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A vToken is the reserve’s share mint. Supplying 100 TSLAx mints vTSLAx. Redeeming burns vTSLAx for TSLAx at the current rate.
Empty pool: 1:1, then a MIN_INITIAL_SHARES floor on the first deposit. vTokens live in the wallet. They are Earn receipts, not margin collateral. To use supplied stock as collateral, redeem, then deposit the underlying. Interest does not mint extra vTokens. The same shares become worth more underlying.