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What Is a CreditToken

Each vault has its own CreditToken. vToken and EPT holders accrue credits over time. After the market operator submits a point weight on-chain for a credit period, the contracts automatically issue CreditTokens according to each holder’s share of that period’s credits. Credits measure participation over time. CreditTokens turn the resulting, period-weighted allocation into a transferable token that can be used by the vault’s reward-distribution logic. CreditTokens are:
  • specific to one vault
  • fungible across series derived from that same vault
  • issued automatically after the market operator submits point weights on-chain
  • allocated from finalised on-chain credit shares
  • separate from the underlying token, ST, and EPT
CreditTokens are not points recorded by the underlying protocol and do not guarantee a TGE, redemption ratio, reward value, or direct contractual claim against that protocol.

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How CreditTokens Are Issued

Credit periods let different parts of a program receive different weights. This preserves each holder’s participation in earlier periods and prevents later users from diluting periods that have already been finalized. For each period:
  1. vToken and EPT holders accrue credits based on position value multiplied by time
  2. the market operator submits that period’s point weight on-chain
  3. the contracts automatically issue CreditTokens according to each holder’s share of that period’s credits
For a points program, period weights can reflect the relative contribution of each program period. If one period contributes more than another, it can generate more CreditTokens. The exact relationship depends on the vault and program; it is not a universal points-to-CreditToken conversion. See Credit Mathematics for the formula.

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Reward Distribution

If a vault’s underlying protocol or reward arrangement later makes rewards available, those rewards can be distributed to CreditToken holders through the configured claim logic. Reward funding and eligibility are vault-specific. Review the vault page for the relevant program, oracle assumptions, distribution source, fees, and claim terms. There is no guarantee of a TGE, airdrop, reward amount, conversion ratio, eligibility decision, distribution date, redemption value, or market value. Read the Risk Disclosure before participating.

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Trading CreditTokens

Once issued, CreditTokens can be bought or sold at a direct price in the market’s quote token. Trading transfers existing CreditTokens; it does not trigger new issuance. Read Trading CreditTokens for order behavior, fees, and risks.

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Across Series

ST and EPT are created separately for each series. CreditTokens persist at the vault level. CreditTokens issued through different series of the same vault are fungible with each other. CreditTokens from different vaults are distinct and should be evaluated separately.