> ## 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

> How vToken receipts track your share of a lending pool and grow with borrower interest.

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.

## 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](https://mintcdn.com/vannafinance/nTvFas2wipJFpeKy/images/stellar/learn/vToken.png?fit=max\&auto=format\&n=nTvFas2wipJFpeKy\&q=85\&s=a8a0f1131813fd5ccb0b78c03b06b8b4)

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

## 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](https://docs.vanna.finance/stellar/guides/earn/supply.md), [Withdraw](https://docs.vanna.finance/stellar/guides/earn/withdraw.md), and [vToken Reference](https://docs.vanna.finance/stellar/developers/contracts/vtokens.md).


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