One pool. Two assets.
Understand pool parameters, stock-token denominations, and the inventory you choose to own.
Read the calibration
| Parameter | Meaning | What to consider |
|---|---|---|
| Stock token / USDG | The two reserve assets. | Issuer rights, decimals, transfer controls, and USDG risk. |
| Strike K | USDG per creation-time risky unit. | A reference shape parameter, not an exercise payment. |
| Volatility σ | Fixed annualized model calibration. | It does not update to market-implied volatility after creation. |
| Expiry T | The end of the pool's trading horizon. | Swaps and new supply stop before expiry at the cutoff. |
| Swap fee | Fee charged on the USDG leg of a trade. | Affects execution and compensation; does not ensure profit. |
| Reserve mix | The stock-token and USDG inventory currently owned by LPs. | A value percentage depends on the reference price. |
The landing-page model lets you explore hypothetical settings. A deployed pool's strike, volatility, expiry, and fees are fixed. Changing an explorer control does not recalibrate a contract or alter an existing LP position.
LP tokens represent inventory
Each pool has its own transferable ERC-20 LP token. Your ownership fraction is your LP balance divided by that pool's total LP supply, including minimum liquidity permanently locked at initialization. LP balances in different pools are different claims and cannot be added as if they represented the same inventory.
ownership = yourLP / totalLP
redeemableStock = floor(accountedStock × ownership)
redeemableUSDG = floor(accountedUSDG × ownership)The protocol's separately accrued USDG fees are not part of LP-owned reserves. Direct token donations also do not automatically become accounted liquidity. Read the accounted reserve values used by the contract.
Raw tokens and displayed shares
The economic unit is a fixed raw-token lot defined when the pool is created. If the creation multiplier is m0 displayed shares per raw token, one risky unit is D = 1 / m0 raw tokens. Curve stock inventory is X = raw reserve × m0.
A later stock split can change a token's displayed-share multiplier without changing its raw balance or LP claim. That change does not itself create trading revenue, mint liquidity, or fund VANTA rewards. The mainnet adapter blocks new risk when it observes a pending multiplier change or issuer oracle pause. The implemented curve uses a fixed raw-token denomination; issuer display units must not be silently substituted.
Evaluate a pool
- Check the remaining horizon rather than only the original 7-day or 30-day label.
- Compare the strike to a fresh, consistently denominated reference price.
- Review actual token reserves and the amount your trade or supply represents relative to them.
- Understand whether trading is open, data is fresh, and the contract is risk-paused.
- Treat model curves as explanatory scenarios. Assess actual inventory exposure and the possibility of loss.