General Documentation
  • 📜INTRODUCTION
    • Protocol Overview
  • 🔷The Second Fold (V2)
    • Getting Started
    • What's New in V2
    • How Does a Leveraged Origami Vault Work?
      • Targeted Exposure
      • Rebalancing Down
      • Rebalancing Up
      • Vault Limits
    • Collection and Vault User Guides
      • What Are Collections?
        • lovBERA Collection
          • oriBGT
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • oriBGT Smart Leverage (Tulipa Cluster)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • OHM-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • rUSD-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • BYUSD-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-iBERA (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-iBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • iBERA-osBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovPendle Collection
          • PT-sUSDe-May 2025 7x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovEthena Collection
          • PT-sUSDe-May 2025 7x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovStables Collection
          • Sky Auto-Farm
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovUsual Collection
          • USD0++ 10x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovETH Collection
          • wstETH 14x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wstETH 11x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
    • Risks
      • Liquidation Risk
      • Third-Party Risks
      • Interest Rate / Liquidity Risk
      • Vault Deprecation Risk
      • Smart Contract Risk
    • Rewards
    • What Fees We Collect
      • Performance Fee
      • Deposit and Exit Fee
    • Vault Fee Schedule
    • Deprecated Vaults
      • wOETH 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • wstETH 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • PT-sUSDe-Oct 2024 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • USDe 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • USDe 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • lovTendies Collection
        • What are directional vaults?
        • wETH-DAI-long 2x (Vitalik Bullterin)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • wETH-SDAI-short 2x (Vitalik Bearterin)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • AAVE-USDC-long 1.5x (Just Use Aave)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • wETH-cbBTC-long 3x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
      • PT-sUSDe-Mar 2025 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • PT-USD0++-Mar 2025 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sUSDe 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sUSDe 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sDAI 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • rswETH 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • weETH 4x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • lovBTC Collection
        • PT-eBTC-Dec24 8x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • PT-cornLBTC-Dec24 8x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
  • 🔷The First Fold (v1)
    • What Is an Origami Vault (ov)?
    • Origami Vault Tokens (ovTokens)
    • Origami Tokens (oTokens)
    • Relationship Between Token, oTokens, and ovTokens
    • Rewards
    • ovToken Fees
  • 🐻Boyco
    • Origami USDC Boyco Overview
  • 🖲️Technical Reference
    • Audits
    • Contracts
    • Legacy Contracts
    • Admin Controls
  • 📘References
    • Disclaimer
    • Resources
    • Brand Kit
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  1. The Second Fold (V2)
  2. Deprecated Vaults
  3. rswETH 11x

Token Flow

PreviousVault SynopsisNextdApp Instructions

Last updated 8 months ago

  1. User deposits rswETH into the rswETH 11x vault for shares

  2. User burns their rswETH 11x shares for rswETH when exiting

  3. rswETH 11x deploys to Swell Protocol by holding rswETH reserves

  4. rswETH 11x vault borrows WETH to swap into rswETH for 11x Effective Exposure

  5. rswETH 11x shares are worth more rswETH as yield accrues

  6. rswETH 11x captures 1x unlevered yield and 10x spread on yield after leverage

  7. rswETH 11x farms 3x Black Pearls at 11x and 10x ORI

  8. RebalanceDown triggers the rswETH 11x vault to borrow more WETH from the .

  9. RebalanceUp to sell rswETH into WETH to pay down debt owed to the Morpho LP

🔷
Morpho rswETH/WETH 94.5% LLTV Pool
Fig 18. Displaying the user flow for earning yield in the rswETH 11x vault.