Token Reference
| Token | Scope | Tradeable | Redeemable for | Expiry |
|---|---|---|---|---|
| ST | Per epoch, per strategy | Yes (ST/USDC orderbook) | USDC (after maturity) | End of epoch |
| EPT | Per epoch, per strategy | Yes (EPT/USDC orderbook) | PointsTokens (after maturity) | End of epoch |
| PointsToken | Per exchange (persists across epochs) | Yes | Airdrop tokens (after TGE) | None |
Naming Convention
| Token | Pattern | Example |
|---|---|---|
| ST | ST--E | ST-FundingArb-E007 |
| EPT | EPT--E | EPT-FundingArb-E007 |
| PointsToken | x | xPX, xHL, xPC |
Key Equations
| Equation | What it means |
|---|---|
| 1 USDC = (1/R) ST + 1 EPT | One dollar deposited produces this fixed combination of tokens |
| NAV = vault value / total shares | Each ST share is worth the vault value divided by total shares |
| shares = deposit amount / NAV | Shares minted depend on current per-share NAV |
| your points = Σ (your credits_w / total credits_w) x points_w | Points distributed weekly — your share of each week’s credits determines your share of that week’s points |
| EPT implied cost = 1 - X/R | The gap between $1 and the value of ST from a $1 deposit |
Epoch State Machine
| State | Deposits | Credit Accrual | Orderbook Trading | Redemption |
|---|---|---|---|---|
| ACTIVE | Yes | Yes (credit updates) | Yes | No |
| SETTLING | No | Stopped | Secondary only | No |
| MATURED | No | Final credits settled | No | Yes |