Pool Mechanics - Vanna

Deposits and receipts

Deposits convert underlying into share receipts. Later deposits use the ratio of total assets to receipt supply with a small virtual offset. The first deposit has special initial-share accounting. Token and receipt native decimals affect the final amounts.

Debt shares

Debt uses shares so interest can accrue pool-wide without rewriting every borrower. New debt shares round up; regular repayment shares round down, with dust handling and clamps. Account debt reads include pending interest.

Lazy interest accrual

Read previews floor the pending interest term. Mutations persist interest with ceiling rounding and advance the timestamp. A read-only simulation does not itself commit a pool update.

Origination fee

The fee is computed from gross borrowing and sent to treasury. Gross borrowing becomes debt; the remainder becomes account-held collateral. The frontend records a zero-fee configuration, but the fee is changeable and should be read from the selected pool.

Redemption limits

Requested receipt value is capped by 50% of total assets and available liquidity. Partial execution burns the corresponding receipt quantity. This is not a queued withdrawal request or an automatic promise to send the remainder later. See exact formulas and pool signatures.