How it works Three moving parts.
Mint — the ceiling
Deposit the vault's asset, receive vault tokens at backing +4.5%. 4.0% of the premium stays in the vault, raising the floor for every holder; 0.5% protocol fee. Minting is capped at 10% of supply per 7-day epoch; when the quota fills, the DEX is the only source until the next epoch.
Hold — the ratchet
Backing per token can only rise — premiums, fees, and donations feed it. Where the underlying asset is itself yield-bearing (like vPLS), its value grows underneath as well.
Redeem — the floor
Burn vault tokens any time for your pro-rata share of the vault, minus 0.5% that stays behind for remaining holders. Redemption is never paused, gated, or limited — the floor holds unconditionally.
Disclosures Read before minting.
What is guaranteed: backing-per-token in the vault's asset never decreases from any operation of these contracts. There is no owner, no admin, no upgrade path, no pause switch — 100% of supply is minted publicly through one formula.
What is not guaranteed: the market price of any vault token (it can sit at the floor indefinitely), the price of the underlying assets, or the layers below each asset. Each vault carries the full risk of its own backing asset and its issuing protocol — check the asset link in the footer for the active vault.
Nothing on this page is financial advice. Verify each contract's source yourself before depositing.