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Deposit USDC into a vault, receive a vToken — a vault share that earns fixed yield and exchange points. Hold it for the combined return, or buy ST (yield) or EPT (points) on the orderbook to concentrate into the side you want. Points farmers buy EPT for leveraged points exposure. Yield seekers buy discounted ST for fixed returns. 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 and points work.

vToken

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

Strategy Token (ST)

The yield claim. Buy at a discount, redeem at NAV after maturity.

Expected Points Token (EPT)

The points claim. Accrues credits for weekly points distribution.

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Using ArcX

User Guide

Step-by-step: deposit, trade, redeem. 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 distribute points fairly — the GCI formula and weekly settlement.

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.