Share Tokens and How Your Balance Grows
When you deposit, you receive share tokens for your tranche. You do not claim yield; instead, each share becomes worth more USDC as yield accrues.
How share prices work
- Depositing issues new shares at the current share price, so new lenders do not dilute existing ones.
- Yield raises the tranche's value, so the share price rises.
- Losses lower the tranche's value, so the share price falls. Junior's price falls first.
- Withdrawing redeems shares at the current share price.
A worked example
- Senior's share price is $1.0200. You deposit $10,000 and receive about 9,803.92 shares.
- Months later the share price is $1.0400. Your shares are worth about $10,196.08.
- You have earned about $196.08. Withdraw any number of shares to take it out; the 0.20% withdrawal fee applies to what you withdraw.
Where to see your balance
Earn shows your current balance, what you deposited, what you have earned, and the tranche's realized yield over the last 7 and 30 days. Earnings shown in the app exclude any points credit you redeemed into your balance, so yield and rewards are never mixed.
Share tokens are ordinary Solana tokens in your wallet. If you move them to another wallet, the app's earnings figures for each wallet will no longer add up neatly, although the value is unchanged.