Exchange rate
— XPHX per sXPHX
Donations
XPHX sent to the vault outright. It mints nothing for the sender and, after the 9.33% performance fee, raises what every sXPHX redeems for.
Reading the donations…
This is a share of a flow, not a yield on your deposit.
One percent of every taxed XPHX transfer is routed here. That amount depends on how much XPHX moves, not on how much is in the vault, and it is split across every sXPHX in existence. So the rate is high while the vault is small and falls as deposits grow: the same flow divided among more shares. Someone who deposits early earns more than someone who deposits into a larger vault, and the figure above will not survive the vault getting bigger.
Nothing in the vault can lower it. Reflections, the routed fee leg, donations and router revenue land in the vault’s XPHX balance, so each share comes to represent more of it. Nothing is distributed and there is nothing to claim. Only redeeming removes XPHX, and that burns sXPHX in proportion. The vault has no owner withdrawal, pause, sweep or upgrade; its rescue function, for other tokens sent here by mistake, refuses XPHX.
from block 120,437,570, then recorded, then live
Deposits, fees routed in and donations raise it; redemptions lower it. Every point is XPHX.balanceOf on the vault, which is also what its rate is computed from.
It opened at par. Deposits and redemptions leave it unchanged; fees, reflections and donations raise it.
sXPHX is the receipt token of the sXPHX vault on BNB Smart Chain. You deposit XPHX and receive sXPHX; you redeem sXPHX and receive XPHX, in the same transaction, at any time. Your number of sXPHX never changes on its own. What changes is the exchange rate, the amount of XPHX one sXPHX redeems for, which rises as XPHX flows into the vault from the XPHX transfer fee, from reflections, from donations and from protocol revenue. Nothing is minted to pay it. The vault opened on 7 September 2026 at one XPHX per sXPHX. It is a separate product from hold to earn.
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The lending market values sXPHX at its redemption rate times XPHX's market price, so a discount in the sXPHX pools does not move your liquidation point; a fall in XPHX does. If the market were ever switched to price sXPHX from its own pool, that discount would count against you.
Every source can dry up. Nothing in the vault makes the rate fall, but a receipt that stops appreciating is XPHX with extra steps.
Redemption is what closes that gap, and it takes as long as redeeming does.
On liquidation. Every liquid-staking token carries this. The vault being solvent does not help you: the market decides what your collateral is worth at the moment of liquidation, and a receipt trades at a discount exactly when everybody wants out of it. Borrow against sXPHX as though it were worth less than the rate says.
On the legs. Reflections depend on transfer volume, which nobody controls. The routed fee depends on a decision we make and can unmake. Neither is contractual, and the rate is a measurement of what has happened rather than a promise about what will.
On the transfer tax. It does not apply here. The vault is fee-exempt on XPHX, so the whole of what you deposit arrives and the whole of what you redeem leaves. See the docs for where the tax does apply.
sXPHX is a lending market. The receipt can be supplied as collateral and borrowed against, which makes it the one asset here that earns the vault rate and backs a position at the same time. See it in the markets.