> For the complete documentation index, see [llms.txt](https://docs.origami.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.origami.finance/the-first-fold-v1/relationship-between-token-otokens-and-ovtokens.md).

# Relationship Between Token, oTokens, and ovTokens

The following examples are user flows using GMX vault as an example.

<figure><img src="https://1838495634-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FuQqfnSZUSHvj0FdEt8I8%2Fuploads%2F1wOn2It1ib2tLqZruB3G%2Fimage.png?alt=media&amp;token=cbe1a886-9ed3-4810-bf2b-38c7b662cbce" alt=""><figcaption></figcaption></figure>

### Example Token Flow for GMX Deposits at Time t

* User A deposits 1 GMX
* Origami mints 1 oGMX and stores it in the vault
* Origami sends the deposited 1 GMX to the gmx.io staking contract to earn yield
* Origami mints 0.90 ovGMX (assuming current reservePerShare = 1.11)
* Origami sends 0.90 ovGMX to User A

<figure><img src="https://1838495634-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FuQqfnSZUSHvj0FdEt8I8%2Fuploads%2FusXTBtN5zn6i9A3QGvJg%2Fimage.png?alt=media&amp;token=bd3a720c-a0a3-4e6f-8776-c83bca1f1f42" alt=""><figcaption></figcaption></figure>

### Example Token Flow for GMX Redemption at Time t+1 (Fees ignored for simplicity)

* User A sends 0.90 ovGMX to Origami
* Origami burns 0.90 ovGMX in exchange for 1.17 oGMX (current reservePerShare = 1.30)
* Origami burns 1.17 oGMX to withdraw 1.17 GMX from the oGMX vault
* Origami sends 1.17 GMX to User A (a 17% return on the original deposit)