Lend
Supplying USDC
Deposit USDC into the pool for shares, earn the interest credit accounts pay, and withdraw against the pool's cash.
Shares
The pool's value is its cash plus everything credit accounts owe it, interest included. A deposit mints shares at that value, rounded down; a withdrawal burns shares and pays out at that value, rounded down. As interest accrues, each share is worth more USDC.
Shares are recorded in a lender account the program derives from the pool and your wallet. They aren't tokens: they can't be transferred, and only your wallet can withdraw them.
Depositing
Supply moves USDC from your wallet into the pool. Every supply names the fewest shares it will accept; the app quotes the shares and sets that minimum 0.5% below, so a supply fails rather than fill at a worse value.
Deposits stop while the pool is paused.
Withdrawing
Withdraw burns shares and pays USDC to your wallet, with a minimum set the same way. It needs that much cash in the pool: USDC that is lent out comes back only as borrowers repay or are liquidated. When the pool is fully lent, withdrawals wait, and the rising rate gives borrowers a reason to repay.
Withdrawals keep working while the pool is paused.
What you earn
All interest that credit accounts pay goes to the pool; Yoke takes no fee. The supply rate is the borrow rate times the share of the pool that is lent out. See Interest rates.
What you risk
- Bad debt. A full liquidation of an account with no receipts left recognizes any unpaid debt as a loss. It is never booked as repaid.
- Liquidity. Withdrawals need pool cash. At high utilization you may wait.
- Targets. Accounts hold Save and Orca positions. If either target fails, accounts that hold it may not be able to repay. See Risks.
If losses ever brought the pool's value to zero while shares remain, new deposits would fail rather than mint shares at a made-up price.