> ## Documentation Index
> Fetch the complete documentation index at: https://docs.solana.vanna.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# vTokens

> Share receipts for a Vanna reserve. Exchange rate rises with interest.

A vToken is the reserve's share mint. Supplying 100 TSLAx mints vTSLAx. Redeeming burns vTSLAx for TSLAx at the current rate.

```text theme={null}
shares_out = floor(assets × total_shares / lender_assets)   // supply
assets_out = floor(shares × lender_assets / total_shares)   // redeem
```

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.