Receipt Tokens

Understand how each token type works, how it accumulates yield, and how rFlow calculates its value when selling future returns.

Overview#

Receipt Tokens are tokens you receive when you deposit assets into a DeFi protocol. They represent your position and automatically accumulate the generated yields.

Two Types of Compounding

Exchange Rate Tokens

The number of tokens stays constant, but their value increases via a growing exchange rate (kUSDC, mSOL, jitoSOL)

Fee Accumulation

Trading fees accumulate on the position and must be claimed manually (Meteora LP, Raydium LP)

Kamino (kTokens)#

Kamino kUSDC

Kamino Finance - Lending

kUSDC

APY: 4-8%

Compounding Mechanism

Exchange Rate Appreciation

rFlow Discount

15%

Mainnet:KkUSDCw3...SX1ZXz

Devnet:6cn3t6z4...AHRcBZ

When you deposit USDC on Kamino Lend, you receive kUSDC. These tokens use a growing exchange rate to represent accumulated interest.

# How it works:

Deposit: 1,000 USDC → Receive: 980 kUSDC

Initial exchange rate: 1.0204 USDC/kUSDC

After 90 days (6% APY):

Exchange rate: 1.0354 USDC/kUSDC (+1.47%)

Value: 980 × 1.0354 = 1,014.69 USDC

Kamino kSOL

Kamino Finance - Lending

kSOL

APY: 2-5%

Compounding Mechanism

Exchange Rate Appreciation

rFlow Discount

15%

Devnet:7n8LEGVa...AER5hd

Same mechanism as kUSDC but for SOL deposits. The SOL/kSOL exchange rate increases over time.

Marinade (mSOL)#

Marinade Staked SOL

Marinade Finance - Liquid Staking

mSOL

APY: 6-8%

Compounding Mechanism

Exchange Rate Appreciation

rFlow Discount

20%

Mainnet:mSoLzYCx...cJm7So

Devnet:26MLBwzC...owzZMv

mSOL is Marinade's liquid staking token. When staking SOL through Marinade, you receive mSOL which continuously appreciates against SOL thanks to staking rewards.

# Example:

Stake: 100 SOL → Receive: ~95.2 mSOL

Initial exchange rate: 1.0504 SOL/mSOL

After 1 year (7% APY):

Exchange rate: 1.1239 SOL/mSOL

Value: 95.2 × 1.1239 = 107 SOL

Why 20% discount?

mSOL has a higher discount than kUSDC (20% vs 15%) because:

Exposure to SOL price volatility
Slashing risk (very low but exists)
Variability in Solana staking rewards

Jito (jitoSOL)#

Jito Staked SOL

Jito - MEV-Enhanced Liquid Staking

jitoSOL

APY: 7-9%

Compounding Mechanism

Exchange Rate Appreciation

rFlow Discount

18%

Mainnet:J1toso1u...7kGCPn

Devnet:2CBAhK96...uTfUxa

jitoSOL works like mSOL but with a MEV boost. Jito redistributes part of MEV profits to stakers, resulting in a slightly higher APY.

# Yield composition:

Base staking rewards: ~6.5% APY

MEV rewards: ~1-2% APY

Total: ~7.5-8.5% APY

Solend (cTokens)#

Solend cUSDC

Solend/Save - Lending

cUSDC

APY: 3-6%

Compounding Mechanism

Exchange Rate Appreciation

rFlow Discount

15%

Mainnet:993dVFL2...JZuwqk

Solend cTokens (now Save) work exactly like Compound's cTokens on Ethereum - a growing exchange rate represents accumulated interest.

Meteora LP Positions#

Meteora DLMM Positions

Meteora - Concentrated Liquidity LP

Position NFT

APR: 10-50%+

Compounding Mechanism

Fee Accumulation (manual claim)

rFlow Discount

30% (higher volatility)

Different from other tokens!

Unlike kTokens or mSOL, Meteora LP positions don't have an exchange rate. Trading fees accumulate separately and must be claimed.

When you sell future yields from a Meteora position on rFlow:

You lock the Position NFT in a rFlow vault
Fees accumulated before the deal remain yours (claim before)
During the deal, the buyer can claim accumulated fees
At settlement, the NFT returns to the seller (with the LP principal)

# Example SOL-USDC Pool:

Position: $5,000 liquidity

Pool APR: 25%

Pool share: 0.1%

Over 90 days:

Estimated fees: ~$308

Suggested price (30% discount): $215

How We Calculate Value#

Here's how rFlow determines the value of your tokens at lock time:

1. Exchange Rate Tokens (kUSDC, mSOL, jitoSOL)

typescript

1// On-chain settlement formula
2const exchangeRateAtLock = getExchangeRate(mint); // e.g., 1.0504
3const principalValue = tokenAmount * exchangeRateAtLock;
4
5// At settlement (90 days later)
6const currentExchangeRate = getExchangeRate(mint); // e.g., 1.0654
7const currentValue = tokenAmount * currentExchangeRate;
8const actualYield = currentValue - principalValue;
9
10// Distribution
11const yieldTokens = tokenAmount * (actualYield / currentValue);
12const principalTokens = tokenAmount - yieldTokens;
13
14// buyer receives: yieldTokens
15// seller receives: principalTokens

2. Meteora LP Positions

typescript

1// Fee estimation at deal creation
2const poolMetrics = await fetchPoolMetrics(poolAddress);
3const positionShare = positionValue / poolTVL;
4const dailyFees = poolMetrics.fees30d / 30;
5
6const estimatedFees = dailyFees * positionShare * durationDays;
7const suggestedPrice = estimatedFees * (1 - DISCOUNT_RATE);
8
9// During deal: buyer claims fees directly from Meteora
10// At settlement: NFT returns to seller

Anti-manipulation protection

For exchange rate tokens, we store the rate at lock time. At settlement, we verify the current value is within a ±20% toleranceto prevent oracle manipulation.

Numerical Examples#

Example 1: Kamino kUSDC (90 days)

Deal Parameters

Locked tokens1,000 kUSDC

Exchange rate (lock)1.0204

Principal value$1,020.40

Kamino APY6%

Duration90 days

Calculations

Expected yield$1,020 × 6% × (90/365) = $15.09

Discount (15%)$15.09 × 0.15 = $2.26

Suggested price$12.83

At Settlement (after 90 days)

Current exchange rate: 1.0354 (+1.47%)

Current value: 1,000 × 1.0354 = $1,035.40

Actual yield: $1,035.40 - $1,020.40 = $15.00

Yield tokens (buyer): 1,000 × ($15 / $1,035.40) = 14.49 kUSDC

Principal tokens (seller): 1,000 - 14.49 = 985.51 kUSDC

Buyer: paid $12.83, receives ~$15.00 → +17% profit

Seller: received $12.83 cash immediately instead of waiting 90 days

Example 2: Marinade mSOL (180 days)

Deal Parameters

Locked tokens50 mSOL

Exchange rate (lock)1.0850 SOL/mSOL

Principal value54.25 SOL

Marinade APY7.2%

SOL price (reference)$150

Calculations

Expected yield (SOL)54.25 × 7.2% × (180/365) = 1.93 SOL

Yield in USDC1.93 × $150 = $289.50

Discount (20%)$289.50 × 0.20 = $57.90

Suggested price$231.60 USDC

Example 3: Meteora LP (90 days)

Meteora SOL-USDC Position

Position value$10,000

Pool TVL$2,000,000

Pool share0.5%

Pool fees (30d)$150,000

Fee Estimation

Fees/day (pool)$150,000 / 30 = $5,000

My fees/day$5,000 × 0.5% = $25

Fees over 90 days$25 × 90 = $2,250

Discount (30%)$2,250 × 0.30 = $675

Suggested price$1,575 USDC

Note: For Meteora, the buyer must claim fees regularly during the deal. At settlement, any unclaimed fees are automatically sent to the buyer before the NFT returns to the seller.

Protocol Overview

Understand how rFlow works overall.

Smart Contracts

Technical reference for on-chain instructions.

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