> ## Documentation Index
> Fetch the complete documentation index at: https://docs.makx.io/llms.txt
> Use this file to discover all available pages before exploring further.

# METH — Makx ETH

> METH is the ERC-20 yield-bearing vault share token issued by the Makx Yield Vault.

## 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.

***

## 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.

***

## 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
```

***

## 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 If `bondedETH` is still deployed in active launches, it is not immediately available — only idle ETH can be withdrawn.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.

***

## METH vs. other yield tokens

| Property            | METH                                              |
| ------------------- | ------------------------------------------------- |
| Standard            | ERC-20 (not ERC-4626)                             |
| Yield source        | Rental interest from memecoin launches            |
| Rebasing            | No — share price appreciates, balance stays fixed |
| Withdrawal          | Cooldown required before redemption               |
| Principal guarantee | Backed by AMM math — bond always recoverable      |
| Transferable        | Yes — standard ERC-20 transfer                    |

***

## Checking your position

```solidity theme={null}
// 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()
```