VLTR vs sVLTR

Simple definition

VULTR uses two tokens with two different jobs:

• sVLTR = the vault share token you receive when you deposit USDC (your receipt and claim on the vault).

• VLTR = the protocol token you can buy on-chain after launch, and stake to earn revenue from liquidations.

If you deposit into the vault, you will hold sVLTR. If you want protocol-linked revenue exposure via staking, you will hold VLTR.

What is sVLTR?

sVLTR is a vault share token (receipt token). It represents your proportional ownership of the vault’s USDC pool.

How you get sVLTR

• Deposit USDC into the VULTR vault

• The vault mints sVLTR to your wallet

What sVLTR does

• Tracks your vault position

• Lets you redeem your share of the pool later

How sVLTR value increases

When liquidation profits are realized and recorded:

• Profit increases the vault’s assets

• The share supply does not increase from profit events

• Result: each sVLTR becomes redeemable for more USDC over time (assuming net profitable operation)

How you exit sVLTR

• Withdraw from the vault

• The protocol burns sVLTR and returns USDC at the current share value

What is VLTR?

VLTR is the protocol token. It can be bought on-chain after launch and is used to stake and earn liquidation-derived revenue.

How you get VLTR

• Buy it on-chain (once launched and liquid)

What VLTR does

• Stake VLTR to earn revenue sourced from liquidation profits

• Aligns holders with protocol performance (the better liquidation performance is, the more revenue can flow to staking)

What VLTR is NOT

• VLTR is not a receipt for vault deposits

• Holding VLTR does not mean you own a proportional claim on the vault pool (that’s sVLTR’s role)

Key differences

Purpose

• sVLTR: vault ownership receipt for USDC depositors

• VLTR: protocol token for staking-based revenue participation

Backing / claim

• sVLTR: pro-rata claim on vault USDC pool

• VLTR: staking-based claim on protocol revenue distribution (from liquidations)

How you acquire it

• sVLTR: minted when you deposit USDC

• VLTR: bought on-chain after launch

Value driver

• sVLTR: vault share value (pool growth from profits)

• VLTR: protocol adoption + staking demand + revenue expectations + market liquidity

Primary use

• sVLTR: withdraw USDC later by burning shares

• VLTR: stake to earn liquidation-derived revenue

Who should hold what?

If you want vault exposure (simple user path)

• Deposit USDC → receive sVLTR → withdraw later

If you want protocol revenue exposure (staking path)

• Buy VLTR on-chain → stake VLTR → earn liquidation-derived revenue

If you want both

• Hold sVLTR for vault exposure

• Hold/stake VLTR for protocol revenue exposure