From d2eaabce2f7458ddbf42dd8c9e6eb6f69fb175d9 Mon Sep 17 00:00:00 2001 From: Heemank Verma Date: Mon, 13 Apr 2026 16:29:46 +0530 Subject: [PATCH] docs: fix single-DEX framing and improve clarity across docs MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit - Fix vault-to-DEX relationship: "one or more perp DEXes" → single DEX - Clarify vToken-per-vault language to avoid implying only 1 token exists - Clarify lock-in withdrawal pool is shared across all users (FCFS) - Fix series intro in strategy-token to show vaults can have multiple series - Clarify EPT pricing uses "expected" price per point - Clarify airdrop tokens come from the exchange, not ArcX - Fix orderbook guide: vault and series are separate selection steps Co-Authored-By: Claude Opus 4.6 (1M context) --- learn/orderbook-guide.mdx | 4 ++-- learn/points-token.mdx | 6 +++--- learn/protocol-overview.mdx | 2 +- learn/strategy-token.mdx | 2 +- learn/user-guide.mdx | 2 +- learn/vtoken.mdx | 8 ++++---- 6 files changed, 12 insertions(+), 12 deletions(-) diff --git a/learn/orderbook-guide.mdx b/learn/orderbook-guide.mdx index c272423..4f5c9d5 100644 --- a/learn/orderbook-guide.mdx +++ b/learn/orderbook-guide.mdx @@ -6,7 +6,7 @@ icon: "chart-line" Before placing an order, start with two things: -1. pick the **series** you want to trade +1. pick the **vault** and then the **series** (maturity date) you want to trade 2. decide whether you want **principal + yield** exposure through **ST** or **points** exposure through **EPT** The same **vToken** can have multiple series open at different maturity dates, and each series has its own **ST/vToken** and **EPT/vToken** orderbooks (though economically they are the same underlying book, as explained below). @@ -77,7 +77,7 @@ That is the main directional rule to keep in mind when reading the book. The book is quoted in APR, but users still need a simple way to think about token price: - **ST** trades below **1 vToken** -- **EPT** trades at `price per point × points received from 1 vToken until maturity` in an efficient market, and as an EPT buyer you want it to trade below that value so you have room to profit +- **EPT** trades at `expected price per point × points received from 1 vToken until maturity` in an efficient market, and as an EPT buyer you want it to trade below that value so you have room to profit from the exchange's listed token price **As maturity gets closer, the same APR implies different ST and EPT amounts.** diff --git a/learn/points-token.mdx b/learn/points-token.mdx index 58530a2..c9a2cc1 100644 --- a/learn/points-token.mdx +++ b/learn/points-token.mdx @@ -37,8 +37,8 @@ When an exchange conducts its - Each vault pairs a market maker with one or more exchanges. Different vaults have different rates and point sources. + Each vault pairs a market maker with an exchange. Different vaults have different rates and point sources. Enter your amount. You receive vToken shares at the current NAV. diff --git a/learn/vtoken.mdx b/learn/vtoken.mdx index 3e61b4a..72ef66f 100644 --- a/learn/vtoken.mdx +++ b/learn/vtoken.mdx @@ -6,12 +6,12 @@ icon: "circle-dollar-to-slot" ## What Is a vToken -A vToken is a vault share. Each vault pairs a market maker with one or more perp DEXes. You deposit USDC, receive vToken shares, and earn two things: +A vToken is a vault share. Each vault pairs a market maker with a perp DEX. You deposit USDC, receive vToken shares, and earn two things: 1. **Yield** — the market maker borrows your capital and returns value through either a fixed rate or a performance-fee split 2. **Exchange points** — the strategy's activity generates points, distributed to you based on how many vTokens you held and for how long -One vToken per vault. Different vaults have different market makers, exchanges, and rates. +Each vault has its own vToken. Different vaults have different market makers, exchanges, and rates. vToken is the simplest way to use ArcX. You earn yield and points without trading or managing anything. Just deposit and hold. @@ -61,9 +61,9 @@ Withdrawals depend on two timing constraints: **lock-in** and **unwinding**. - Operators usually need deposits to stay on the exchange for a minimum period so they can put the capital to work. Because of that, each vToken has a global lock-in window. + Operators usually need deposits to stay on the exchange for a minimum period so they can put the capital to work. Because of that, each vault has a global lock-in window. - If the lock-in is 3 days, then the withdrawable amount is total supply minus deposits made in the last 3 days. During this lock-in period, your vTokens are **not** burned, and you continue earning yield and points. + If the lock-in is 3 days, the vault's total withdrawable pool is total supply minus all deposits made in the last 3 days — across all users. Withdrawals are served from this shared pool on a first-come, first-served basis. During the lock-in period, your vTokens are **not** burned, and you continue earning yield and points. Once your position is withdrawable, the operator still needs time to unwind exchange positions and return capital to the vault contract. Your vTokens are burned during this unwinding period.