# tango.finance Docs > tango.finance (app.tango.finance), by Tango, lets you buy tokenized stocks and supply them to a vault that earns on them. The vault posts the stock as collateral at money markets, borrows a stablecoin against it, lends that stablecoin out, and turns what it earns back into more of the same stock. These docs explain how the vault works onchain and how the app uses it. # Introduction > What tango.finance is, how buying a stock, supplying it and the strategy that earns on it fit together, and where to start reading. Source: https://app.tango.finance/docs tango.finance lets you buy tokenized stocks and supply them to earn more of the same stock. A tokenized stock is a token that tracks one share of a listed company, such as AAPL, on a blockchain network. When you supply it, a strategy posts it as collateral at money markets, borrows the network's stablecoin against it and lends that stablecoin out. The difference between what lending earns and what borrowing costs is turned back into more of your stock. These docs explain how that works: where the yield comes from, the smart contract that holds supplied stock, the service that runs the strategy, and what the app does on top. > **Key points** > > - Each stock has its own strategy. You supply the stock and receive shares, and your shares are counted in that stock, not in dollars. > - The strategy borrows a stablecoin against your stock and lends it at other money markets. The spread between the two, plus money-market rewards, buys more of the same stock. > - You can leave without anyone's approval and without a request queue. How much can leave at once depends on what the money markets can pay back. > - Supplying is not risk-free. Prices, liquidations, smart contracts and the money markets themselves can all cause losses. ## How it fits together Supplied stock goes through the same steps for every stock: 1. You buy a stock in the app, or bring one you already hold, and supply it. You receive shares for your part. 2. The strategy supplies the stock to money markets as collateral. In these docs, a money market used this way is a **borrow venue**. 3. It borrows the network's stablecoin against that collateral, and lends it to other money markets, called **lending venues**. 4. When lending earns more than borrowing costs, the profit is harvested. A performance fee is taken, and the rest buys more of the stock, so every share is worth more stock. 5. When you withdraw, you receive stock. If not enough stock is idle, collateral is released and debt repaid in the same transaction. The stock you supply is held by a vault, a smart contract with one for each stock. [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains what that means for you, and [Key concepts](https://app.tango.finance/docs/concepts.md) explains the other terms. ## Start here | If you want to | Read | | --- | --- | | Understand where the yield comes from | [How yield is generated](https://app.tango.finance/docs/how-yield-is-generated.md) | | See how your stock grows | [How your stock compounds](https://app.tango.finance/docs/how-your-stock-compounds.md) | | See what makes Tango different | [What makes Tango different](https://app.tango.finance/docs/why-tango.md) | | Learn the vocabulary | [Key concepts](https://app.tango.finance/docs/concepts.md) | | Know what supplying means for you | [Using a vault](https://app.tango.finance/docs/vault/overview.md) | | Buy or sell a stock | [Buy and sell](https://app.tango.finance/docs/app/buy-and-sell.md) | | Supply or withdraw | [Supply a stock](https://app.tango.finance/docs/app/supply.md) and [Withdraw in the app](https://app.tango.finance/docs/app/withdraw.md) | | Move money between networks | [Move funds](https://app.tango.finance/docs/app/move-funds.md) | | Check who can change what | [Profiles and access control](https://app.tango.finance/docs/vault/roles.md) and [Timelocks](https://app.tango.finance/docs/vault/timelocks.md) | | Understand what can go wrong | [Risks](https://app.tango.finance/docs/vault/risks.md) | ## Two layers tango.finance has two layers: the smart contracts that hold supplied stock and run the strategy, and the app you use to buy, supply and withdraw. The **contracts** count every holder's shares, decide what each role may do, and let any holder leave on their own. The How Yield Generation Works section, starting with [Using a vault](https://app.tango.finance/docs/vault/overview.md), describes them. The **app** at [app.tango.finance](https://app.tango.finance/) is where you connect a wallet, buy and sell stocks, supply them and withdraw. It chooses how each withdrawal is sent, and shows the rates, fees and roles for every stock. The Using tango.finance section, starting with [Buy and sell](https://app.tango.finance/docs/app/buy-and-sell.md), describes it. When the two differ, the contracts set what is possible, and the app sets what you do through tango.finance today. ## For AI assistants Every page is available as Markdown at its own URL with `.md` added. The docs home is at https://app.tango.finance/docs/index.md. The index of all pages is at https://app.tango.finance/llms.txt, and every page in one file is at https://app.tango.finance/llms-full.txt. See [For AI assistants](https://app.tango.finance/docs/reference/for-ai-assistants.md). ## Before you supply Supplying puts your stock to work at money markets you do not control. The strategy borrows against it, so a sharp fall in the stock's price can lead to a liquidation that takes part of the collateral. Smart contracts, price feeds, money markets, stablecoins and the tokenized stock itself can all fail. Rates change all the time and can turn negative. Roles, limits and timelocks constrain what can happen, but they do not guarantee returns or protect against every loss. Read [Risks](https://app.tango.finance/docs/vault/risks.md) and decide for yourself. Nothing here is investment advice. --- # How yield is generated > How a supplied stock earns by borrowing a stablecoin against it and lending that stablecoin, and what makes the rate rise, fall or turn negative. Source: https://app.tango.finance/docs/how-yield-is-generated A supplied stock earns because the strategy borrows against it and lends what it borrows. The stock itself sits at money markets as collateral. The strategy borrows the network's stablecoin against it, lends that stablecoin where it earns more than it costs, and keeps the difference. Money markets also pay rewards for some of these positions. Both end up as more of the same stock. > **Key points** > > - The strategy earns the spread: what its stablecoin lending earns, less what its borrowing costs. > - Money-market reward programs add to that once their rewards are claimed and brought back. > - A performance fee is taken from each harvest, before the profit buys more stock. > - The rate moves with lending and borrowing rates, how much is borrowed, rewards and the stock's price. It can turn negative. ## The four steps | Step | What happens | | --- | --- | | Supply collateral | Your stock is posted at a borrow venue, a money market that lends stablecoins against it | | Borrow | The network's stablecoin is borrowed against that collateral | | Lend | The stablecoin is lent to lending venues, other money markets that pay interest on it | | Harvest | The profit is taken, the performance fee is paid, and the rest buys more of the stock | The operator, the role that runs the strategy day to day, carries out each step. On tango.finance an automated curation service holds that role. See [Profiles and access control](https://app.tango.finance/docs/vault/roles.md#the-curation-service). ## Where the yield comes from ### The spread The **spread** is what the stablecoin side earns less what it pays. Lending venues pay interest on what is lent. Borrow venues charge interest on what is owed. When lending pays more than borrowing costs, the stablecoin holdings grow faster than the debt, and the difference is profit. The strategy borrows less than the borrow venue allows, to leave room for the stock's price to fall before the position reaches the venue's liquidation line. The curation service decides how much to borrow, and repays debt that costs more than lending earns. It borrows less while US stock markets are closed, when a price can move in one step at the open. ### Money-market rewards Some money markets run reward programs that pay extra tokens to people who supply or borrow there, often through Merkl, a reward distribution service. The strategy can earn these on its collateral, its debt or its lending. Rewards are not counted until they are claimed, sold for the stablecoin and brought back. They are then harvested like any other profit. See [Reward claiming](https://app.tango.finance/docs/vault/rewards.md). ## What the performance fee takes Each harvest pays a performance fee in the stablecoin, before the rest buys stock. Each stock's rate is shown on its page, and the contract caps it at 25%. There is no fee on deposits or withdrawals. See [Fees](https://app.tango.finance/docs/vault/fees.md). ## How the rates on a stock's page are measured Each stock's page shows four rates, each as a yearly share of **Vault TVL**: the US dollar value of all of that stock supplied, including stock held idle. Borrowed stablecoins are not added to Vault TVL. | Rate | What it measures | | --- | --- | | Lending APY | Yearly income on the stablecoin actually lent, before the performance fee | | Borrowing APY | Yearly interest on the stablecoin actually borrowed, before rewards | | Money Market APY | Lending income less borrowing interest, after the performance fee | | Total APY | Money Market APY plus eligible money-market rewards, after the performance fee | For example, suppose $10,000 of a stock is supplied, $3,000 is borrowed at 4% and lent at 6%. Lending earns $180 a year and borrowing costs $120, so the spread is $60, or 0.6% of Vault TVL before the fee. These numbers only illustrate the arithmetic; they are not any stock's rates. ## What makes the rate move - Lending rates change as other people deposit into and borrow from the lending venues. - Borrowing rates change with how much of the borrow venue's stablecoin is lent out. A rate can rise quickly when that market gets busy. - How much is borrowed changes as the curation service borrows more or repays. - Rates are a share of Vault TVL in dollars. When the stock's price rises, the same income is a smaller share. - Reward programs start, change and end on the money markets' own schedules. - Stock held idle earns nothing, so it lowers the rate across all supplied stock. ## When can the rate go negative? The rate is negative whenever borrowing costs more than lending earns. Borrowing rates can spike faster than the curation service repays, and lending rates can fall at any time. A loss pays no performance fee, and it does not lower the stock per share. It comes out of the profit not yet harvested. If it uses all of that, the stablecoin side is short, and deposits and ordinary withdrawals stop until profit or a donation covers the gap. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#when-the-stablecoin-book-is-short). --- # How your stock compounds > How stablecoin profit is turned into more of the same stock, why your shares are counted in stock rather than dollars, and what Total APY includes. Source: https://app.tango.finance/docs/how-your-stock-compounds When you supply a stock, you receive shares. Each share is a claim on a part of all the stock supplied. The strategy's profit is earned in a stablecoin, but it is not paid out in that stablecoin. It buys more of the same stock, which stays with everyone else's. Each share then holds more stock than before, and that stock is posted as collateral and earns in turn. > **Key points** > > - Share value is counted in stock: all the stock held, divided by the number of shares. No price is read to work it out. > - A harvest swaps profit into the stock, so every share holds more stock. The new stock is posted as collateral and earns too. > - Total APY is today's rate from money markets plus eligible rewards, after the performance fee. It is not a promise of future returns. > - Share value can fall, for example when a money market liquidates part of the collateral. ## What a share is Your shares are a standard ERC-20 token that your wallet holds. They come from a vault, the smart contract that holds the stock; [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains what that means. The vault follows ERC-4626, the common standard for this kind of contract, so a share's value is always a number of units of the stock. ## How your share is counted The stock and the stablecoins are counted separately, which keeps share value tied to the stock alone. ### The stock side **Share value** is the stock held divided by the number of shares. The stock held is the stock kept idle, plus the collateral counted at each borrow venue. At each venue, the contract counts the lower of what it supplied and what the venue reports, so a liquidation shows as soon as the venue reports it. ### The stablecoin book Everything else sits in a separate account, the **stablecoin book**: idle stablecoins plus lending, less debt, in units of the default stablecoin. Each position is valued on the cautious side. Lending counts at what redeeming it would return, other stablecoins count at no more than par, and anything that cannot be read or priced counts as zero. A surplus in the book is profit a harvest may take. A deficit is a loss that share value does not show, so deposits and ordinary withdrawals stop while it lasts. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#when-the-stablecoin-book-is-short). ## How a harvest adds stock A harvest is the step that turns profit into stock: 1. The operator takes profit from the stablecoin book. It can take at most the book's surplus, with a 1% margin left over, so a harvest can never spend money that is owed. 2. The performance fee is paid to the fee recipient in the stablecoin. 3. The rest is swapped into the stock. The contract checks what came back against oracle prices, and refuses a harvest that loses more than its harvest tolerance, which the contract caps at 5%. 4. The stock bought is held idle. The number of shares does not change, so each share now holds more stock. The curation service then posts that stock as collateral like any other, so it can be borrowed against and earn in the next round. That is the compounding: profit becomes stock, and the new stock earns as well. Each stock's page shows harvests in its Activity as "Add earnings". ## Why your shares are counted in stock Counting in stock means your part grows only in the thing you supplied. A harvest makes each share worth more stock. A change in the stock's price does not change how much stock a share holds. Your position's value in dollars still moves with the stock's price, exactly as if you held the stock. The strategy does not hedge the stock. The Share value tab on the stock's page charts stock per share over time. ## What Total APY includes Total APY is shown on Home, in the Supply dialog and on each stock's page. It has two parts: - Money Market APY is the spread between lending income and borrowing interest, after the performance fee. - Rewards is the rate that eligible money-market reward programs add, after the performance fee. Both are measured against Vault TVL, the dollar value of all of that stock supplied, including idle stock. Both use today's rates and positions, so Total APY changes all the time. See [How yield is generated](https://app.tango.finance/docs/how-yield-is-generated.md#how-the-rates-on-a-stocks-page-are-measured). The stock's page also shows **Realized** rates for the last 7 and 30 days. Each one is the change in stock per share over that period, scaled to a year without compounding. A realized rate looks back. It is not a forecast. ## When can share value fall? Share value falls when less collateral is counted than before: - A borrow venue liquidates part of the position. The lower collateral counts from the moment the venue reports it. - A borrow venue stops answering, and the curator removes it with its collateral written off. See [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md#a-venue-that-cannot-be-read). After a liquidation, the debt the liquidator repaid leaves a surplus in the stablecoin book. The operator can use it to buy the stock back without a performance fee, through a step called a **rebuy**. A rebuy usually cannot restore everything a liquidation took, because liquidators keep a bonus. See [Health and liquidation](https://app.tango.finance/docs/vault/borrow-venues.md#health-and-liquidation). ## Does timing matter? Yes. Profit belongs to whoever holds shares when it is harvested. If you withdraw before a harvest, you leave behind your part of the profit earned but not yet harvested. If you supply just before a harvest, you share in profit that was earned before you arrived. The curation service waits until a set share of the strategy's value has built up as profit, then harvests it in one step, so each step is the same size whatever the strategy's value. --- # What makes Tango different > How tango.finance is built for the carry strategy on stocks, and how its share value, exits, borrowing, stablecoins and lending differ from a general-purpose product. Source: https://app.tango.finance/docs/why-tango Many yield products are general containers: a manager decides what to do with deposits, and holders wait in a queue to get out. tango.finance does one thing. For each stock, a contract holds the stock people supply, borrows a stablecoin against it, lends that stablecoin and turns the difference into more of the stock. Every rule in that contract is written for this strategy, including how you leave. > **Key points** > > - Each stock has its own contract, built for one strategy, and your shares are counted in that stock. No outside system publishes what a share is worth: the contract works it out from what it holds on chain. > - You can leave without the operator's help and without a waiting period. A forced withdrawal unwinds the positions it needs in the same transaction, within what the money markets can pay back. > - The contract can borrow at several money markets and lend at several more, and can lend in more than one stablecoin. Each stock's page shows the money markets it uses. > - These are features of the contract. They limit what can happen, but they do not make the strategy safe or its returns certain. ## Built for one strategy The contract that holds supplied stock, called a vault, was written for the carry strategy on a single stock rather than adapted from a general one. [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains what using one involves. - Your shares are counted in the stock alone. The stablecoin side, with its debt and lending, is kept in a separate book, and only its profit reaches you, as more stock. - Profit can only be taken from the book's surplus, and only to buy the same stock. A harvest that loses more than its tolerance against oracle prices is refused. - Every stablecoin position is valued on the cautious side: lending at what redeeming it would return, other stablecoins at no more than par, and anything that cannot be read at zero. - When the stablecoin side is short, new deposits stop, so a new holder does not buy into a loss that has already been counted. ## No one publishes the share value Many vaults that borrow, trade or hold positions elsewhere need someone to tell them what they are worth. A manager, an attester or a group of validators works out a share price off chain and posts it. Every deposit and withdrawal then converts at that price. Holders rely on that system to be honest, correct and on time, and on its safeguards when it is not. tango.finance needs no such system. The contract works out how much stock a share converts to itself, every time it is asked: - A share converts to the stock held divided by the number of shares. The stock held is the idle stock plus the collateral at each borrow venue. - Each venue's collateral is read from the money market's own contract, and never counts for more than the vault supplied there. - No price feed is read to work it out, so a stale or wrong price cannot change how much stock a share converts to. - Nothing is posted or signed off chain. There is no valuation update to wait for, and no role can set a different number. Price feeds still matter elsewhere. Money markets decide liquidations with their own oracles. The contract uses feeds to check harvests and swaps, and to value any stablecoin other than the default. A stale price there can put the stablecoin book into deficit, which stops deposits and ordinary withdrawals while it lasts. See [How your stock compounds](https://app.tango.finance/docs/how-your-stock-compounds.md#how-your-share-is-counted) and [Oracle risk](https://app.tango.finance/docs/vault/risks.md#oracle-risk). ## Exit without waiting for anyone Many products that borrow or lend pay withdrawals from idle cash only, and holders wait for a manager to unwind positions. Here, any holder can call a **forced withdrawal** for their own shares: - It pays from idle stock first. For the rest, it releases collateral from the borrow venues and repays the matching debt, using idle stablecoin and then drawing from the lending venues, all in the same transaction. - It needs no role, no request and no approval from the operator. There is no withdrawal queue and no timelock on leaving. - It keeps each venue's loan-to-value where it was, so the holders who stay are not left with more debt for each unit of collateral. It has real limits. It can only draw what the lending venues can pay out at that moment. A borrow venue near its liquidation line, or one that refuses withdrawals, can stop it. While the stablecoin book is short, the holder who leaves pays their share of the gap. In the app you never pay stablecoin into an exit: the app sends the withdrawal that pays now, and shows how much that is. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#forced-withdrawals). ## Borrowing at more than one venue The contract can use up to four borrow venues, across Morpho Blue markets and Aave v4 markets. Each venue keeps its own collateral and debt. The operator can move a position from one venue to another in a single transaction, by repaying at one, withdrawing the collateral, and supplying and borrowing at the other. With more than one venue, the strategy can borrow where it costs least, and move when rates change. See [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md). ## Lending in more than one stablecoin The strategy borrows one stablecoin, but the contract can register up to four and swap between them. That lets it lend another established stablecoin when a lending venue pays more for it. Every swap is checked against oracle prices and refused if it loses more than the swap tolerance, which the contract caps at 5%. A swap that would leave the stablecoin book short is refused too. See [Asset support](https://app.tango.finance/docs/vault/assets.md#swaps-between-stablecoins). ## Lending across several venues The contract can lend to up to eight lending venues at once, each an ERC-4626 vault for one stablecoin. Spreading the lending means no single venue holds all of it, and a forced withdrawal can draw on each venue in turn. The curation service limits how much of the lending goes to any one venue, leaves a venue whose share price falls, and moves out of one whose withdrawals are getting tight. See [Lending venue support](https://app.tango.finance/docs/vault/lending-venues.md). ## What stays the same Some things do not change with any of these features. The strategy borrows against your stock, so a sharp price fall can lead to a liquidation. The money markets, price feeds and the tokenized stock are outside the contract's control. Adding a venue or a stablecoin waits behind the curator's timelock, but once the delay passes, the change can be made. See [Risks](https://app.tango.finance/docs/vault/risks.md) and [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). --- # Key concepts > The ideas the rest of these docs build on, from shares, share value and collateral to borrow venues, lending venues, loan-to-value, the spread and harvests. Source: https://app.tango.finance/docs/concepts The tango.finance docs use a small set of ideas again and again. This page explains each one in two or three sentences, so the rest of the docs are easier to follow. Each idea links to the page that covers it in depth. > **Key points** > > - You supply a stock and receive shares. Your shares are counted in that stock. > - The strategy posts the stock as collateral at borrow venues, borrows a stablecoin, and lends it at lending venues. > - The spread between lending income and borrowing cost is harvested into more of the stock. > - Roles decide who may change what. Changes that add risk wait behind the curator's delay. ## Tokenized stock A **tokenized stock** is a token on a blockchain network that tracks one share of a listed company, such as AAPL. Its issuer sets its rules, such as who may hold it and how corporate actions like splits are handled. On tango.finance you buy, hold and supply these tokens from your own wallet. ## Vault A **vault** is the smart contract that holds the stock people supply and runs the strategy on it. Each stock has its own, and it gives you shares for your part. See [Using a vault](https://app.tango.finance/docs/vault/overview.md). ## Shares and share value When you supply, you receive **shares**, a standard ERC-20 token. **Share value** is all the stock held divided by the number of shares, so a share is always worth a number of units of the stock. No price is read to work it out. See [How your stock compounds](https://app.tango.finance/docs/how-your-stock-compounds.md). ## Collateral **Collateral** is stock posted at a money market so the strategy can borrow against it. It still counts as part of the stock your shares stand for. If the money market liquidates part of it, less is counted. ## Borrow venue A **borrow venue** is one position at a money market where the stock is posted as collateral and a stablecoin is borrowed. The contract supports Morpho Blue markets and Aave v4 markets. See [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md). ## Lending venue A **lending venue** is a money market where the borrowed stablecoin is lent to earn interest. It is an ERC-4626 vault, a standard kind of contract, such as a Morpho vault. See [Lending venue support](https://app.tango.finance/docs/vault/lending-venues.md). ## Default stablecoin The **default stablecoin** is the stablecoin the strategy borrows and keeps its accounts in, such as USDC. The app shows each network's stablecoin by its own symbol. Other stablecoins can also be registered for lending. See [Asset support](https://app.tango.finance/docs/vault/assets.md). ## Loan-to-value and the liquidation line **Loan-to-value** (LTV) is the value of a position's debt divided by the value of its collateral. Each borrow venue sets a **liquidation line**, the LTV at which others may repay part of the debt and take collateral at a discount. The strategy borrows below that line to leave room for the price to move. ## Stablecoin book The **stablecoin book** is the strategy's stablecoin side: idle stablecoins and lending positions, less debt. It is kept apart from share value. A **surplus** is profit that can be harvested. A **deficit** means the book is short, and deposits and ordinary withdrawals stop until it is covered. ## Spread The **spread** is what the lending earns less what the borrowing costs. When it is positive, the stablecoin book grows. When it is negative, the book shrinks. See [How yield is generated](https://app.tango.finance/docs/how-yield-is-generated.md). ## Harvest and rebuy A **harvest** takes profit from the book, pays the performance fee, and buys more of the stock with the rest. A **rebuy** buys back stock that a liquidation took, using the surplus the liquidation left, without a fee. ## Idle stock and idle stablecoin **Idle stock** is supplied stock that is held rather than posted as collateral. Ordinary withdrawals pay from it. **Idle stablecoin** is stablecoin that is held rather than lent. ## Forced withdrawal A **forced withdrawal** pays a holder more than idle stock covers, by releasing collateral and repaying debt in the same transaction. Any holder can call it. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#forced-withdrawals). ## Total APY **Total APY** is today's yearly rate from the money markets plus eligible rewards, after the performance fee, as a share of all supplied stock. It changes all the time. See [How yield is generated](https://app.tango.finance/docs/how-yield-is-generated.md#how-the-rates-on-a-stocks-page-are-measured). ## Roles and the curation service A **role** is the permission to change a set of the contract's settings or positions. The curator adds venues and stablecoins and sets fees, behind a delay. The operator runs positions day to day. On tango.finance an automated **curation service** holds the operator role. See [Profiles and access control](https://app.tango.finance/docs/vault/roles.md). ## Timelock A **timelock** is the wait between scheduling a change and making it. Changes that add risk, such as adding a venue or raising the fee, wait the curator's delay of at least three days. See [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). --- # Using a vault > What a vault is, what happens when you supply a stock to one, what your shares mean, how your stock grows, how you leave and what you rely on. Source: https://app.tango.finance/docs/vault/overview A vault is a smart contract that holds the stock people supply and runs one strategy on it. When you supply, it gives you shares, which stand for your part of the stock it holds, and you hand them back to take your stock out. The vault does only three things: it takes deposits, pays withdrawals, and runs the strategy that earns on the stock. No one can take the stock you supplied, including the automated service that runs the strategy. The contract lets it go to only two places: back to a holder who withdraws, or to a money market registered on the vault, as collateral. Adding a money market waits a public delay of at least three days. This limits what anyone can do with your stock; it does not remove the risks of the money markets themselves. See [What no role can do](https://app.tango.finance/docs/vault/roles.md#what-no-role-can-do). On tango.finance, each stock has its own vault. This page explains what using one looks like from your side, and points to the pages that go deeper. > **Key points** > > - The vault only takes deposits, pays withdrawals and runs the strategy. No one, including the automated service that runs it, can take your stock or send it anywhere but back to a holder or to a registered money market. > - You supply a stock and receive shares counted in that stock. The strategy posts it as collateral at money markets, borrows a stablecoin, lends it, and turns the difference into more of the same stock. > - You leave by handing back your shares, with no request queue. How much can leave at once depends on what the money markets can pay back. > - You rely on the money markets, price feeds and stablecoins the strategy uses, and on the automated service running it, within the contract's limits. ## What happens when you supply You send the stock from your wallet, and the vault gives you shares in return. Your stock joins everyone else's, and the strategy puts it to work. There is no fee to supply or to leave. Supply can be closed for a while. Each vault has a deposit cap, the most stock deposits can bring it to, and it takes no deposits while its stablecoin side is short. See [Supply a stock](https://app.tango.finance/docs/app/supply.md). ## What your shares mean Your shares are a standard ERC-20 token that your wallet holds. Each share is worth a number of units of the stock: all the stock the vault holds, divided by the number of shares. No price is read to work this out. The app shows your part as Supplied. The strategy's stablecoins and debt are kept in a separate account, the stablecoin book, and never change what a share is worth in stock. See [How your stock compounds](https://app.tango.finance/docs/how-your-stock-compounds.md). ## How your stock grows The strategy posts the stock as collateral at money markets, borrows a stablecoin against it and lends that stablecoin where it earns more than it costs. The profit is used to buy more of the same stock, so each share holds more stock than before. A liquidation can lower it again. See [How yield is generated](https://app.tango.finance/docs/how-yield-is-generated.md). ## How you leave You hand back your shares and receive the stock. Part of the stock is kept idle, so a small withdrawal is paid from that straight away. A larger one can release collateral and repay debt in the same transaction. In the app you choose an amount, and the app sends the withdrawal that pays now. There is no request to file and no queue. How much can leave at once depends on what the money markets can pay back, and on the health of each position. See [Withdraw in the app](https://app.tango.finance/docs/app/withdraw.md) and [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md). ## Who runs the strategy Three roles look after each vault: | Role | What it does | How fast | | --- | --- | --- | | Curator | Chooses the money markets, stablecoins and price feeds the strategy may use, and sets the fee | Every change waits a public delay of at least three days | | Operator | Moves positions, borrows, lends and harvests profit into stock | At once, within what the curator allows | | Admin | Appoints and removes the curator and operator | Removals and a new operator take effect at once. Its other changes wait the curator's delay | On tango.finance, the strategy is run by an automated curation service, which holds the operator role. No role can change what a share is worth or the contract's code. See [Profiles and access control](https://app.tango.finance/docs/vault/roles.md) and [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). ## What you rely on The contract limits what each role can do, but the strategy still depends on things outside it: - the money markets where the stock is posted and the stablecoin is lent; - the price feeds, the stablecoins and the tokenized stock itself; - the operator's choices about how much to borrow and where to lend, and its work bringing rewards back. Read [Risks](https://app.tango.finance/docs/vault/risks.md) before you supply. ## Where to read more | To learn about | Read | | --- | --- | | The stock and stablecoins a strategy can hold | [Asset support](https://app.tango.finance/docs/vault/assets.md) | | Where the stablecoin is lent | [Lending venue support](https://app.tango.finance/docs/vault/lending-venues.md) | | Where the stock is posted as collateral | [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md) | | How rewards come back to you | [Reward claiming](https://app.tango.finance/docs/vault/rewards.md) | | The performance fee | [Fees](https://app.tango.finance/docs/vault/fees.md) | --- # Asset support > Which assets each stock's strategy holds, from its one stock to its default and registered stablecoins, how it swaps between stablecoins, and how it reads prices. Source: https://app.tango.finance/docs/vault/assets Each stock's strategy holds a small, fixed set of assets. It has one stock, which people supply and which sets the value of their shares. It has one default stablecoin, which it borrows and keeps its accounts in. It may also register a few more stablecoins to lend. This page explains each one, how the strategy swaps between stablecoins, and how it reads prices. [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains the contract that holds them. > **Key points** > > - Each contract holds exactly one stock, its underlying, fixed when it is deployed. > - The default stablecoin is fixed at deployment too. The strategy borrows only that stablecoin, and keeps its stablecoin book in it. > - The curator can register up to four stablecoins in all, behind its delay. The operator swaps between them within a tolerance checked against oracle prices. > - Share value reads no price. Prices are read to check swaps and harvests and to value stablecoins other than the default. ## The stock The underlying is the stock people supply. It is set when the contract is deployed and can never change. A deposit must deliver exactly the amount asked for, so the contract refuses a token that takes a fee on transfer or delivers a different amount. The contract works with any token that has a price feed and a money market lending stablecoins against it. On tango.finance, every underlying is a tokenized stock. Which stocks can be supplied is shown on Home. ## Stablecoins ### The default stablecoin The default stablecoin is the network's main stablecoin, such as USDC. It is set when the contract is deployed and can never be removed. Every borrow venue must lend this stablecoin, and the stablecoin book is kept in its units. Harvests and rebuys spend it, and donations are made in it. ### Registered stablecoins The curator can register other stablecoins, up to four in all including the default. Without a price feed, a registered stablecoin counts as zero in the book. The contract refuses to register a token that is the stock, the share token, the swapper, one of the venues or a borrow venue's protocol. Every lending venue must lend a registered stablecoin. A stablecoin can be removed only when no lending venue lends it and none of it is held. Both adding and removing wait the curator's delay. See [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). ## Swaps between stablecoins The operator can swap one registered stablecoin for another, for example to lend at a venue that pays more in a different stablecoin. Every swap follows the same rules: - It spends only stablecoin held idle, and must be between two different registered stablecoins. - It runs through the swapper, a small contract that only the contract holding the stock can call. The swapper holds tokens only while a swap runs, and the contract measures exactly what came back. - What comes back must be worth at least what went in, less the swap tolerance, at oracle prices. The contract caps the tolerance at 5%. The curator sets it, behind its delay. - A swap that would leave the stablecoin book in deficit is refused, unless it makes an existing deficit smaller, such as selling a stablecoin that is losing its peg. - A swap needs fresh prices for both stablecoins. With a stale price, it is refused. A harvest is a swap the other way, from the default stablecoin into the stock. It has its own harvest tolerance, also capped at 5%. See [How your stock compounds](https://app.tango.finance/docs/how-your-stock-compounds.md#how-a-harvest-adds-stock). ## How prices are read Each stock's contract has a price oracle with one Chainlink-style price feed per asset, quoting it in US dollars. The curator sets each feed and how old its answer may be, behind its delay. The oracle refuses a feed that cannot give a price when it is set. | Where a price is used | What happens if it is stale | | --- | --- | | Share value | No price is used | | Valuing stablecoins other than the default in the book | That stablecoin counts as zero | | Checking a swap, harvest or rebuy | The step is refused | | Paying a forced withdrawal's shortfall back in kind | That position is skipped | Money markets use their own price oracles to decide liquidations, not this one. A borrow venue's price can differ from the contract's feed. ### When is a price stale? A price is stale when the feed's answer is older than its allowed age, is zero or negative, is dated in the future, or cannot be read at all. On a network with a sequencer, the single node that orders transactions, the oracle also reads a sequencer uptime feed. It treats every price as stale while the sequencer is down, and for a grace period after it comes back. Price feeds for tokenized stocks may not update outside trading hours, so a stock's price can stay unchanged over a weekend or holiday and then move in one step. See [Risks](https://app.tango.finance/docs/vault/risks.md#market-hours). ## How many of each | Asset or venue | Most the contract can register | | --- | --- | | Stock | 1, fixed at deployment | | Stablecoins, including the default | 4 | | Lending venues | 8 | | Borrow venues | 4 | The contract fixes these limits, so every valuation and every forced withdrawal runs in bounded gas. --- # Lending venue support > What a lending venue is, how venues are added, ordered and removed, how lending is valued, and how forced withdrawals draw on the lending venues. Source: https://app.tango.finance/docs/vault/lending-venues A lending venue is where the borrowed stablecoin is put to work. It is a money market for one stablecoin, such as a Morpho vault, that pays interest to the people who deposit there. The strategy can lend to several at once. Lending venues matter twice: they earn the income side of the spread, and they are where a forced withdrawal finds the stablecoin to repay debt. > **Key points** > > - A lending venue is any ERC-4626 vault whose asset is one of the registered stablecoins. Up to eight can be registered. > - The curator adds a venue behind its delay. The operator removes a venue once none of its shares are held, without delay. > - Each lending position is valued at what redeeming it would return, and at zero if the venue cannot be read. > - Forced withdrawals draw on lending venues in the lending order, which the operator sets. ## What a lending venue is The contract accepts any ERC-4626 vault whose asset is a registered stablecoin. ERC-4626 is the standard interface for this kind of contract: you deposit an asset and receive shares that grow as the venue earns interest. The contract that holds supplied stock, explained in [Using a vault](https://app.tango.finance/docs/vault/overview.md), refuses to register a venue that is its own stock, a registered stablecoin, its swapper, a borrow venue or a borrow venue's protocol. The operator lends idle stablecoin to a venue, and redeems shares to bring stablecoin back. The contract checks both directions: - A loan is refused if the shares the venue mints are worth less than the stablecoin it took, beyond rounding. - A redemption is refused if the venue pays less than its own quote for the shares, beyond rounding. Only shares received this way are counted. Shares sent to the contract directly are not. ## Adding and removing a venue | Change | Who | Delay | | --- | --- | --- | | Add a lending venue | Curator | The curator's delay, at least three days | | Remove a lending venue | Operator | None, but only when none of its shares are held | | Set the lending order | Operator | None | A new venue joins at the end of the lending order. See [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). ## The lending order The lending order is a list of every registered lending venue, once each. A forced withdrawal draws the default stablecoin from venues in this order. When it has to pay a holder back in kind, it also hands over venue shares in this order. The operator sets the order, and can change it at any time without delay. On tango.finance the automated service does not change the lending order. ## How lending positions are valued Each lending position counts in the stablecoin book at what redeeming its shares would return now, converted to the default stablecoin at no more than par. If a venue's views fail, its position counts as zero until they answer again. That can put the book into deficit, which stops deposits and ordinary withdrawals. A loss at a lending venue shows in the book only once the venue's share price shows it. See [Risks](https://app.tango.finance/docs/vault/risks.md#borrow-and-lending-venue-risk). ## How forced withdrawals draw on lending venues When a forced withdrawal repays debt, it uses idle default stablecoin first. Then it draws from lending venues of the default stablecoin, in the lending order, taking no more than the repayment needs. - Some venues always report that nothing can be withdrawn, as a Morpho Vault V2 does. The contract tries them anyway, up to what its shares there are worth. - It passes over a venue whose withdrawal would cost the remaining holders more than rounding, for example one that charges a withdrawal fee. - If a venue refuses the draw when the transaction runs, the caller pays that amount in the default stablecoin instead and receives the venue's shares, as long as it stays within the most the caller allowed. The tango.finance app sets that most to zero, so a draw a venue refuses stops the withdrawal, and the app shows a smaller amount you can take now. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#what-the-caller-may-be-asked-to-pay). ## How the curation service uses lending venues On tango.finance, the curation service decides where to lend within the venues the curator has registered: - It lends only where a venue earns more than the borrowing costs, with a margin. - It limits how much of the lending sits at any one venue. - It leaves a venue whose share price has fallen, and moves out of one whose withdrawals are getting tight. - It moves part of the lending to a venue that pays more, a step at a time. The Allocation tab on each stock's page shows how the stablecoin is spread across venues. --- # Borrow venue support > How supplied stock is posted as collateral and borrowed against at Morpho Blue and Aave v4 markets, how venues are ordered and refinanced, and what happens after a liquidation. Source: https://app.tango.finance/docs/vault/borrow-venues A borrow venue is one position at a money market: supplied stock posted as collateral, and the stablecoin borrowed against it. Borrow venues are where the strategy takes its risk. If the stock's price falls far enough, the money market can liquidate part of the collateral. This page explains how venues work, how positions move between them, and what happens when a position is liquidated. > **Key points** > > - Each borrow venue is a small adapter contract for one position at a Morpho Blue market or an Aave v4 market. Up to four can be registered. > - The contract that holds supplied stock makes every call to the money market itself, as the owner of the position. A venue can only point it at its own protocol. > - Forced withdrawals release collateral in the release order, which the operator sets. > - After a liquidation, the operator can buy the lost stock back without a performance fee, using the surplus the liquidation left. ## What a borrow venue is A borrow venue describes one position at a money market, and returns the calls needed to move it: supply collateral, withdraw it, borrow and repay. The venue itself never holds or moves a token. The vault, the contract that holds supplied stock, makes each call, so the position and its debt belong to it. See [Using a vault](https://app.tango.finance/docs/vault/overview.md). It refuses any call a venue returns to a contract other than that venue's protocol. | Protocol | One venue is | Notes | | --- | --- | --- | | Morpho Blue | A position in one market, with a set collateral token, loan token, oracle, interest rate model and liquidation line | The market must already exist | | Aave v4 | A position at one spoke, with the stock supplied to one reserve and the stablecoin borrowed from another | Only one venue per spoke, since the spoke treats everything held there as one account | Every venue must take the supplied stock as collateral and lend the default stablecoin. ## Adding and removing a venue | Change | Who | Delay | | --- | --- | --- | | Add a borrow venue | Curator | The curator's delay, at least three days | | Remove an empty borrow venue | Operator | None, but only with no collateral and no debt there | | Abandon a venue that cannot be read | Curator | The curator's delay | | Set the release order | Operator | None | Registration refuses a venue whose protocol is the stock, a stablecoin, a lending venue, the contract itself or its swapper. It also refuses two venues that would read the same collateral or the same debt, since each would count it in full. ## Collateral and debt at each venue At each venue, the contract counts the lower of the collateral it supplied and the collateral the venue reports. If the venue reports less, for example after a liquidation, less is counted at once. Anything a protocol adds to the position is not counted. Debt is read from the venue with interest up to the current block, rounded up. All debt across venues sits in the stablecoin book, never in share value. ## The release order The release order lists every borrow venue once. A forced withdrawal releases collateral from venues in this order, taking all it needs from the first before moving to the next. Holders cannot choose another order. A new venue joins at the end. The operator sets the order without delay. A venue near its liquidation line, or one whose withdrawals fail, should be moved to the back, since an exit that reaches it fails there. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#what-can-still-limit-it). ## Moving a position between venues The operator can refinance, moving debt and collateral from one venue to another in a single transaction. It brings stablecoin back from lending, repays at the first venue, withdraws that collateral, supplies it at the second venue and borrows there. With more than one venue, the strategy can move to wherever borrowing costs less. On tango.finance, the curation service also posts new stock at the venue where borrowing costs least. Each stock's page shows which borrow venues it uses today, on the Allocation tab. ## Health and liquidation Each venue's position has a loan-to-value (LTV), its debt divided by its collateral's value. The protocol sets a liquidation line. Above it, anyone can repay part of the debt and take collateral at a discount. The contract does not manage LTV itself. The operator does, offchain. On tango.finance, the curation service repays debt when a venue's LTV rises past its limit, and acts urgently when it nears the liquidation line. It also holds a lower LTV while US stock markets are closed, stepping down before each close and back up during the next trading day. See [Market hours](https://app.tango.finance/docs/vault/risks.md#market-hours). A forced withdrawal repays each venue's debt in proportion to the collateral it releases. It keeps each venue's LTV where it was, but does not lower it. ### What happens after a liquidation A liquidation lowers the stock counted, so share value falls as soon as the venue reports it. The debt the liquidator repaid shows up as surplus in the stablecoin book. The contract records how much stock was written down, and lets the operator buy that much back with a **rebuy**: - A rebuy spends surplus default stablecoin on the stock, with no performance fee. - It can buy at most the stock written down and not yet bought back. - It is checked against oracle prices, like a harvest. Liquidators keep a bonus, so a rebuy usually cannot buy back everything that was taken. Holders who leave before the rebuy do not share in it. Stock bought by a harvest also counts against what a rebuy may still buy, so no stock is bought back twice. ## A venue that cannot be read Every valuation reads each borrow venue's collateral and debt. If either read fails, for example after the protocol pauses or changes its contracts, deposits and every withdrawal stop, including those from idle stock. The way out is for the curator to abandon the venue, behind its delay. Abandoning writes off the collateral supplied there and stops counting its debt. The stablecoin borrowed against it stays in the book, where a rebuy can turn it back into stock. --- # Withdrawals > How holders take their stock back, from standard withdrawals out of idle stock to forced withdrawals that unwind positions in the same transaction, and what can still limit them. Source: https://app.tango.finance/docs/vault/withdrawals A withdrawal turns your shares back into the stock. Most supplied stock is posted as collateral, with debt against it, so paying a large withdrawal means releasing collateral and repaying debt first. There are two ways to leave. A standard withdrawal pays from stock held idle. A forced withdrawal pays more, by unwinding positions in the same transaction. Neither needs a request, a queue or anyone's approval. [Using a vault](https://app.tango.finance/docs/vault/overview.md) gives the short version. > **Key points** > > - A standard withdrawal pays from idle stock only. It is the ERC-4626 `withdraw` or `redeem`, and pays at once. > - A forced withdrawal pays beyond idle stock. In one transaction it releases collateral in the release order, repays the matching debt, and draws the stablecoin it needs from idle balances and lending venues. > - Any holder can force a withdrawal. It needs no role and no request, and there is no queue or timelock on leaving. > - It is still limited by what lending venues can pay out, by the health of each borrow venue, and, while the stablecoin book is short, by the holder paying their share of the gap. ## Standard withdrawals `withdraw` and `redeem` are the standard ERC-4626 calls. They pay the stock from idle stock and nothing else. The most a holder can take this way is the smaller of their own stock and the idle stock, which `maxWithdraw` and `maxRedeem` report. While the stablecoin book is in deficit, both report zero and standard withdrawals stop. See [When the stablecoin book is short](https://app.tango.finance/docs/vault/withdrawals.md#when-the-stablecoin-book-is-short). ## Forced withdrawals A forced withdrawal, the contract's `forceWithdraw`, pays out more than idle stock covers. It works out the whole exit first, then burns the shares, and only then calls the money markets. Everything happens in one transaction: either all of it succeeds, or nothing moves. ### Who can call it Any holder, for their own shares. Someone else can call it for a holder only with an allowance on that holder's shares, as with any ERC-20 token. No role is involved, and no role can refuse one holder's exit while allowing others. `previewForceWithdraw` quotes the exit in the current block: the shares it burns, what it would ask the caller to pay, and what it would return in kind. ### What it unwinds, in order 1. It pays from idle stock first. 2. For the rest, it releases collateral from borrow venues in the release order, taking all it needs from one venue before the next. 3. At each venue, it repays debt in proportion to the collateral released, so the venue's loan-to-value stays where it was. Releasing all of a venue's collateral repays all of its debt. 4. It funds the repayment from idle default stablecoin, then from lending venues of the default stablecoin, in the lending order. 5. Anything still missing is asked of the caller, and paid back to them in kind, as idle stablecoins or lending venue shares. If releasing in order would need more repayment than can be funded, as when the book is in deficit, the exit takes the same share of every venue's collateral instead. After the exit, the contract checks that the holders who stay have at least as much stablecoin book per share as before. If not, the whole transaction is refused. ### What the caller may be asked to pay Usually nothing. A forced withdrawal asks the caller for the default stablecoin in two cases: - While the book is in deficit beyond rounding, the caller pays their share of the deficit. - When idle stablecoin and lending venues cannot fund the repayment, the caller pays the rest, and receives it back in kind. In-kind payment is valued on the cautious side, so it is worth slightly less than what was paid. The caller sets the most they will pay. The tango.finance app always sets it to zero. It sends a forced withdrawal only when it can be paid without asking anything, and otherwise shows how much can leave now. See [Withdraw in the app](https://app.tango.finance/docs/app/withdraw.md). ### What can still limit it | Limit | What happens | | --- | --- | | Lending venues cannot pay out enough | The caller pays the difference and is paid back in kind, or takes a smaller exit | | A borrow venue is past its liquidation line, or refuses withdrawals | An exit that reaches that venue fails, until the operator moves it to the back of the release order | | The stablecoin book is in deficit | The caller pays their share of the deficit | | A borrow venue cannot be read | Every deposit and withdrawal stops until the curator abandons that venue | | The amount is more than idle stock plus all collateral | The exit is refused | Holders cannot choose the release order. Keeping it sound is the operator's job. See [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md#the-release-order). ## Is there a request queue? No. There are no withdrawal requests, no queue and no settlement step. A standard withdrawal and a forced withdrawal both pay in the transaction that asks for them. The deposit cap never limits withdrawals. ## When the stablecoin book is short The stablecoin book is short when its debt exceeds its stablecoins and lending by more than rounding. That can follow a loss at a lending venue, a stablecoin losing value, a stale price, or a stretch of negative spread. While it lasts: - Deposits stop, so new holders do not take on a loss that came before them. - Standard withdrawals stop. - Forced withdrawals still work, and each pays its share of the deficit. Anyone can close a deficit by donating the default stablecoin. On tango.finance, the curation service donates to keep a cushion in the book. Leaving before a loss is counted can avoid it, and the holders who stay then carry it. See [Risks](https://app.tango.finance/docs/vault/risks.md#timing-between-holders). --- # Reward claiming > How money-market rewards are earned through Merkl, who claims them, and how they come back to holders as more stock after being sold, donated and harvested. Source: https://app.tango.finance/docs/vault/rewards Money markets often pay extra rewards to the people who supply or borrow there, on top of interest. The strategy earns these on its positions, but they do not reach holders on their own. They have to be claimed, turned into the stablecoin and given back, and are then harvested into stock. This page explains each step and what holders rely on. > **Key points** > > - Reward programs at money markets are paid through Merkl, a reward distribution service. The strategy earns them on its collateral, its debt and its lending. > - Only the operator can claim. A claim forwards the rewards to an address the operator chooses, and moves nothing that is counted for holders. > - Rewards reach holders once they are sold for the default stablecoin, donated back, and harvested into stock. > - Total APY includes eligible rewards after the performance fee. Until rewards are brought back, they are not in share value or the stablecoin book. ## Where rewards come from A money market can run a reward campaign that pays a token to everyone who supplies or borrows a given asset there. Many campaigns are paid through Merkl. Merkl works out what each address earned and publishes proofs, and a distributor contract pays out whoever claims with a valid proof. Rewards can be earned in three places: on the stock posted as collateral, on the stablecoin borrowed, and on what is lent. The curator sets which Merkl distributor rewards are claimed from, behind its delay. Setting none turns claiming off. ## Who claims them Only the operator can call the claim function on the vault, the contract that holds supplied stock (see [Using a vault](https://app.tango.finance/docs/vault/overview.md)). A claim does two things: 1. It claims the named reward tokens from the Merkl distributor, paying them to the contract. 2. It forwards all the contract holds of each named token beyond what it counts, to a destination the operator chooses. The contract counts its own ledgers, never its raw token balances, so a claim can never move stock or stablecoins that belong to holders. On tango.finance, the claim forwards rewards to the operator's account, which sells anything other than the default stablecoin and donates the proceeds back in the same sequence of transactions. Each step is simulated in order before it is sent. Merkl can also claim on the contract's behalf. Rewards claimed that way sit uncounted until the next claim that names their token forwards them. ## How rewards reach holders | Step | What happens | | --- | --- | | Claim | The operator claims the rewards and forwards them to its own account | | Sell | The reward tokens are sold for the default stablecoin | | Donate | The stablecoin is donated back, where it joins the stablecoin book as surplus | | Harvest | A harvest swaps the surplus into the stock, after the performance fee | Once the proceeds are harvested, every share holds more stock, exactly as with interest. Rewards therefore carry the same performance fee as any other profit. ## How rewards show in Total APY Total APY on each stock's page adds a Rewards rate to Money Market APY. The Rewards rate counts live campaigns on the strategy's own positions: each supply campaign on the stock posted as collateral, and each borrow campaign on the stablecoin borrowed. It is measured against Vault TVL, after the performance fee. Rewards that lending venues report as part of their own yield are already in Lending APY. Campaigns change and end on the money markets' own schedules. The Rewards rate shows what campaigns pay today, not what will be received. The curation service does not count rewards when it decides how much to borrow or where to lend, since they arrive only once claimed and brought back. ## What holders rely on Rewards are outside the contract's accounting until they come back. Holders rely on the operator to claim them, sell them and donate the proceeds. A holder who leaves before the proceeds are harvested does not share in them. See [Risks](https://app.tango.finance/docs/vault/risks.md#operator-and-curator-risk). --- # Fees > The one fee on supplied stock, a performance fee on harvested profit capped at 25% by the contract, where it goes, what is free, and the trading costs you see in the app. Source: https://app.tango.finance/docs/vault/fees Supplying a stock carries one fee: a performance fee on the profit that is harvested. There is no fee on deposits or withdrawals, and none on the stock you hold. The fee is paid in the stablecoin, at the moment profit is turned into stock, so it only ever comes out of profit. This page explains how it is worked out, where it goes, and the other costs you meet when you use the app. > **Key points** > > - The performance fee is a share of each harvest. The contract caps it at 25%. Each stock's rate is shown on its page. > - The fee is paid in the default stablecoin to the fee recipient, inside the harvest. The rest of the profit buys stock. > - There is no deposit fee, no withdrawal fee and no fee on a rebuy after a liquidation. > - Buying, selling and moving funds in the app have their own route fees, shown in the Fees row before you confirm. ## The performance fee The performance fee is the share of every harvest that goes to the fee recipient. Each stock's rate is shown in the Fees card on its page. The contract refuses any rate above 25%. Only the curator can change the rate, and every change, up or down, waits the curator's delay. A rate above zero needs a fee recipient. See [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). ### How the fee is calculated A harvest takes an amount of profit from the stablecoin book. It holds back the most the fee could be, and hands the rest to the swapper to buy stock. The fee is then the fee rate applied to everything the harvest converted, the fee included. If the swap route hands back part of its input unspent, that part returns to the book with no fee. For example, with a 10% rate, a harvest that takes 100 of profit pays 10 to the fee recipient and buys stock with 90. This rate only illustrates the arithmetic. Each unit of profit pays the fee at most once, however a harvest is split or filled. The fee applies only to profit that is harvested. A loss pays no fee. Money-market rewards pay the fee too, because they reach holders through a harvest. See [Reward claiming](https://app.tango.finance/docs/vault/rewards.md). ### Where the fee goes The fee is paid to the fee recipient, in the default stablecoin, during the harvest. The curator sets the fee recipient, behind its delay. If the recipient cannot receive the stablecoin, for example because the stablecoin's issuer has blocked that address, every harvest with a fee fails until the curator names another. Nothing holders own is at risk in the meantime, and rebuys still work. ## What is free | Action | Fee | | --- | --- | | Supply (deposit) | None | | Standard withdrawal | None | | Forced withdrawal | None | | Rebuy after a liquidation | None | | Holding shares | None | A forced withdrawal charges no fee. While the stablecoin book is short, it does ask the caller to pay their share of the shortfall. That is a share of a loss, not a fee, and the tango.finance app never sends such a withdrawal. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#what-the-caller-may-be-asked-to-pay). ## Costs inside the strategy Running the strategy has costs that are not fees. Borrowing interest builds up on the debt, lending income has to cover it, and it appears in Borrowing APY. Each swap, from one stablecoin to another or into the stock, pays its route's own costs. The contract refuses a swap that loses more than its tolerance against oracle prices. The contract caps each tolerance at 5%. The curator sets them, behind its delay. ## Costs in the app Some costs come from using the app rather than from supplying: - Buying and selling a stock goes through a swap route. The Fees row in the Buy and Sell dialogs shows every fee that route reports, as a share of what you sell. See [Buy and sell](https://app.tango.finance/docs/app/buy-and-sell.md#what-each-row-means). - A move between networks goes through a route that charges its own fees, shown in the Fees row of Move funds. See [Move funds](https://app.tango.finance/docs/app/move-funds.md). - Every transaction your wallet sends pays the network's gas fee, in the network's own token. The Supply dialog shows no fee rows, because nothing is charged to supply or withdraw. The stock's page states both the performance fee and "No fee" for deposits and withdrawals. --- # Timelocks > Which changes to a stock's strategy must wait the curator's delay of at least three days, which take effect at once, who can cancel a scheduled change, and why holders have time to leave. Source: https://app.tango.finance/docs/vault/timelocks A timelock is a waiting period between announcing a change and making it. Every change to a strategy's settings that could add risk for holders, such as adding a money market, registering a stablecoin or changing the fee, waits behind one. Day-to-day moves within those settings do not wait. A scheduled change is public while it waits. A holder who disagrees can leave with a forced withdrawal before it lands, since leaving has no wait. > **Key points** > > - Every curator change waits the curator's delay. The delay is set when the contract is deployed, and the deployment refuses anything under three days. > - The admin's changes to the admin role, to delays and to who governs the contract wait the same delay, and a new curator can act only once it has passed. > - Operator actions, lowering the deposit cap, and revoking the curator or operator take effect at once. > - A forced withdrawal has no wait, so a holder who sees a change scheduled can leave first, within the limits of forced withdrawals. ## How a delay works The vault that holds each stock (see [Using a vault](https://app.tango.finance/docs/vault/overview.md)) is governed by an access manager, a standard OpenZeppelin contract that decides who may call each restricted function. A role with an execution delay cannot act straight away. Instead: 1. The role holder schedules the change. The schedule is public onchain, with the exact call it will make. 2. The delay passes. 3. The role holder carries out the change. If they do not do so within a week of it becoming ready, it expires. The curator's delay is set when the contract is deployed, and is shown with each role under Maintenance on the stock's page. The deployment refuses a delay under three days. ## Which changes wait | Change | Who | Wait | | --- | --- | --- | | Add or remove a stablecoin | Curator | The curator's delay | | Add a lending venue or a borrow venue | Curator | The curator's delay | | Abandon a borrow venue that cannot be read | Curator | The curator's delay | | Set or remove a price feed | Curator | The curator's delay | | Change the swap or harvest tolerance | Curator | The curator's delay | | Change the performance fee, up or down, or its recipient | Curator | The curator's delay | | Set the Merkl distributor for rewards | Curator | The curator's delay | | Raise the deposit cap | Curator | The curator's delay | | Appoint a new curator | Admin | The new curator can act only once the curator's delay has passed | | Shorten a role's delay | Admin | Takes effect no sooner than five days later, and later still when the cut is larger | | Change the admin role, which role calls a function, or the access manager that governs the contract or its oracle | Admin | The curator's delay | The admin also holds the curator role, at the same delay. It can do anything the curator can, but no sooner. ## Which changes are immediate | Change | Who | | --- | --- | | Supply, withdraw or move collateral, borrow, repay, lend, swap, harvest and rebuy | Operator | | Set the release order or the lending order | Operator | | Remove an empty lending or borrow venue | Operator | | Claim rewards | Operator | | Lower the deposit cap | Operator | | Revoke the curator or the operator | Admin, through its guardian roles | | Cancel a scheduled change | Whoever scheduled it, the admin, or the role's guardian | | Appoint a new operator | Admin, through its guardian role | Operator actions do not wait, because they work only within what the curator has registered and the contract's checks. Lowering the deposit cap only turns new deposits away. A raise names the cap it replaces, so a raise scheduled before a lowering fails when it runs. ## Who can cancel a scheduled change? A scheduled change can be cancelled by the account that scheduled it, by the admin, or by the guardian of the role it belongs to. The admin holds both guardian roles, so it can cancel any curator or operator change while it waits. ## The first days after deployment The access manager applies a longer delay only after its own minimum setback of five days, a constant in the OpenZeppelin contract. The deployment sets the curator role's appointment delay when the contract is created. For the first five days, that delay is not yet in force, so the admin could appoint a curator who acts without waiting. Until then, holders rely on the admin not to make such an appointment. After that, a new curator can act only once the full delay has passed since the appointment, which is public from the start. ## Exit before a change lands A forced withdrawal has no wait of its own: it pays in the transaction that asks for it. A holder who sees a curator change scheduled can leave before it runs, within the limits on [forced withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#what-can-still-limit-it). No change waits for holders to leave first. The delay gives holders time to leave, not a veto. ## Watching for changes The access manager emits an event for every scheduled change, with the target contract and the exact call. Anyone can follow these events to see what is coming. --- # Profiles and access control > Who can change a stock's strategy, from the admin, curator and operator to the two guardian roles, what each can and cannot do, and what no role can do at all. Source: https://app.tango.finance/docs/vault/roles Who may change a strategy, and how fast, is decided by roles. A role is the permission to call a set of the contract's functions, with a delay attached. A profile is the account that holds one or more roles, and each stock's page lists them under Maintenance. Knowing the profiles tells you who can change the strategy, and how fast. > **Key points** > > - The curator changes settings, such as venues, stablecoins, price feeds and the fee, and every change waits the curator's delay. > - The operator runs positions day to day without delay, within what the curator has registered. On tango.finance an automated curation service holds this role. > - The admin holds every role at its holder's delay, and through two guardian roles can remove the curator or operator, and cancel their scheduled changes, at once. > - No role can upgrade the contract, set share value, or send holders' stock or stablecoins to an address of its choosing. ## How access works The vault that holds each stock (see [Using a vault](https://app.tango.finance/docs/vault/overview.md)) is governed by an OpenZeppelin access manager, a standard contract that controls who can call each restricted function. Every restricted function of the vault and its price oracle belongs to one role. A role's holder may have an execution delay: they schedule a change, wait, and only then carry it out. See [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). Everything holders do needs no role: supplying, withdrawing, forcing a withdrawal, donating, and reading any position or quote. ## Profiles | Profile | Its job | Delay | | --- | --- | --- | | Admin | Appoints and removes the other roles, and can do anything they can | Its admin changes wait the curator's delay | | Curator | Configures money markets, stablecoins, price feeds and fees | The curator's delay, at least three days | | Operator | Moves positions between money markets | None | | Curator guardian | Removes the curator and cancels its scheduled changes | None | | Operator guardian | Removes the operator and cancels its scheduled changes | None | The admin holds both guardian roles. The account that deployed the contract holds no role once deployment is done. ### Admin The admin is the top authority. It holds the access manager's admin role at the curator's delay, so changing the admin role, a role's delay, which role calls a function, or the access manager that governs the contract waits that long. It also holds the curator role at the curator's delay and the operator role at none, so it can do anything either can, but no sooner. Through the guardian roles, it can remove the curator or the operator at once, and cancel any change they have scheduled. It can appoint a new operator at once. A new curator it appoints can act only once the curator's delay has passed. ### Curator The curator configures what the strategy may use. Every one of its actions waits its delay: - add or remove a registered stablecoin; - add a lending venue or a borrow venue; - abandon a borrow venue that can no longer be read; - set or remove a price feed on the oracle; - set the swap and harvest tolerances, each at most 5%; - set the performance fee, at most 25%, and its recipient; - set the Merkl distributor that rewards are claimed from; - raise the deposit cap. It cannot move positions, swap, harvest or lower the deposit cap. ### Operator The operator runs the strategy within what the curator has registered, without delay: - supply and withdraw collateral, borrow and repay; - lend to and redeem from lending venues; - swap between registered stablecoins, harvest profit into stock, and rebuy stock after a liquidation; - set the release order and the lending order; - remove a lending or borrow venue once it is empty; - claim rewards and forward them; - lower the deposit cap. It cannot add venues, stablecoins or price feeds, change tolerances or the fee, or raise the deposit cap. ### Curator guardian and operator guardian Each guardian role can revoke its role's holder and cancel that role's scheduled changes, without delay. It can also appoint a holder, subject to the role's own appointment delay. For every stock, the admin holds both. ## The curation service On tango.finance, an automated curation service holds the operator role for every stock. It reads each position on a short schedule, chooses at most one action at a time for each stock, simulates it and sends it. It acts in a fixed order of priority: | Priority | What it does | | --- | --- | | Protect | Repays debt when a venue's LTV rises too far, and urgently when it nears the liquidation line. Leaves a lending venue whose share price fell, or whose withdrawals are getting tight. Donates stablecoin when the book's surplus runs low | | Maintain | Buys back stock after a liquidation. Repays debt that costs more than lending earns. Keeps some stock idle for withdrawals. Posts new stock as collateral, borrows within limits and lends what it borrows | | Optimize | Harvests profit into stock in small, regular steps while US stock markets are open. Moves lending to venues that pay more | The service decides on interest rates alone. It does not count reward programs, since rewards arrive only once they are claimed. Its limits are settings of the service, not of the contract, and the contract still checks every action it sends. ## What no role can do No role can: - upgrade the contract, since its code cannot be changed after deployment; - set or change share value, which is counted from stock alone; - send holders' stock anywhere except to a registered borrow venue as collateral or to a holder who withdraws; - send counted stablecoins anywhere except to registered venues, the swapper, the fee recipient as a fee, or a holder as part of a forced withdrawal; - make a borrow venue call any contract other than its own protocol; - take a harvest larger than the book's surplus, or swap at a loss beyond the tolerance against oracle prices; - set the performance fee above 25% or a tolerance above 5%; - charge a deposit or withdrawal fee; - pause deposits and withdrawals, since the contract has no pause. ## Trust that remains These limits narrow what each role can do. They do not remove the need to trust the holders of the roles: - The operator decides how much to borrow, where to lend, the release order, swap routes and when to harvest. A poor choice can cost holders, within the contract's checks. - Once its delay passes, the curator can add venues, stablecoins and price feeds, or raise the fee up to its cap. A badly built borrow venue could call any function of its own protocol in the contract's name. - The admin can replace the curator and the operator. It chooses the delay a new curator works under, and the appointment is public before the new curator can act. - Rewards reach holders only if the operator claims them and brings the proceeds back. The addresses that hold each role, and their delays, are shown under Maintenance on each stock's page. See [Risks](https://app.tango.finance/docs/vault/risks.md#operator-and-curator-risk). --- # Risks > What can go wrong when you supply a stock, from smart contracts, price feeds and liquidations to money markets, stablecoins, tokenized stocks, market hours and rate spikes. Source: https://app.tango.finance/docs/vault/risks Supplying a stock puts it to work at money markets, with debt against it. That earns the spread, and it also adds risks you do not have when you simply hold the stock. This page lists them, with what the contract does about each one and what it cannot do. Read it before you supply, and decide for yourself whether the strategy suits you. > **Key points** > > - The strategy borrows against your stock. A sharp fall in the stock's price can lead to a liquidation that lowers the stock each share holds. > - It depends on money markets, price feeds, stablecoins and the tokenized stock itself. Any of them can fail, pause or lose value. > - Rates change all the time. Borrowing costs can spike above lending income, and the spread can turn negative. > - Contract limits and timelocks narrow what can go wrong. They do not guarantee returns or protect against every loss. Nothing here is investment advice. ## Smart contract risk The vault that holds supplied stock (see [Using a vault](https://app.tango.finance/docs/vault/overview.md)), its venue adapters, its swapper and its price oracle are smart contracts, and so are the money markets they use. A bug in any of them could lose funds. The contract cannot be upgraded, so a flaw in its code cannot be patched in place. These docs make no claim that any contract has been audited. ## Oracle risk Price feeds can be wrong, late or stop. No price is read to count share value, but prices are used to check swaps and harvests, and to value stablecoins other than the default. A stale price stops swaps and harvests, and counts the affected stablecoin as zero, which can put the stablecoin book into deficit. Each feed's own error margin comes on top of the contract's tolerances. Money markets decide liquidations with their own oracles, which the contract does not control. See [Asset support](https://app.tango.finance/docs/vault/assets.md#how-prices-are-read). ## Liquidation risk The strategy borrows against your stock. If the stock's price falls far enough, the money market lets others repay part of the debt and take collateral at a discount. Share value falls by the stock taken, as soon as the venue reports it. The operator can buy stock back from the surplus the liquidation leaves, but liquidators keep a bonus, so a rebuy usually cannot restore all of it. The contract does not manage loan-to-value. The operator does, offchain, and a forced withdrawal keeps each venue's loan-to-value as it was rather than lowering it. See [Health and liquidation](https://app.tango.finance/docs/vault/borrow-venues.md#health-and-liquidation). ## Borrow and lending venue risk Money markets can be paused, changed, drained or left with bad debt. If a borrow venue cannot be read, deposits and every withdrawal stop until the curator abandons it, behind its delay, which writes off the collateral there. A loss at a lending venue counts only once its share price shows it, and a venue's views that fail count as zero. Lending venues can run short of cash to pay out, which limits forced withdrawals. A newly added borrow venue that is badly built could call any function of its own protocol in the contract's name. ## Stablecoin risk The strategy borrows and lends stablecoins. A stablecoin can lose its peg, be paused, or block an address. Other stablecoins are valued at no more than the default stablecoin, but nothing protects against the default stablecoin itself losing value. A blocked fee recipient stops harvests that pay a fee until the curator names another. ## Tokenized stock risk A tokenized stock is issued by a company that sets its rules. The issuer may restrict who can hold or transfer it, pause it, or handle corporate actions such as splits and dividends in ways that change the token's behaviour. A paused token can stop deposits, withdrawals and liquidations alike. Each tokenized stock is also only as good as its issuer's backing and its access to the real share. ## Market hours Stock prices move during US market hours. Price feeds for tokenized stocks may not update outside trading hours, and can hold a price over a weekend or holiday. When trading resumes, the price can move in one step, and a borrow venue can liquidate at once if that step crosses its line. The curation service lowers the strategy's borrowing gradually in the hours before each US close. It borrows back gradually once the next trading day is under way. That leaves more room for a step at the open, but a large enough step can still cross the line. The curation service harvests only while US stock markets are open. The Buy and Sell dialogs show "Prices follow US market hours". ## Borrowing rate spikes A money market's borrowing rate rises as more of its stablecoin is lent out, and can rise steeply when the market is busy. While it is above the lending rate, the stablecoin book shrinks. The curation service repays debt that costs more than lending earns, but rates can move faster than it acts. A long stretch can use up all unharvested profit and leave the book in deficit, which stops deposits and ordinary withdrawals. ## Operator and curator risk The operator acts without delay. It decides how much to borrow, where to lend, which routes swaps take, the release order and when to harvest. Each swap can lose up to its tolerance, capped at 5% by the contract. Holders rely on the operator to keep the book out of deficit, keep the release order sound, rebuy after liquidations and bring rewards back. The curator's changes wait its delay, but then take effect. On tango.finance an automated curation service holds the operator role, and its rules can change. See [Profiles and access control](https://app.tango.finance/docs/vault/roles.md#trust-that-remains). ## Timing between holders Profit counts for whoever holds shares when it is harvested. A holder who leaves before a harvest gives up their part of profit not yet harvested. One who joins just before a harvest shares in profit earned before they arrived. A loss counts only once a feed or a venue shows it, so a holder who leaves before then avoids their share, and the holders who stay carry it. ## Other risks - Each stock has a deposit cap. Once it is reached, new deposits are refused until the curator raises it. The cap never limits withdrawals. - The networks the app runs on can stall or reorder transactions, and a stalled network can make prices stale. - Moving funds between networks relies on third-party routes. See [Move funds](https://app.tango.finance/docs/app/move-funds.md). --- # Buy and sell > How you connect a wallet, switch networks and buy or sell a tokenized stock in tango.finance, what each quote row means, and why a quote can be refused. Source: https://app.tango.finance/docs/app/buy-and-sell tango.finance lets you buy a tokenized stock with the network's stablecoin, and sell it back. Every trade happens in your own wallet: the app finds a swap route, shows you every detail of the quote, and your wallet signs the transaction. This page walks through connecting, buying and selling, and what each row in the dialog means. > **Key points** > > - There is no account or sign-in. You connect a wallet you already use, and every transaction is signed there. > - Buy swaps the network's stablecoin into the stock. Sell, from your Portfolio, swaps the stock back. > - Every quote shows the price, the minimum you receive, the maximum slippage, the route's fees, the network and market hours before you confirm. > - Prices follow US market hours, and a stock may not be tradable at every moment. ## Connect a wallet Choose the wallet button in the header and pick a wallet you already use, such as a browser extension wallet. tango.finance has no accounts, emails or passwords, and it never holds your keys. The app reads your balances through your wallet, and your wallet signs everything you send. To disconnect, choose your address in the header. ## Switch network Each stock is offered on a specific network. If your wallet is on another network, the app shows a Switch button with the network's name, and asks your wallet to switch. If the switch fails, the app says so and you can try again. When you confirm a trade, the app also moves your wallet to the right network first. ## Buy a stock 1. On [Home](https://app.tango.finance/), complete the sentence "I want to Buy" with a stock and a network, and choose Continue. 2. In the Buy dialog, enter how much of the network's stablecoin to pay, or choose 25%, 50%, 75% or Max of your balance. 3. Read the estimate under You receive, and every row below it. 4. Choose Buy. The app gets a fresh quote, then asks your wallet to approve the stablecoin if needed, then to send the trade. Each step waits for the network to confirm before the next one starts. When the trade lands, the dialog shows how much of the stock you received, with a link to the transaction. Choose Dismiss to close it. If you have none of the network's stablecoin, and moves reach that network, the Buy dialog offers to move some there from another network. See [Move funds](https://app.tango.finance/docs/app/move-funds.md). ## Sell a stock Open [Portfolio](https://app.tango.finance/positions) and choose Sell on the stock's row. The Sell dialog works the same way in reverse: you enter how much stock to sell, and receive the network's stablecoin. ## What each row means | Row | What it tells you | | --- | --- | | Price | The price per whole stock in this quote, in US dollars | | Minimum received | The least the trade can deliver. If the route would deliver less, the transaction fails and nothing moves | | Max slippage | How far below the quote the result may fall. The app sets it, and you cannot change it | | Fees | Every fee the swap route reports, as a share of what you sell. "Unavailable" if the route does not say | | Network | The network the trade runs on | | Market hours | A reminder that prices follow US market hours | The quote refreshes while the dialog is open, and the app asks for a fresh one when you confirm. tango.finance checks each quote before showing it: the trade must go to a contract the app expects for that route, and the minimum received must sit within the maximum slippage. ## Approvals Before a swap can spend a token from your wallet, your wallet must approve the route's contract to take it. The app asks only when your current approval is too small, and asks for exactly the amount of this trade. Approving is a separate transaction, labelled Approve with the token's symbol. ## Why can a quote be refused? | Message | What it usually means | | --- | --- | | This stock can't be bought right now, or sold | No route will trade it at the moment, or its quote failed the app's checks | | No quote right now | The route did not answer. Try again shortly | | Too many quotes | You asked for many quotes quickly. Wait a moment | ## Market hours The real shares behind tokenized stocks trade during US market hours. Outside them, a stock's price can stay unchanged and then move in one step when markets open, and a route may not trade it at all. See [Risks](https://app.tango.finance/docs/vault/risks.md#market-hours). --- # Supply a stock > How you supply a stock in tango.finance, from opening the Supply dialog to approving and depositing, what you see afterwards, and why supply can be closed or capped. Source: https://app.tango.finance/docs/app/supply Supplying a stock puts it to work. You deposit the stock and receive shares, and the strategy supplies the stock to money markets as collateral to earn the spread. [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains the contract that holds it. What it earns is turned into more of the same stock. This page explains each step in the app and what you see once you have supplied. > **Key points** > > - You can supply from Home, from a stock's page, or with Supply to earn on a stock in your Portfolio. > - Supplying takes up to two transactions in your wallet: an approval if needed, then the deposit. > - Afterwards, Supplied shows how much stock your shares are worth. It grows as harvests add stock, and can fall after a liquidation. > - There is no fee to supply or withdraw. Total APY is today's rate, and it changes. ## Where you can supply - On [Home](https://app.tango.finance/), complete the sentence "I want to Supply" with a stock and a network, and choose Continue. The Supply dialog opens. - On Home, the table under "Supply your stocks to earn more" lists every stock you can supply. Choose a row to open the stock's page, which has the same Supply panel. - In [Portfolio](https://app.tango.finance/positions), a stock in your wallet shows Supply to earn when that stock is taking deposits. ## What the Supply dialog shows The dialog is titled with the action and the stock, such as "Supply AAPL". The information icon beside Total APY explains, in one paragraph, how supplying that stock earns. | Row | What it tells you | | --- | --- | | Total APY | Today's yearly rate from money markets plus eligible rewards, after the performance fee | | Money Market yield | The money-market part of Total APY | | Rewards | The rewards part of Total APY | | Balance | How much of the stock your wallet holds on this network | | Supplied | How much stock you have already supplied | | Network | The network the stock is supplied on | You can type an amount, or choose 25%, 50%, 75% or Max of your balance. See [How yield is generated](https://app.tango.finance/docs/how-yield-is-generated.md) for what each rate measures. ## Approve and supply Choose Supply. The app checks your wallet's approval first: 1. If your wallet has not yet allowed enough of your stock to be taken, it asks you to approve exactly the amount you are supplying, labelled Approve with the stock's symbol. 2. Your wallet then asks you to confirm the deposit itself. Each step waits for the network to confirm before the next starts. When the deposit lands, the dialog says how much you supplied, with a link to the transaction. Choose Dismiss to close it. You receive shares in return, a token your wallet holds. ## What you see after supplying - The panel's Supplied row shows how much stock your shares are worth now. - [Portfolio](https://app.tango.finance/positions) lists the stock under Supplied, with its value in US dollars, grouped by network. - The stock's page shows the Deposited total for that stock and its Total APY, its Rate, Share value and Allocation charts, its Maintenance roles, its Fees and its Activity. Your Supplied amount is counted in stock. Harvests add stock, so it grows over time when the spread is positive. A liquidation lowers it. Its dollar value also moves with the stock's price. See [How your stock compounds](https://app.tango.finance/docs/how-your-stock-compounds.md). ## What happens to the stock you supply Your stock arrives as idle stock. The curation service then supplies it to money markets as collateral, borrows the network's stablecoin against it and lends that out. It keeps part of the supplied stock idle, so smaller withdrawals can be paid at once. See [Using a vault](https://app.tango.finance/docs/vault/overview.md). ## When supply is closed or capped | Message | Why | | --- | --- | | Deposits are closed for now, because the stablecoin side is short | The stablecoin book is in deficit, and no deposits are taken until it is covered | | Deposits are closed for now, because the stock is not taking new deposits | Supply for this stock is switched off in the app | | The stock is full for now | The deposit cap has been reached | | Up to an amount can be supplied now | Your amount is more than the room left under the deposit cap | The deposit cap limits how much of the stock can be supplied in total. It never limits withdrawals. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#when-the-stablecoin-book-is-short). --- # Withdraw in the app > How you withdraw supplied stock in tango.finance, what Available to withdraw now means, how the app picks the withdrawal that pays now, and why some stock may need to wait. Source: https://app.tango.finance/docs/app/withdraw Withdrawing turns your shares back into the stock, in your wallet. There is no request to file and nothing to wait for once the transaction lands. Most supplied stock is posted as collateral, though, so how much can leave at once depends on what can be freed in a single transaction. [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains the contract that holds it. This page explains what the Withdraw panel shows and how the app chooses what to send. > **Key points** > > - Available to withdraw now is how much of your stock can be paid to you in one transaction, right now. > - The app sends the withdrawal that pays now. Above the stock held idle, it unwinds positions in the same transaction. > - In the app you only ever receive the stock. You are never asked to pay stablecoin, and never paid in anything else. > - When not everything can be freed at once, the rest stays supplied and becomes available as positions are freed. ## How to withdraw 1. Choose Withdraw on the stock's row in [Portfolio](https://app.tango.finance/positions), or open the stock's page and choose Withdraw in the Supply and Withdraw panel. 2. Enter an amount of stock, or choose 25%, 50%, 75% or Max of what you have supplied. 3. Check Available to withdraw now, then choose Withdraw. 4. Confirm the transaction in your wallet. When it lands, the panel says how much you withdrew, with a link to the transaction. In a dialog, choose Dismiss to close it. Withdrawing needs no approval, since you are withdrawing your own shares. You pay only the network's gas fee. ## Available to withdraw now The Withdraw panel shows three rows: | Row | What it tells you | | --- | --- | | Available to withdraw now | How much of your stock can leave in one transaction at this moment | | Supplied | How much stock all your shares are worth | | Network | The network the stock is supplied on | Available to withdraw now can be less than Supplied. It changes as the strategy's positions, idle stock and the money markets' cash change. ## How the app chooses the withdrawal You never choose a method. The app reads your position and the strategy's positions before every withdrawal, and sends the one that pays now: - If your amount fits within the stock held idle, the app sends a standard withdrawal. Withdrawing everything redeems all your shares, so nothing is left behind. - If your amount is larger, the app asks for a plan of the exit at the current block. If it can be paid by releasing collateral and repaying debt in the same transaction, without asking anything of you, the app sends that. - If it cannot, the app works out the largest amount that can leave that way now, and shows it instead of sending. Every plan is checked again just before the app sends it, so a plan made at an older block is never used. For how positions are unwound, see [Forced withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#forced-withdrawals). ## Why can't I withdraw everything now? When you ask for more than can leave, the panel says how much can be withdrawn now. The rest is supplied to money markets as collateral, and becomes available as it is freed. Common reasons: - The lending venues cannot pay out enough stablecoin right now to repay the matching debt. - A borrow venue's position cannot be released at the moment. - The strategy's stablecoin side is short. See below. You can withdraw what is available now, and the rest later. The curation service keeps part of the supplied stock idle and moves lending away from venues whose withdrawals are getting tight, but it cannot promise that everything can leave at once. ## When withdrawals pause If the strategy's stablecoin side is short, the Supply tab says new deposits and withdrawals are paused until it is restored, and Available to withdraw now drops to zero. While the book is in deficit, standard withdrawals stop, and a forced withdrawal asks the holder to pay their share of the gap. The app never pays that for you, so nothing can be withdrawn through the app until the book is covered. Directly on the contract, a holder can still leave by paying their share. See [When the stablecoin book is short](https://app.tango.finance/docs/vault/withdrawals.md#when-the-stablecoin-book-is-short). ## Messages you may see | Message | What it means | | --- | --- | | That is more than you have supplied now | Your amount is above your Supplied amount | | Withdrawals can't be checked right now | The app could not plan the exit. Try again | | Too many requests | You asked many times quickly. Wait a moment | --- # Move funds > How Move funds in tango.finance bridges stablecoins between networks, sells a stock into another network's stablecoin, or buys a stock with stablecoins from elsewhere, in one transaction. Source: https://app.tango.finance/docs/app/move-funds Move funds takes money from one network to another in a single transaction from your wallet. You can bring stablecoins to the network where a stock is offered, sell a stock straight into another network's stablecoin, or buy a stock with stablecoins you hold elsewhere. A third-party route carries out the move, and the app shows every detail of it before you confirm. > **Key points** > > - A move starts and ends in your own wallet. Your wallet signs one transaction on the network you send from. > - One end of a move is always a stablecoin. You can move stablecoins, sell a stock into stablecoins elsewhere, or buy a stock with stablecoins from elsewhere, but not swap one stock for another. > - Every quote shows the minimum you receive, the maximum slippage, the route's fees and the expected time. > - A move can take a while to arrive, and if a route cannot finish it, it may refund you on the network you sent from. ## Where you find it - In [Portfolio](https://app.tango.finance/positions), choose Move funds under your total balance, or Move on a stock's row. - In the Buy dialog, when you have none of the network's stablecoin and moves reach that network, choose Move funds here. ## Moves you can make | From | To | What happens | | --- | --- | --- | | A stablecoin on one network | A stablecoin on another | Your stablecoin is bridged to the other network | | A stock on one network | A stablecoin on another | The stock is sold, and you receive the other network's stablecoin | | A stablecoin on one network | A stock on another | You receive the stock, bought with your stablecoin | The From and To pickers list every place a move can start or end, labelled with the token and its network, such as "AAPL on" a network's name. Only pairs that connect are offered. Some networks appear only for their stablecoin, as places to bring money from or send it to. ## How a move works 1. Choose From and To, and enter how much to send, or choose 25%, 50%, 75% or Max of your balance. 2. Read the estimate under You receive, and every row below it. 3. Choose Move. The app gets a fresh quote, then asks your wallet to approve the token if needed, then to send the move, on the network you send from. 4. The dialog follows the move until the route reports it arrived, failed or was refunded. Once the move is sent, you can choose Dismiss; it carries on without the dialog. What you receive arrives in the same wallet, on the other network. ## What each row means | Row | What it tells you | | --- | --- | | Minimum received | The least the move can deliver. If the route would deliver less, it does not complete | | Max slippage | How far below the quote the result may fall. The app sets it | | Fees | Every fee the route reports, as a share of what you send. "Unavailable" if the route does not say | | Time | How long the route expects the move to take | | From and To | The two networks | As with Buy and Sell, the quote refreshes while the dialog is open, and the app checks each quote before showing it. See [Buy and sell](https://app.tango.finance/docs/app/buy-and-sell.md#what-each-row-means). ## After you send | Status | What it means | | --- | --- | | Moving | The route is carrying out the move | | Move complete | It arrived, and the dialog shows what you received | | Still on its way | It is taking longer than the dialog waits. The route carries on, and what you receive reaches your wallet on the other network when it finishes | | Refunded | The route could not finish, and returned your funds to your wallet | | Did not go through | The move failed | Your balances refresh as soon as the transaction leaves the first network. ## What can go wrong A move depends on a third-party route and on both networks. A route can be slow, refund the move or fail, and its fees and timing are its own. If no route can make a move at your size, the app says so and you can try another amount. See [Risks](https://app.tango.finance/docs/vault/risks.md#other-risks). --- # Glossary > Plain definitions of the terms used across the tango.finance docs and app, from abandoned venue to Vault TVL, with links to the pages that explain them. Source: https://app.tango.finance/docs/reference/glossary This page explains the terms used across the tango.finance docs and app. Each definition is short. Where a term has its own page or section, the definition links to it. > **Key points** > > - The app names the stock and the action, such as "Supply AAPL". The smart contract that holds supplied stock is called a vault. [Using a vault](https://app.tango.finance/docs/vault/overview.md) explains it. > - Share value is counted in the stock. Debt and stablecoins sit in a separate stablecoin book. > - The admin, curator and operator are roles in the vault's access manager. [Profiles and access control](https://app.tango.finance/docs/vault/roles.md) explains each one. | Term | Meaning | | --- | --- | | Abandon | The curator's way to remove a borrow venue that can no longer be read, writing off its collateral. See [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md#a-venue-that-cannot-be-read). | | Access manager | The OpenZeppelin contract that decides who may call each restricted function, and with what delay. | | Admin | The top role. It holds the curator and operator roles at their delays, and removes either at once. | | Available to withdraw now | How much of your stock the app can pay you in one transaction right now. See [Withdraw in the app](https://app.tango.finance/docs/app/withdraw.md#available-to-withdraw-now). | | Borrow venue | One position at a Morpho Blue or Aave v4 market, where the vault posts stock and borrows a stablecoin. See [Borrow venue support](https://app.tango.finance/docs/vault/borrow-venues.md). | | Borrowing APY | Yearly interest on the stablecoin borrowed, as a share of Vault TVL. | | Collateral | Supplied stock posted at a borrow venue so the strategy can borrow against it. | | Curation service | The automated service that holds the operator role on tango.finance. See [Profiles and access control](https://app.tango.finance/docs/vault/roles.md#the-curation-service). | | Curator | The role that adds venues, stablecoins and price feeds and sets the fee, each behind its delay. | | Default stablecoin | The stablecoin the strategy borrows and keeps its book in, fixed at deployment. | | Deficit | When the stablecoin book's debt exceeds its stablecoins and lending by more than rounding. Deposits and standard withdrawals stop. | | Deposit cap | The most stock deposits may bring the total to. Harvests can take it higher, which stops deposits until the cap is raised. The curator raises it behind its delay, and the operator lowers it at once. | | Donate | Giving the default stablecoin to the stablecoin book. Anyone can do it. | | ERC-4626 | The standard interface for tokenized vaults. The contract that holds supplied stock is one, and so is every lending venue. | | Forced withdrawal | A withdrawal that releases collateral and repays debt in the same transaction. Any holder can call it. See [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md#forced-withdrawals). | | Guardian | A role that removes the curator or the operator and cancels their scheduled changes, without delay. The admin holds both. | | Harvest | Taking profit from the book, paying the performance fee and buying stock with the rest. | | Harvest tolerance | The most value a harvest may lose against oracle prices. The contract caps it at 5%. | | Idle stock | Supplied stock held rather than posted as collateral. Standard withdrawals pay from it. | | Lending order | The order in which forced withdrawals draw on lending venues. The operator sets it. | | Lending venue | An ERC-4626 vault for a stablecoin, where the vault lends and earns interest. See [Lending venue support](https://app.tango.finance/docs/vault/lending-venues.md). | | Liquidation | A borrow venue letting others repay part of a position's debt and take its collateral at a discount, once the position crosses the liquidation line. | | Loan-to-value (LTV) | A position's debt divided by the value of its collateral. | | Merkl | A reward distribution service many money markets use to pay reward campaigns. See [Reward claiming](https://app.tango.finance/docs/vault/rewards.md). | | Money Market APY | Lending income less borrowing interest, after the performance fee, as a share of Vault TVL. | | Operator | The role that runs positions day to day without delay. | | Performance fee | The share of each harvest paid to the fee recipient. The contract caps it at 25%. See [Fees](https://app.tango.finance/docs/vault/fees.md). | | Rebuy | Buying back stock a liquidation took, from the surplus it left, with no fee. | | Release order | The order in which forced withdrawals release collateral from borrow venues. The operator sets it. | | Share value | All the stock held divided by the number of shares. No price is read. | | Shares | The ERC-20 token you receive when you supply, standing for your part of the stock. | | Spread | What the lending earns less what the borrowing costs. | | Stablecoin book | The strategy's stablecoin side: idle stablecoins plus lending, less debt. | | Stale | A price too old, or otherwise unreadable, to trust. | | Supplied | How much stock your shares are worth now. | | Surplus | Profit in the stablecoin book that a harvest may take. | | Swap tolerance | The most value a stablecoin swap may lose against oracle prices. The contract caps it at 5%. | | Swapper | A small contract that runs the strategy's swaps. Only the contract that created it can call it. | | Timelock | The wait between scheduling a change and making it. See [Timelocks](https://app.tango.finance/docs/vault/timelocks.md). | | Tokenized stock | A token that tracks one share of a listed company. | | Total APY | Money Market APY plus eligible rewards, after the performance fee. | | Underlying | The one stock each strategy holds. | | Vault | The smart contract, one per stock, that holds supplied stock and runs the strategy. See [Using a vault](https://app.tango.finance/docs/vault/overview.md). | | Vault TVL | The US dollar value of all of a stock that is supplied, including idle stock. Rates are measured against it. | --- # For AI assistants > How people, LLMs and AI agents can read the tango.finance docs efficiently, with llms.txt, Markdown pages and the full-text bundle, and the rules to follow. Source: https://app.tango.finance/docs/reference/for-ai-assistants These docs are written to be read by people and by language models (LLMs) alike. Every page is also available as clean Markdown, and the whole site is available as one file. This page lists those files, and the rules an AI assistant should follow when it answers questions about tango.finance. > **Key points** > > - Start with llms.txt to find the right page, or load llms-full.txt to read every page at once. > - Add `.md` to any docs page URL to get that page as Markdown. The docs home is `/docs/index.md`. > - Pages under How Yield Generation Works describe what the contract allows. Pages under Using tango.finance describe what the app does today. > - Assistants should not start transactions for a user, and nothing in these docs is investment advice. ## Endpoints | What | URL | When to use it | | --- | --- | --- | | Index | https://app.tango.finance/llms.txt | Find the right page. Lists every page with a one-sentence summary, grouped by section. | | Full text | https://app.tango.finance/llms-full.txt | Load every page at once when the context window allows. | | One page | Any docs page URL plus `.md`, for example https://app.tango.finance/docs/vault/withdrawals.md | Read a single topic. Links inside point at other `.md` pages. | | Docs home | https://app.tango.finance/docs/index.md | The introduction, as Markdown. | | Sitemap | https://app.tango.finance/sitemap.xml | Crawl the HTML pages. | Every HTML page also has buttons to copy it as Markdown or view the Markdown. Other buttons open it in ChatGPT or Claude, with a prompt that points at its Markdown version. ## How the docs are organised The docs have four sections: - Get started introduces tango.finance, where the yield comes from, how stock compounds, and the words used everywhere else. - How Yield Generation Works starts with using a vault, the contract that holds supplied stock, then covers its assets, venues, withdrawals, rewards, fees, timelocks, roles and risks. It describes what the contract enforces. - Using tango.finance describes what the app does on top: buying and selling, supplying, withdrawing and moving funds. - Reference holds the glossary and this page. When a question is about what is possible, the How Yield Generation Works pages are the authority. When it is about what a tango.finance user can do today, the Using tango.finance pages are. ## Reading rules for assistants - Describe the contract as these pages state it. Do not infer guarantees: roles, limits and timelocks narrow what can happen; they do not make supplying safe or profitable. - Each stock's own settings, such as its fee, venues and role holders, are shown on its page in the app. These docs explain what the settings mean, not the values chosen for a particular stock. - Rates such as Total APY are today's rates and change all the time. Do not present them as returns a user will receive. - The app does not show which kind of withdrawal it sends. Describe it as the withdrawal that pays now, and point to [Withdrawals](https://app.tango.finance/docs/vault/withdrawals.md) for how positions are unwound. - Do not start purchases, sales, supplies, withdrawals, moves or other transactions for a user. Every one is reviewed and signed by the user in their own wallet. - Nothing here is investment advice or a recommendation. ---