PLP
PolyWin Liquidity Provider: deposits, shares, share price and redemption.
PLP = PolyWin Liquidity Provider. Users deposit collateral into the vault and receive PLP shares representing ownership of the vault's net asset value.
Deposit USDC / USDW
PLP Vault
PLP Shares
Share price
PLP Share Price = Vault NAV / Total PLP Shares
One number describes the whole vault: how much each share is worth right now. It rises when the vault earns, and falls when it loses.
Deposit
Shares Minted = Deposit Amount / Current PLP Share Price
New money always buys in at the current share price, so it cannot claim a share of profits earned before it arrived.
Vault NAV = $4,000,000 Total Shares = 3,000,000 PLP Price = 4,000,000 / 3,000,000 = $1.3333 Deposit $1,333,300 Shares Minted = 1,333,300 / 1.3333 ≈ 1,000,000 PLP
After the deposit: NAV $5,333,300 and 4,000,000 shares — the price is still $1.3333. Existing holders are not diluted.
Value and redemption
User Value = User PLP Shares × Current PLP Share Price Redeem Value = PLP Shares × Current PLP Share Price
Your shares never change in number; their price changes. Redemption converts shares back into collateral at the price at that moment.
PLP returns are not fixed interest. Share price can fall as well as rise, and capital in a liquidity vault is at risk.