Vaults are the vehicles that carry all the features of Arrakis V2, and also the interface where users can deposit liquidity into the protocol. They come with different properties that dictate who can deposit into them (Access) and who operates the associated strategy (Manager).

Access Preferences

There are two types of vaults: Private and Public
Private vaults allow only whitelisted addresses to deposit into them, e.g. they can be used by a protocol or DAO for protocol owned liquidity.
Public vaults on the other hand allow anyone to deposit liquidity.

Manager Preferences

Both types of vaults can have three different manager types, which define who runs the strategy, thus the vault's trust assumptions:
Trustless vaults have pre-defined on-chain strategies encoded in smart contracts as their managers. These vaults enable LPs to have their liquidity managed in a trustless and automatic manner, similar to a Curve V2 like model. Vaults could be static or dynamic.
Managed Vaults are operated by professional market makers running more sophisticated strategies off-chain, who are trusted. These vaults will enable LPs to enjoy the most advanced market making strategies, required that they trust the manager entity behind the vault.
Self Managed Vaults can only be used by individual entities, which are managers at the same time. These vaults are usually for sophisticated traders or proprietary market making firms.