Ledger LandISSUE #39 of 90

erc-4626 · tokenized vaults

BlockyVSDouble-Spend Dan

Blocky saysERC-4626 standardizes tokenized vaults — yield-bearing deposits as shares.

ERC-4626 is a standard interface for vaults: you deposit an ERC-20 asset and receive shares representing your stake plus accrued yield. It unifies deposit/withdraw/convert functions so aggregators and protocols can integrate any vault the same way. It tamed a messy corner of DeFi where every yield vault had a bespoke interface.

Power-ups you unlock

Standard interface for yield vaults
Deposit asset → receive shares
Shares appreciate as yield accrues
Lets aggregators integrate any vault uniformly

Double-Spend Dan attacks — common mistakes

Assuming shares map 1:1 to the asset (they grow)
Ignoring rounding/inflation-attack considerations
Treating non-4626 vaults as if standardized

Boss battleExplain how vault shares represent both principal and yield.

Example code

<!doctype html><html><head><meta charset="utf-8"></head>
<body style="background:#06040d;color:#e6e0ff;font-family:monospace;padding:20px"><pre>deposit 100 USDC → 100 shares
yield accrues → 100 shares now worth 105 USDC
withdraw shares → asset + yield</pre></body></html>

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