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Depositing USDC

Approved depositors may deposit USDC into the RWI Vault smart contract. Once verified, you can connect your wallet, deposit USDC and start earning yield through the Deposit interface.

Depositing USDC requires you to submit a transaction on Ethereum. You may also be requested to approve the Vault contract to interact with your USDC ahead of depositing.

When you deposit USDC, you are calling the requestDeposit() function on the smart contract. If the deposit doesn’t exceed the Vault Cap, the smart contract will automatically accept your USDC and you will receive an amount of RWIV tokens in return based on the current exchange rate.

It is also possible to deposit and immediately lock the LP tokens to earn bonuses. In this case, the requestDepositandLock() function is called instead.

RWIV Token​

RWIV is the deposit token of the RWI Vault.

  • RWIV tokens accrue the Baseline Yield programmatically, increasing the USDC redemption value of the token
  • RWIV can be locked in the Vault’s smart contracts to earn bonuses
  • Unless locked, RWIV is freely transferable and deployable in other DeFi applications

Vault Cap​

The RWI Vault is subject to a Vault Cap, which limits the total USDC that can be deposited into the Vault at any given time.

Users are still able to submit a deposit request transaction even if that deposit would exceed the Vault Cap. In this scenario, the VO can approve or reject the request:

  • If approved, the deposit is accepted into the Vault and RWIV tokens are issued as normal
  • If rejected, the deposit amount is returned to the user

The initial Vault Cap is set to 10m USDC.

The Vault Operator can update the Vault Cap onchain as required. These updates are made according to the VO’s processes based on deposit demand, ability of Insurance Partners to take in additional funds and interest accrued over time within the Vault.