karnotxyz · heemankv · Apr 13, 2026
diff --git 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
@@ -37,8 +37,8 @@ When an exchange conducts its <Tooltip tip="Token Generation Event. When a perp
 2. A conversion rate is set based on total airdrop tokens and total PointsToken supply
 3. You burn your PointsTokens to receive airdrop tokens at that rate
 
-**Example:** Assume the points token is called PT. You hold 1,000 PT. The exchange airdrops 50,000 tokens against a total PT supply of 100,000.
+**Example:** Assume the points token is called PT. You hold 1,000 PT. The exchange airdrops 50,000 of its native token against a total PT supply of 100,000.
 
-$$\text{conversion rate} = \frac{50{,}000 \text{ airdrop tokens}}{100{,}000 \text{ PT}} = 0.5$$
+$$\text{conversion rate} = \frac{50{,}000 \text{ exchange tokens}}{100{,}000 \text{ PT}} = 0.5$$
 
-You burn 1,000 PT and receive 500 airdrop tokens.
+You burn 1,000 PT and receive 500 of the exchange's airdrop tokens.
diff --git a/learn/protocol-overview.mdx b/learn/protocol-overview.mdx
@@ -125,6 +125,6 @@ See [Series Lifecycle](/learn/series-lifecycle) for details.
 
 ## Vaults at Launch
 
-Each vault pairs a professional market maker with one or more perp DEXes. The market maker borrows vault capital, runs their own trading strategies, and returns value to the vault through either a fixed rate or a performance-fee split. ArcX does not dictate or operate the trading — each market maker runs their own book.
+Each vault pairs a professional market maker with a perp DEX. The market maker borrows vault capital, runs their own trading strategies, and returns value to the vault through either a fixed rate or a performance-fee split. ArcX does not dictate or operate the trading — each market maker runs their own book.
 
 Each vault has its own vToken. ST and EPT derived from each vault are specific to that vault and series.
diff --git a/learn/strategy-token.mdx b/learn/strategy-token.mdx
@@ -4,7 +4,7 @@ description: "The principal + yield side of a series. Sell points, lock in fixed
 icon: "vault"
 ---
 
-Each **vToken** can be part of a [series](/learn/series-lifecycle). A **series** is a fixed period of time with a maturity date where two vToken holders can exchange points for money.
+Each vault can have multiple [series](/learn/series-lifecycle), each with a different maturity date. A **series** is a fixed period where two vToken holders can exchange points for money.
 
 **ST** is the component you hold when you want to sell points in exchange for fixed yield until maturity.
 

diff --git a/learn/user-guide.mdx b/learn/user-guide.mdx
@@ -12,7 +12,7 @@ Everything starts with depositing USDC for vTokens. From there, you choose your
 
 <Steps>
   <Step title="Select a vault">
-    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.
   </Step>
   <Step title="Deposit USDC">
     Enter your amount. You receive vToken shares at the current NAV.

diff --git 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.
 
 <Info>
 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**.
 
 <Steps>
   <Step title="Lock-in">
-    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.
   </Step>
   <Step title="Unwinding">
     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.