> For the complete documentation index, see [llms.txt](https://mithril-money.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://mithril-money.gitbook.io/docs/vault-mechanics.md).

# 🏦 Vault Mechanics

#### Deposits

* Users deposit **USDC** and receive **mvXXUSDC** (e.g., `mvLPUSDC` or `mvDNUSDC`).
* The vault’s **exchange rate (USDC ↔ mvXXUSDC)** increases as yield is harvested.
* Early depositors benefit as each share appreciates in value.

{% hint style="info" %}
“Your mvXXUSDC value grows over time as the vault earns yield. Once you request a withdrawal, your position stops earning yield until it’s finalized.”
{% endhint %}

***

#### Withdrawals

Withdrawals are managed through **epochs** to ensure efficiency and fairness.

1. **Request Withdrawal**\
   Choose how much to withdraw — that amount stops earning yield immediately.
2. **Pending Phase**\
   Your withdrawal stays queued until the vault’s withdrawal window opens.
3. **Finalize or Cancel**\
   When redemptions open, you can redeem your mvXXUSDC for USDC at the current vault rate.\
   You may also cancel before execution.

{% hint style="info" %}
“Withdrawals are batched by epoch. Your funds stop earning yield once requested and can be redeemed once redemptions open.”
{% endhint %}


---

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