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Documentation Index

Fetch the complete documentation index at: https://usefleetsgmailcom.mintlify.app/llms.txt

Use this file to discover all available pages before exploring further.

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What You Need

  • A Solana-compatible wallet (Phantom, Backpack, or Solflare recommended)
  • USDC on the Solana network
  • A small amount of SOL for transaction fees
Fleets is currently in private beta. Access requires a waitlist invitation. Join at usefleet.xyz.

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Step 1 — Understand Your Options

Before depositing, decide between the two tranche tokens:

FYC — Senior Tranche

Lower risk. Capped but predictable yield.
  • Receives yield first each epoch up to the sliding cap
  • Last to absorb any credit losses
  • Token price accretes steadily over time
  • Best for depositors who want stable, real-world income

FFC — Junior Tranche

Higher risk. Uncapped residual yield.
  • Receives all yield above the FYC cap
  • First to absorb credit losses
  • Token price more volatile — high upside, real downside
  • Best for depositors who want maximised returns and accept first-loss exposure

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Step 2 — Connect and Deposit

1

Connect Your Wallet

Go to the Fleets app and click Connect Wallet. Approve the connection request in your wallet.
2

Navigate to Deposit

Select Deposit from the navigation. Choose either the FYC or FFC tab.
3

Enter Amount

Enter the USDC amount you wish to deposit. The UI will show you:
  • Current token price (conservative)
  • Estimated tokens to receive
  • Current pool APY for each tranche
4

Review and Confirm

Review your slippage setting (default 0.5%) and confirm the transaction. Your wallet will prompt for approval.
5

Receive Tokens

FYC or FFC tokens appear in your wallet within seconds of the transaction confirming on Solana.

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Step 3 — Monitor Your Position

After depositing, your position value grows automatically as yield accretes into the token price. You do not need to stake, claim, or compound — the share-price model handles this. In the Fleets app you can track:
MetricDescription
Token BalanceYour FYC or FFC token count
Token PriceCurrent conservative price (confirmed income only)
Position ValueToken Balance × Current Price
Estimated APYTrailing 30-day annualised yield rate
Pool Deployment Rate% of Loan Allocation currently in active facilities

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Step 4 — Exiting Your Position

When you’re ready to exit, choose your redemption method:

Scheduled Redemption

No fee. Join the queue and receive USDC at the conservative price when processed.
  • FYC: up to 30 days
  • FFC: up to 90 days
Your tokens continue earning during the wait.

Accelerated Redemption

Small dynamic fee (0.10–0.50% for FYC, 0.50–1.00% for FFC). Immediate USDC at the conservative price.Fee varies based on how large your redemption is relative to available liquidity.
See Redemption for full details on fees and the liquidity floor.

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Key Risks to Understand

FFC first-loss risk: FFC holders absorb credit losses before the Insurance Fund and FYC. In a significant default scenario, FFC token price can decline.Smart contract risk: Fleets is a new protocol.Liquidity risk: Redemptions are always available, but large simultaneous redemptions may be queued. New loan origination is blocked when the Liquidity Reserve falls below 20%.Yield-bearing token risk: All pool capital is held in treasury-backed yield-bearing tokens. While extremely low risk, an issue with the underlying asset would affect all pool assets.

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APY Expectations

The ranges below reflect outcomes based on the protocol’s minimum and maximum loan APR assumptions (15% - 25%) over a 3-year duration. Values assume a 50:50 FYC to FFC split and incorporate both yield-bearing token yield and loan income.
ScenarioFYC APYFFC APY
No active loans~2.9%~2.9%
50% deployment~4–7%~6–11%
75% deployment~5–8%~8–16%
100% deployment~6–10% (cap bound)~12–25%+
When no loans are active, both FYC and FFC earn the same base yield from treasury-backed yield-bearing token returns (net of fees). Loan yield adds on top of this baseline when the pool is deployed. These are protocol design estimates. Actual APY depends on loan utilisation, blended APR, base yield rates, and default experience.
Questions? Read the FAQ or reach out at contact@usefleet.com.