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Deposit a vault’s supported input token and receive a vToken, then separate the position into ST and EPT. Move into discounted ST to sell future points exposure while keeping the underlying side, including any yield but without the points exposure. Buy EPT to get concentrated points exposure without funding the underlying side. EPT accrues credits. After the market operator submits point weights on-chain, the contracts automatically issue CreditTokens according to each holder’s credit share. CreditTokens are transferable and can be traded independently.

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Learn

How ArcX Works

The common vault flow, token split, credit system, and trading surfaces.

vToken

The base vault share. Deposit, enter an ST/EPT series, settle trades, and withdraw.

Strategy Token (ST)

The underlying-token side, including any yield but without points exposure. Buy at a discount and redeem at maturity.

Expected Points Token (EPT)

The points side. Accrues credits that determine CreditToken issuance.

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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.

Trading CreditTokens

Buy or sell tokenised points exposure with market and limit orders.

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 determine CreditToken issuance — 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.