Vaults and share tokens

A vault is one shared pool

Each SAM vault holds a single coin: the samSUI vault holds SUI, the samUSDC vault holds USDC. Everyone’s deposits go into the same pool. There are no individual sub-accounts; instead, your share token records what fraction of the pool is yours.

Your share token

When you deposit, the vault mints you samSUI or samUSDC. Think of it like a share in a fund:

• It is a pro-rata claim on the whole pool. If you hold 1% of all shares, you own 1% of the pool.
• It is a normal Sui coin. It sits in your wallet, and you could send or hold it like any token.
• Its value rises as the vault earns. The share count you hold doesn’t change; each share simply becomes redeemable for more underlying over time.

Share price

The price of one share is simply the pool’s total value divided by the number of shares:

share price = pool value ÷ total shares

When the vault earns yield, the pool value goes up but the share count does not, so the price per share rises. That is the only way the price moves up, and it is exactly how you profit. Deposits and withdrawals happen at this price, so they never dilute or reward anyone unfairly.

Note

SAM values the pool by tracking every flow in and out, not by reading a raw wallet balance. That is why nobody can inflate the price by sending tokens at the vault, and why your shares are always backed by real assets. The exact formulas are in Shares and the exchange rate.

A worked feel for it

Suppose the pool is worth 1,000 and there are 1,000 shares, so the price is 1.00.

• The vault earns 200. Now the pool is 1,200, shares are still 1,000, price is 1.20.
• You deposit 600. You receive 500 shares (because each costs 1.20).
• Your 500 shares are worth 600 today, and more as the pool keeps growing.

You got exactly fair value going in, and you keep earning from there.