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What vBETTER is

vBETTER is a receipt token—a standard ERC-20 that represents a share of a BETTER vault’s performance.

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Why receipt tokens exist

Traditional vault deposits are “stuck.” They’re hard to transfer, hard to exit quickly, and incompatible with broader DeFi.

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What vBETTER enables

Receipt tokens make strategy exposure:
  • Transferable: Move your vault position to another wallet
  • Tradable: 24/7 liquidity on secondary markets
  • Composable: Use as collateral for borrowing, add to LPs, integrate with DeFi primitives

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How it works

In the Mirror Vault design, the Enzyme vault framework acts as the on-chain accountant:
  1. Observe: Track the vault’s assets and performance
  2. Mint: Issue vBETTER tokens based on verified accounting
  3. Redeem: Burn tokens to withdraw proportional share

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Mirror vault architecture

  • Base Vault (Feeder): Holds real capital, executes trades
  • Polygon Vault (Master): Observes performance, mints/burns receipt tokens
This separates where capital lives from where liquidity is best.

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Arbitrage flywheel

vBETTER creates a liquid market against vault shares. Pricing gaps between the Base feeder vault and vBETTER are captured through mint and burn mechanics. When vBETTER trades at a premium, the protocol can mint and sell vBETTER to capture the spread, then use proceeds to buy and burn $BETTER.

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Availability

Receipt token support rolls out per vault. The app shows current availability.
Receipt token mechanics (mint/redemption, pricing, safeguards) are protocol-specific and evolve with protocol updates.