> ## Documentation Index
> Fetch the complete documentation index at: https://docs.vanna.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# vTokens

> Fungible tokens representing LP share in a Vanna lending pool. Function reference for vXLM and vUSDC contracts.

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

```rust theme={null}
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

```rust theme={null}
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

```rust theme={null}
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

```rust theme={null}
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

```rust theme={null}
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

```rust theme={null}
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

```rust theme={null}
fn balance(env: Env, id: Address) -> i128
```

Returns the vToken balance of `id`.

***

### total\_supply

```rust theme={null}
fn total_supply(env: Env) -> i128
```

Returns the total number of vTokens currently in circulation.

***

### allowance

```rust theme={null}
fn allowance(env: Env, from: Address, spender: Address) -> i128
```

Returns the remaining allowance that `spender` can transfer from `from`.

***

### decimals / name / symbol

```rust theme={null}
fn decimals(env: Env) -> u32
fn name(env: Env) -> String
fn symbol(env: Env) -> String
```

Standard token metadata.

***

### admin

```rust theme={null}
fn admin(env: Env) -> Address
```

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

***

### set\_admin

```rust theme={null}
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

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

To compute the current redemption value of a vToken balance:

```typescript theme={null}
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;
```

***

## Related

* [Lending Pools](/developers/contracts/lending-pools) — mint/burn vTokens via deposit/redeem
* [Math Reference](/developers/math-reference#vtoken-exchange-rate) — exchange rate formulas
* [vTokens (Learn)](/learn/vtokens) — user-facing explanation of how yield accrues