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What is METH?

METH (Makx ETH) is the ERC-20 share token issued by MakxYieldVault when you deposit ETH. It is a yield-bearing token — holding METH means your underlying ETH is actively earning yield from liquidity rentals. METH is not a rebasing token. The token balance you hold stays constant. Instead, the ETH value per METH share increases as interest accumulates in the vault.

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Share price mechanics

sharePrice  = totalAssets × 1e18 / totalSupply
totalAssets = address(vault).balance + totalBondedETH
  • address(vault).balance — idle ETH sitting in the vault, available for new deposits, withdrawals, and lending.
  • totalBondedETH — accounting marker for ETH currently lent out to token launches. Not physically in the vault but contractually backed by the LP positions.
As YieldPad calls collectInterest() and sends ETH back to the vault, totalAssets grows and sharePrice rises.

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Minting METH

Calling deposit() on MakxYieldVault:
  1. collectInterest() is called on YieldPad first — ensuring share price is current before you dilute.
  2. Any protocol feeBps is deducted from the incoming ETH.
  3. Shares are minted proportional to pre-deposit totalAssets — you receive a fair share.
shares = ethIn × totalSupply / priorTotalAssets

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Burning METH

Calling redeem() after the cooldown period:
  1. collectInterest() is called — share price is refreshed.
  2. Your shares are burned.
  3. You receive ETH proportional to shares / totalSupply × totalAssets.
Redemptions are capped at available idle ETH. If bondedETH is still deployed in active launches, it is not immediately available — only idle ETH can be withdrawn. A partial redemption is possible if idle balance is lower than your full entitlement.

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METH vs. other yield tokens

PropertyMETH
StandardERC-20 (not ERC-4626)
Yield sourceRental interest from memecoin launches
RebasingNo — share price appreciates, balance stays fixed
WithdrawalCooldown required before redemption
Principal guaranteeBacked by AMM math — bond always recoverable
TransferableYes — standard ERC-20 transfer

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Checking your position

// Current share price (ETH per METH, scaled 1e18)
vault.sharePrice()

// Your METH balance
meth.balanceOf(address)

// Total vault assets
vault.totalAssets()

// ETH currently lent out to launches
vault.totalBondedETH()