Token Flow
Last updated
Last updated
User deposits wstETH into the wstETH 11x vault for shares
User burns their wstETH 11x shares for wstETH when exiting
wstETH 11x deploys to Lido Protocol by holding wstETH reserves
wstETH 11x vault borrows WETH to swap into wstETH for 11x Effective Exposure
wstETH 11x shares are worth more wstETH as yield accrues
wstETH 11x captures 1x unlevered yield and 10x spread on yield after leverage
RebalanceDown triggers the wstETH 11x vault to borrow more WETH from the Spark LP
RebalanceUp to sell wstETH into WETH to pay down debt owed to the Spark LP