Each vault sells options on behalf of the vault users, and whitelisted auction participants (KYC-ed Market Makers) will make a bid to buy the options.
The auction is held off-chain, and the winner is assigned as the vault designated maker by the manager role of the vault.
Each vault has a designated maker, who when assigned will then send the premium into the vault through a provided Web3 form.
The vault will then on expiry pay out the settlement to the maker.
The manager will then restart the next round of the auction.