<figure><img src="https://docs.perennial.finance/~gitbook/image?url=https%3A%2F%2F2608572446-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FesXIGSYvKcOjqMTCdsjo%252Fuploads%252Fxn4jvxr17Y5MRCa8uMEs%252Fuser_make.drawio.png%3Falt%3Dmedia%26token%3D619bf715-85e8-4685-84e5-d8decc5fc6f8&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=4272ac6b&#x26;sv=1" alt=""><figcaption></figcaption></figure>