Community Comic Series · Episode 7

The Token That Wasn't the Yield

A visual journey inside a Concrete Vault — from deposit to ctAsset to changing value.

Reporting period: September 17–23, 2026Publication: September 22, 2026Educational story
Story progressScene 1 of 9
Scene 1 · The deposit
100
USDC
“I brought 100 USDC.”
CONCRETE VAULTDEPOSITOne asset in

You deposit one asset. The vault is the doorway, not the entire story.

Scene 2 · The receipt
100
USDC
→
100
ctUSDC
“But this isn't just a receipt.”
VAULTSHARES

Concrete vaults are built around the ERC-4626 tokenized-vault model where applicable: the vault issues tokenized shares representing a portion of the vault.

Scene 3 · The machine
LENDINGBorrower demand
DEX LIQUIDITYTrading activity
DELTA-NEUTRALHedged exposure
OTHER STRATEGIESVault-specific routes
CONCRETE VAULTCapital can be allocated across supported strategies. A specific vault does not necessarily use every route shown.
“The capital moves through a strategy mix.”

Behind the vault, capital can be allocated across different strategies. The actual sources of return depend on the specific vault and its curator.

Scene 4 · The accounting engine
Principal+Strategy returns+Rewards
Costs / losses=Vault NAV
“NAV is the value of what the vault holds.”

NAV, or net asset value, represents the value of the assets held by the vault. Returns, rewards, costs and losses all affect that value.

Scene 5 · The mystery
100 ctUSDC
Wallet balance: unchanged
“Nothing changed.”
…dramatic pause…

Time passes. The user opens their wallet. Still 100 ctUSDC. The count did not move.

Scene 6 · The reveal
“The count stayed still. The value did not.”

eRate determines how much underlying asset each share represents. Illustratively, 100 ctUSDC at 1.05 USDC per share represents 105 USDC. This is not actual performance or a guarantee.

Scene 7 · Why this matters
VAULT OWNERSHIPShare of a vault
LIQUIDITYWhere supported
COLLATERALWhere integrated
COMPOSABILITYWhere compatible
Capabilities depend on the specific ctAsset, integration and current Concrete functionality.

A ctAsset can be a building block beyond a balance screen, but utility is not universal. It depends on the asset, the integration and the current product.

Scene 8 · The withdrawal
100 ctUSDCShares
→
REDEEMVault action
→
UNDERLYINGUSDC
“The route out depends on the vault.”

Redeeming shares returns the underlying asset according to the vault’s mechanics. Withdrawal timing can depend on the specific vault and liquidity conditions.

Scene 9 · The bigger idea
USER
↓
VAULT
↓
STRATEGIES
↓
NAV
↓
eRate
↓
ctASSET

The interesting part of a vault is not just the APY on the screen. It is the accounting system underneath it.

Final scene

Your token count doesn't have to grow
for your position to grow.

Concrete Chronicles · Episode 5
The Token That Wasn't the Yield
Definitions
VaultA smart contract that accepts deposits, issues shares and deploys assets into supported strategies.
ctAssetA tokenized vault share, such as ctUSDC, representing a portion of a vault.
NAVNet asset value: the value of the assets held by the vault, after relevant costs and losses.
eRateThe exchange rate connecting a vault share to its underlying asset. The share count can stay constant while this value changes.
ERC-4626An Ethereum tokenized-vault standard defining common deposit, withdrawal, share and asset interfaces.
StrategyA supported route for deploying capital. The route and risks depend on the specific vault.
Sources
Concrete documentationVault shares, ERC-4626 implementations, exchange-rate mechanics, strategy-specific yield and withdrawal queues.
Yield vaults and ERC-4626 ↗
Concrete overviewVault shares, strategy allocation, custody model, accounting controls and risk disclosures.
Concrete overview ↗
Illustration boundaryThe 1.00 to 1.05 eRate example is fictional and strictly illustrative. It is not actual Concrete performance, a forecast or a guarantee.
Episode contextReporting period: September 17–23, 2026. Publication timestamp: September 22, 2026. Educational content, not financial advice.