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Everything starts with a vault’s supported input token. Deposit for vTokens, then choose discounted ST to sell future points exposure or EPT to buy concentrated points exposure.

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Deposit

1

Select a vault

Review the input token, supported network, underlying protocol, yield behavior, points program, fees, and withdrawal terms. Vaults can generate yield, points, or both.
2

Deposit the supported input token

Enter your amount and approve the token if required. The app shows the current NAV and expected vTokens before confirmation.
3

Receive vToken and choose a series

vToken is the entry and settlement asset for ST/EPT markets. Select the maturity that matches the period over which you want to sell or buy points exposure.

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Trade ST or EPT

Select a series with the maturity date you want. The same vToken can have multiple series, each with its own ST and EPT. The ST/EPT book is quoted in APR. Read the Orderbook Guide before trading if you want the full pricing and order-flow model.
1

Select a series

Review the series maturity, EPT fee, time remaining, and points-program assumptions.
2

Open the EPT orderbook

Navigate to the EPT/vToken view for that series.
3

Place an order

Pay with vTokens to buy EPT. Use a market order for immediate execution within your slippage limit, or a limit order for a selected APR.
4

Hold and accrue credits

Credits accrue automatically while you hold EPT. Your counter starts when you receive the EPT; the seller keeps credits accumulated earlier.
5

Claim CreditTokens

After the market operator submits point weights on-chain, the contracts automatically issue CreditTokens based on your credit share and the applicable EPT fee.

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Exit Before Maturity

You do not have to hold ST or EPT until maturity:
  • Sell EPT for vToken. You keep credits accumulated before the sale; the buyer starts accruing from the transfer.
  • Sell ST for vToken at the available market price.
  • Recombine equal amounts of ST and EPT into vToken where the app provides that action.
Execution depends on available liquidity and can be subject to price impact, slippage, and fees.

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Withdraw vToken

Withdrawal returns the vault’s input token.
1

Review

Check the network, input token, recipient, estimated amount, fees, and processing time.
2

Request

Submit the vToken amount. When the vTokens are burned, they stop carrying yield and accruing credits.
3

Complete

Follow any finalization step shown by the app and receive the vault’s input token when processing finishes.
Withdrawal timing and availability are vault-specific. If you hold ST or EPT, first sell or recombine them into vToken.

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At and After Maturity

vToken is not tied to a single series maturity. It remains the base vault share, follows the vault’s NAV, and can continue accruing credits according to active periods.

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Use CreditTokens

CreditTokens are issued automatically from accrued credit shares after the market operator submits point weights on-chain. They are vault-specific, used for reward distribution, and persist across series from the same vault. Open Swaps to buy or sell CreditTokens using direct prices, market orders, or limit orders. Read Trading CreditTokens for the full flow.

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Quick Reference

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Next Steps

Credit Mathematics

How NAV, GCI, credit periods, and point weights determine CreditToken issuance.

Trading CreditTokens

The market and limit order flow for CreditTokens.