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Deposit USDC into a vault, receive a vToken — a vault share that earns yield and accrues credits for supported reward programs. Hold it for the combined exposure, or buy ST (principal + yield) or EPT (rewards side) on the orderbook to concentrate into the side you want. Reward buyers buy EPT for rewards-side exposure. Yield seekers buy discounted ST for principal + yield exposure. Or just hold vToken and earn both.

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Learn

How ArcX Works

The vToken vault, orderbook mechanics, credit system, and how yield, credits, and rewards work.

vToken

The base vault share. Deposit, earn, trade, withdraw. Start here.

Strategy Token (ST)

The principal + yield side. Buy at a discount, redeem at maturity.

Expected Points Token (EPT)

The rewards side. Accrues credits that generate CreditTokens.

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Using ArcX

User Guide

Step-by-step: deposit, trade, claim, and withdraw. Start here if you want to use the product.

ArcX vs Pendle

If you know Pendle, here’s ArcX in terms you already understand.

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Go Deeper

Credit Mathematics

How credits generate CreditTokens — the GCI formula and period weighting.

EPT Pricing

How ST and EPT are priced, orderbook dynamics, and what drives the ST discount.

Trust Model

What’s on-chain, what’s off-chain, and how each component is protected.