Trading

Every trade goes through the Zap contract. You never hold the leveraged token yourself: the Zap mints it on the way in and redeems it on the way out, so you only ever see USDT (or BNB) and the token.

Buying

• In USDT: the Zap takes your USDT, mints the backing LT and buys on the curve. Minimum 1 USDT. The first time, your wallet approves USDT for the Zap.
• In BNB: BNB is wrapped and swapped to USDT on the PancakeSwap V2 WBNB/USDT pool, then the USDT path runs. The panel shows the USDT leg so you know exactly what enters the curve. No approval needed.
• The quote is the exact curve output for that amount at the current block. Slippage protects you if someone trades before your transaction is mined: your trade reverts rather than filling worse than the tolerance.

Selling

A sell is the mirror image: your tokens go back to the curve, the LT the curve returns is redeemed atomically for USDT, and the USDT (or BNB via the same pool) is sent to you in the same transaction.

Redemptions are paid from the USDT the vault keeps idle on-chain. The keeper keeps roughly 20% of each vault's NAV idle and refills it from Aster within minutes when sells drain it. If your sell is larger than what is idle right now, the panel shows Sellable right now: X USDT — sell that amount, or wait a few minutes for the refill.

Reading the token page

• Price in USD = curve price (in LT) × the LT's exchange rate. Both move.
• Market cap = price × 1,000,000,000. The chart is drawn in market cap so tokens are comparable at a glance.
• Bonding curve shows the progress towards graduation as a percentage.
• 24h volume counts every trade on the curve, including bots that call the Bonding contract directly with LT; the trades table shows each one with its USD value.
• Backed by links to the leveraged token: its NAV, exchange rate and how fresh its last settlement is.