> For the complete documentation index, see [llms.txt](https://docs-v4.venus.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs-v4.venus.io/technical-reference/reference-liquidity-hub/vhtoken.md). # vhToken ## What is a vhToken `vhToken` is the shorthand for the ERC-4626 share token a Liquidity Hub issues. It is not a contract name. Each Hub issues its own, named `Venus Hub ` with symbol `vh`: | Deposit into | You receive | | ------------ | ----------- | | USDT Hub | `vhUSDT` | | USDC Hub | `vhUSDC` | | U Hub | `vhU` | **The share token is the Hub.** The `Hub` contract inherits `ERC4626Upgradeable`, so it is itself the ERC-20. There is no separate token contract to look up: the `vhUSDT` address and the USDT Hub address are the same address. Resolve it from `HubRegistry.hubForAsset(asset)` rather than hard-coding. A vhToken is a claim on a share of the Hub's whole portfolio, not on any one yield source. The capital behind it sits wherever the Hub's policy and queues placed it — across whichever Sources are registered and have non-zero caps at the time. ## Rate One vhToken is redeemable for a growing amount of the underlying asset. Yield arrives as a **rising exchange rate**, never as a rebase: the balance in a wallet never changes on its own, its redemption value does. The rate is `totalAssets() / totalSupply()`, and `totalAssets()` is the sum of every Source's holdings plus the Hub's idle balance. Read it through the standard ERC-4626 views: * `convertToAssets(shares)` — what a share amount is currently worth in underlying. * `convertToShares(assets)` — how many shares an asset amount currently buys. * `previewRedeem` / `previewWithdraw` — same, but net of the redeem (exit) fee. `convertToAssets` and `convertToShares` are pure share math. They reflect no caps, no liquidity, no pause state and no fees, so a value they return is not a promise that the corresponding deposit or withdrawal will succeed. Each Hub launched with a `decimalsOffset` of 6, the standard ERC-4626 inflation defence. The three mainnet assets are 18-decimal, so their vhTokens carry **24 decimals**, and the raw share-to-asset ratio is not 1:1. Always convert through the views instead of assuming a ratio. Each Hub was also seeded with a bootstrap deposit whose shares were minted to the burn address, so `totalSupply` is never zero. Every deposit, withdrawal and reallocation accrues fees before pricing, so the rate a caller transacts at is current. All three fees (management, performance and redeem) launched at `0`. ## What you can do with a vhToken ### Redeem it `redeem(shares, receiver, owner)` burns an exact share amount and returns the underlying. `withdraw(assets, receiver, owner)` does the reverse: it names the asset amount and burns whatever shares that costs. Both are permissionless and atomic — they complete in full or revert. Size the call against `maxRedeem(owner)` or `maxWithdraw(owner)`. Those views are overridden to account for the owner's balance, the Hub's aggregate liquidity, the per-transaction withdrawal cap (10,000,000 asset units at launch) and the redeem fee. An oversized request does not fail with a Hub error. Because `maxWithdraw` is already clamped, it trips the inherited OpenZeppelin guard first and reverts with the string `"ERC4626: withdraw more than max"`, not `HubWithdrawCapExceeded` or `HubInsufficientLiquidity`. Those two named errors stay reachable on the routing path, so do not key error handling on them alone. All four `max*` views return `0` while the Hub is paused. ### Transfer it A vhToken is a plain ERC-20: `transfer`, `transferFrom` and `approve` behave normally, and the recipient can redeem it. Value follows the token, so transferring shares transfers the position and the yield it is still earning. ### Supply it to the Core pool as collateral Each mainnet vhToken has a deployed Venus Core pool market. After the listing VIP executes, a holder can supply it, use it as collateral, and borrow other assets against it while the shares keep earning Hub yield underneath. | vhToken | Core market | Collateral factor | Liquidation threshold | | -------- | ----------- | ----------------- | --------------------- | | `vhUSDT` | `vvhUSDT` | 80% | 80% | | `vhUSDC` | `vvhUSDC` | 82.5% | 82.5% | | `vhU` | `vvhU` | 75% | 75% | The collateral factor equals the liquidation threshold on all three markets. A position opened at the maximum LTV therefore sits on the liquidation boundary, so borrowers should leave a safety buffer. vhToken Core markets do not currently support [E-Mode](/technical-reference/reference-technical-articles/emode.md) or Isolation Mode. Borrowers migrating a position from a market that uses either mode should note that the effective LTV and liquidation parameters may differ — the collateral factors listed above apply as-is, without any mode-specific boost or restriction. All three launch with a liquidation incentive of 10%, a reserve factor of 10%, a supply cap of 10,000,000 and a **borrow cap of `0`** — the vhToken itself is never borrowable. The market exists to let the shares back a loan, not to create a market in the shares. The Core pool does not value this collateral at the Hub's uncapped redemption rate. Its price source is a [capped oracle](/technical-reference/reference-technical-articles/capped-oracles.md) that multiplies the underlying asset's Resilient Oracle price by a capped `convertToAssets(1 share)` rate. At launch the maximum rate grows at 5% per year, with a 30-day snapshot interval and a 41-basis-point snapshot gap. If the Hub's raw exchange rate outruns that allowance, the collateral price can temporarily trail the value redeemable from the Hub. Each market also opts into [Protection Mode](/risk/protection-mode.md), configured with a 5% deviation trigger, a 2% reset threshold and a one-hour cooldown. When protection is active it can reduce the price used for new borrow-capacity checks; liquidation eligibility and seize amounts continue to use the Resilient Oracle spot price. **Mainnet status:** the market and capped-oracle contracts are deployed. On BSC testnet, the equivalent `vSHARE` / `vvSHARE` market is already live following [proposal 713](https://venus-testnet.vercel.app/#/governance/proposal/713?chainId=97). The Migrator runs the other direction: `migrateFromCore` / `migrateFromCoreBNB` convert an existing Venus Core supply position into Hub shares in one transaction. It is stateless, permissionless and non-upgradeable, deployed at `0xfe6b8BEf1215C19Cd247FbF495ef560932F1Eb9B`. ### Mint it directly `mint(shares, receiver)` mints an exact share amount, pulling whatever assets that costs, as the counterpart to `deposit(assets, receiver)`. `depositWithConsent` and `mintWithConsent` take an extra `bytes32 consentHash` and emit `ConsentRecorded` alongside the deposit, so an integrator can prove a supplier acknowledged a specific set of terms. Passing `bytes32(0)` skips the emit and behaves exactly like the plain `deposit` / `mint`. The hash is event-only: nothing is stored and there is no getter, so proving acknowledgement means querying the log. ## Related * [Hub](/technical-reference/reference-liquidity-hub/hub.md) — the contract that issues and prices the share token. * [Liquidity Hub](/whats-new/liquidity-hub.md) — the user-facing introduction. * [Deployed Contracts](/deployed-contracts/liquidity-hub.md) — addresses on both networks. * [Core pool markets](/deployed-contracts/markets.md#core-pool) and [oracles](/deployed-contracts/oracles.md#bnb-chain-mainnet) — collateral-market and price-source addresses. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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