For liquidity providers
Deposit and withdraw
When the vault opens, what a share is worth, and how to move USDC in and out.
When you can
The vault takes deposits and pays withdrawals only while no stream is open. The vault page shows the gate: raised when the vault is open, down when it isn't, with the streams holding it shut listed beside it. See The vault for why.
Deposit
Open the vault
Go to the vault page and connect your wallet.
Enter an amount
Under Your position, choose Deposit and enter the USDC to put in. The app shows about how many shares you'll get at the current cash per share.
Sign
Your wallet signs one transaction that moves your USDC into the vault and mints your shares to you.
Withdraw
Choose Withdraw, enter the number of shares, and sign. The shares are burned and the USDC they're worth moves to your wallet in the same transaction.
What a share is worth
A share is worth the vault's cash divided by the number of shares. Nothing else enters the price: not open streams, not pending SOL, not what the vault paid for anything.
| Rule | |
|---|---|
| First deposit into an empty vault | One share per USDC |
| Deposit | Shares = USDC × shares outstanding ÷ cash |
| Withdrawal | USDC = shares × cash ÷ shares outstanding |
Both round down, by at most one unit, in favor of the LPs already in the vault. The last LP to withdraw receives whatever cash is left.
Example. The vault holds 500,000 USDC against 480,000 shares, so a share is worth about 1.0417 USDC. Depositing 10,000 USDC mints 9,600 shares. If the next round returns 6%, the vault holds 540,600 USDC against 489,600 shares, and your 9,600 shares withdraw for 10,600 USDC.
Shares are tokens
Vault shares are an SPL token, so they show up in your wallet like any other token and can be moved between wallets. Whoever holds them can withdraw them.