What runs off-chain
Four services run off-chain: the executor (window orchestration, Uniswap quoting, and the human approval checklist), the indexer (basket pages, NAV history, activity feed, risk tiers), the monitor (oracle health and corporate-action calendar), and the DCA keeper (recurring deposits). None can move funds: the executor can only submit trades that pass the adapter invariants and the mandate checks, and the keeper can only call requestDeposit on your own behalf.
If every Velor server vanished, vaults would hold their assets and in-kind redemption would keep working. Off-chain infrastructure is a liveness dependency, never a custody dependency.