Shares and accounting
sineUSDCvl is the selected symbol for the Sine USDC Lending LP token. It represents a share in the vault, not a fixed claim to one USDC. Verify the full mint address rather than relying on the symbol.
Symbol structure
Section titled “Symbol structure”The symbol sineUSDCvl identifies the product:
| Part | Meaning |
|---|---|
sine |
Sine |
USDC |
Underlying asset |
v |
Voltr vault platform |
l |
Lending strategy |
The symbol identifies the vault platform rather than a particular underlying lending market. Adding another approved lending protocol does not by itself require a new symbol. The network and full mint address together identify the token. The network is not encoded in the symbol.
Shares and value
Section titled “Shares and value”Depositing USDC mints LP shares under Voltr’s accounting rules. Redeeming those shares through the vault burns the corresponding LP tokens and returns available USDC, subject to fees and withdrawal conditions.
Lending income can increase the USDC value represented by each share without increasing the number of shares in your wallet. Losses and fees can reduce that value. The symbol sineUSDCvl does not imply a stablecoin peg or guaranteed principal.
For illustration, 100 shares valued at 1.05 USDC each represent 105 USDC before any additional applicable redemption adjustments. If the value falls to 0.95 USDC per share, the same 100 shares represent 95 USDC. These numbers are hypothetical, not the actual initial share price.
Net asset value
Section titled “Net asset value”Vault NAV reflects recorded lending positions and idle USDC under the applicable valuation and fee rules. It is different from immediately withdrawable cash. A lending position can be included in NAV while its exit liquidity is limited.
Voltr’s share calculations also account for supply adjustments and fee accrual. A simple assets-divided-by-wallet-shares calculation may differ from the amount redeemable through the contract. Use an up-to-date withdrawal quote and actual transaction outcome for your specific redemption.
Performance fee and high-water mark
Section titled “Performance fee and high-water mark”Sine’s selected performance fee is 10% of eligible profit above the high-water mark. The high-water mark tracks the historical peak asset value per LP token under Voltr’s fee accounting.
A decline followed by a recovery below the previous mark does not create a new performance fee solely because the position recovered. Deposits and withdrawals must be distinguished from investment profit.
Simplified example
Section titled “Simplified example”Consider a hypothetical vault with one investor, 1,000 USDC of assets and an opening high-water mark. There are no additional deposits, withdrawals, losses or other fees in this example. Profit locking is disabled.
Suppose assets rise to 1,100 USDC and the entire 100 USDC gain is eligible for the 10% performance fee.
| Item | Amount |
|---|---|
| Opening vault assets | 1,000 USDC |
| Vault assets after lending income, before fee recognition | 1,100 USDC |
| Eligible profit | 100 USDC |
| Performance fee at 10% | 10 USDC equivalent |
| Investor’s remaining economic interest | 1,090 USDC equivalent |
| Fee recipient’s economic interest | 10 USDC equivalent |
Vault assets and investor value are different. Voltr accounts for accumulated fees through LP-share entitlements. Recognizing a fee does not itself mean that 10 USDC is transferred out of the vault. In this example, total assets remain 1,100 USDC, divided economically between the investor and the fee recipient.
Voltr includes accumulated fee LP in its share calculations, even before those fee tokens are harvested. Actual values depend on native calculations, rounding and other supply adjustments. The amounts above illustrate the economic effect rather than an exact transaction quote.
Losses and recovery
Section titled “Losses and recovery”If the share value falls below the recorded high-water mark, recovering below that mark does not by itself create a new performance fee. New eligible gains above the applicable mark can be charged.
The comparison uses Voltr’s recorded per-share high-water mark and fee-adjusted supply, not simply the vault’s previous total NAV or an investor’s original deposit. An exact multi-period example requires the native high-water-mark updates to be reproduced. The single-event illustration above should not be used to infer a specific subsequent fee amount.
Other costs
Section titled “Other costs”The illustration above excludes Voltr protocol charges and costs embedded in underlying markets. For Sine fees, operating expenses and third-party charges, see fees and expenses.
Withdrawal value
Section titled “Withdrawal value”The minimum request waiting period is 10 minutes. It does not fix the USDC value of your position or guarantee settlement at the end of that period. The applicable request and redemption rules determine the amount, and available liquidity determines whether execution can complete.
The selected locked-profit degradation period is zero. This removes that additional time-based smoothing window; it does not remove the withdrawal waiting period or liquidity constraints.
Transfers and burns
Section titled “Transfers and burns”A transfer moves the LP token and its associated redemption rights to the receiving wallet. It does not itself redeem the position for USDC. Transferability does not guarantee a secondary market or support by other applications.
Do not burn LP tokens directly. A generic token burn is not a vault withdrawal. It destroys shares without asking the vault to return USDC. Use the vault’s supported withdrawal process.
Historical APY and redemption estimates
Section titled “Historical APY and redemption estimates”Historical APY reflects changes in fee-adjusted share value, rather than changes in total vault assets. Deposits and withdrawals are not treated as investment returns. Returns are annualized after fees and may vary; historical performance does not guarantee future returns.
The website offers 1-day, 7-day and 30-day observation windows. When less history is available, the calculation uses the available verified endpoints, with a minimum elapsed duration of one hour. A gap of more than 15 minutes is disclosed but does not restart the observation window; elapsed time across the gap is included without inventing intermediate observations. If the latest observation is more than 15 minutes old, APY is withheld until fresh observations are available.
The history charts show recorded assets after accrued fees in USDC and trailing 24-hour annualized share-value returns. The period buttons select the displayed history range; they do not change the historical APY chart into a different trailing-rate series. Chart points use the last actual valuation available in each 30-minute interval. Repeated observations of an unchanged accounting balance do not create a new valuation timestamp for the return calculation. Original observations remain stored. The chart omits missing intervals from its horizontal time scale and connects the available points. Point labels retain their actual timestamps; a notice identifies the compressed time axis. This does not recover missing measurements or change the elapsed time used in APY calculations. All observation attempts, including stale or failed accounting reads and independent market readings, are retained separately. Failed reads are automatically retried. Observations are normally collected every five minutes independently of manager execution; an interruption in collection does not establish that lending income stopped.
Redemption estimates use the recorded vault state and fee-adjusted LP supply. They are not a guarantee of available liquidity. See permissions and risks.