vTokens

vTokens are standard fungible tokens on Soroban that represent a proportional share of a Vanna lending pool’s total assets. Three vToken contracts exist — one per pool.

Token	Pool	Address
`vXLM`	XLM Lending Pool	`CCQAAPNBYF6I7PRM2NZ4NRDYZUVJJANMX3RZ4ZLMQH6Z5WAUL2MHU2RZ`
`vUSDC`	USDC Lending Pool	`CDAJHQEJ26EBBGV2UYSR5S5LLA6F3A7KQISLPY5JMOL77RUDBEWG3T6Y`
`vAQUSDC`	Aquarius USDC Pool	`CATGJWK22YGAQX4DH6BXUMQYRZRGOQ6MJNJVZP67WZEE4PHSROU763KN`
`vSOUSDC`	Soroswap USDC Pool	`CDW5YJOBAR5KUPYQ5LQICSLKWRUMDEGSZVS5A4QNBMNKEZEARR6EJFYT`

All vToken contracts share the same interface.

Exchange Rate

vTokens appreciate against the underlying asset as interest accrues. The exchange rate is:

exchange_rate = total_assets / vtoken_supply

Where total_assets = pool_balance + outstanding_borrows. As borrowers repay interest, total_assets grows, and each vToken is redeemable for more of the underlying. Holding vTokens is how LPs earn yield. No staking, claiming, or compounding required — yield accrues in the exchange rate.

Functions

initialize

fn initialize(
    env: Env,
    admin: Address,
    decimals: u32,
    name: String,
    symbol: String,
) -> ()

One-time initialization. Sets the token metadata and admin. Can only be called once.

mint

fn mint(env: Env, to: Address, amount: i128) -> ()

Increases to’s vToken balance by amount. Only callable by the admin (the LendingPool contract). Called by the LendingPool on every deposit.

burn

fn burn(env: Env, from: Address, amount: i128) -> ()

Decreases from’s vToken balance by amount. Only callable by the admin (the LendingPool contract). Called by the LendingPool on every vToken redemption.

transfer

fn transfer(env: Env, from: Address, to: Address, amount: i128) -> ()

Standard token transfer. Requires from.require_auth(). vTokens are freely transferable — they can be held in any wallet or used in other DeFi protocols.

transfer_from

fn transfer_from(
    env: Env,
    spender: Address,
    from: Address,
    to: Address,
    amount: i128,
) -> ()

Allowance-based transfer. Requires spender.require_auth() and sufficient allowance from from to spender.

approve

fn approve(
    env: Env,
    from: Address,
    spender: Address,
    amount: i128,
    expiration_ledger: u32,
) -> ()

Grants spender permission to transfer up to amount of from’s vTokens. Standard Soroban token approval with an expiration ledger.

balance

fn balance(env: Env, id: Address) -> i128

Returns the vToken balance of id.

total_supply

fn total_supply(env: Env) -> i128

Returns the total number of vTokens currently in circulation.

allowance

fn allowance(env: Env, from: Address, spender: Address) -> i128

Returns the remaining allowance that spender can transfer from from.

decimals / name / symbol

fn decimals(env: Env) -> u32
fn name(env: Env) -> String
fn symbol(env: Env) -> String

Standard token metadata.

admin

fn admin(env: Env) -> Address

Returns the admin address (the LendingPool contract that controls mint/burn).

set_admin

fn set_admin(env: Env, new_admin: Address) -> ()

Changes the admin. Requires current admin auth. Used for protocol upgrades.

Events

MintEvent {
    admin: Address,
    to: Address,
    amount: i128
}

BurnEvent {
    admin: Address,
    from: Address,
    amount: i128
}

TransferEvent {
    from: Address,
    to: Address,
    amount: i128
}

ApprovalEvent {
    from: Address,
    spender: Address,
    amount: i128,
    expiration_ledger: u32
}

Storage Layout

Key	Type	Description
`TokenInfo`	`{decimals, name, symbol}`	Token metadata
`Admin`	`Address`	Admin (LendingPool)
`TotalSupply`	`i128`	Total vTokens in circulation
`Balance(Address)`	`i128`	Per-user balance
`Allowance({from, spender})`	`{amount, expiration_ledger}`	Transfer allowances
`Frozen(Address)`	`bool`	Whether account is frozen (admin action)

Integration Notes

vTokens follow the Stellar Asset Interface (SEP-41) and can be held, transferred, and used as collateral in other protocols on Stellar.

To compute the current redemption value of a vToken balance:

const vtokenBalance = await vtokenContract.balance(userAddress);
const totalSupply = await vtokenContract.total_supply();
const totalAssets = await lendingPool.total_assets(); // liquidity + borrows in WAD

const underlyingWad = (vtokenBalance * totalAssets) / totalSupply;

Lending Pools — mint/burn vTokens via deposit/redeem
Math Reference — exchange rate formulas
vTokens (Learn) — user-facing explanation of how yield accrues

Introduction

Contract Reference

TypeScript SDK

Integration Guides

Exchange Rate

Functions

initialize

mint

burn

transfer

transfer_from

approve

balance

total_supply

allowance

decimals / name / symbol

admin

set_admin

Events

Storage Layout

Integration Notes

​Exchange Rate

​Functions

​initialize

​mint

​burn

​transfer

​transfer_from

​approve

​balance

​total_supply

​allowance

​decimals / name / symbol

​admin

​set_admin

​Events

​Storage Layout

​Integration Notes

​Related

Exchange Rate

Functions

initialize

mint

burn

transfer

transfer_from

approve

balance

total_supply

allowance

decimals / name / symbol

admin

set_admin

Events

Storage Layout

Integration Notes

Related