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vTokens are the receipts issued by Vanna lending pools. Each of the four markets has a separate receipt contract. Your receipt balance measures shares; its underlying redemption value changes with pool assets and debt interest.

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How yield appears

You do not need to claim a separate reward to realize lending interest. The value represented by a receipt can grow as interest accrues. Actual redemption still depends on available pool liquidity and the per-call payout cap. The exchange rate is approximately total assets divided by receipt supply; exact execution includes virtual-offset and native-rounding rules. Do not assume deposits always mint an equal number of whole receipts.
Diagram showing a deposit receiving vTokens, borrower interest, and receipt redemption

Conceptual interest-accrual example. Higher redemption value is not guaranteed; actual payouts depend on pool assets, liquidity, and caps. Click the image to zoom.

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Transfers and controls

Receipts support holder and allowance-based transfers, subject to authorization/freeze controls. Pool-controlled mint/burn and configurable maximum supply are part of the implementation. A receipt’s existence does not imply acceptance as collateral by another protocol. Earn receipts in your wallet are separate from margin collateral and external Blend/LP tracking positions. See Supply, Withdraw, and vToken Reference.