> For the complete documentation index, see [llms.txt](https://docs.superhedge.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.superhedge.com/superhedge-products/n-vaults/vault-tokens.md).

# Vault Tokens

N-Tokens (NT) are ERC20 vault tokens that serve as deposit receipts, representing a user’s claim on&#x20;

i) Principal deposits (1:1) at maturity.&#x20;

ii) Distribution of coupon payments on the predefined coupon payment dates.&#x20;

iii) Distribution of options strategy profits, if any, at maturity.

At maturity, a corresponding amount of user's NT are burned to only reflect the withdrawal of the principal deposit from the N-Vault.&#x20;