Vault Functionality

When depositing into a vault, users select between pre-populated expiry dates for the I-TOKEN they will receive. This expiry date represents the duration of token rewards which the I-TOKEN represents ownership of, and therefore the amount of time which the underlying collateral must remain locked into the staking pool (barring early redemption). The duration of available contracts and their expiry dates may vary depending on the token being deposited.

Each of these staking durations has three phases over the lifetime of the contract: Warmup, Active and Expired.

J-TOKENs will remain fungible across all I-TOKEN expiry dates, which means that if a user deposits Solana into the I-SOL-Q1 contract for example, the J-SOL which they receive will be identical and interchangeable with J-SOL created by deposits into the I-SOL-Q2 contract. This ensures maximal liquidity for J-TOKENs, since only one market must be maintained no matter how many concurrent I-TOKEN expiries are available on a particular coin.

We expect that this fungibility across contract durations will also result in plentiful opportunities for arbitrage depending on the I-TOKEN market premiums/discounts across expiries.