> ## Documentation Index
> Fetch the complete documentation index at: https://docs.usefleet.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Getting Started

> Everything you need to deposit into Fleets and start earning real-world yield — from wallet setup to your first FYC or FFC position.

## 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

<Info>
  Fleets is currently in **private beta**. Access requires a waitlist invitation. Join at [usefleet.xyz](https://usefleet.xyz).
</Info>

## Step 1 — Understand Your Options

Before depositing, decide between the two tranche tokens:

<Columns cols={2}>
  <Card title="FYC — Senior Tranche" icon="shield">
    **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
  </Card>

  <Card title="FFC — Junior Tranche" icon="bolt">
    **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
  </Card>
</Columns>

## Step 2 — Connect and Deposit

<Steps>
  <Step title="Connect Your Wallet">
    Go to the Fleets app and click **Connect Wallet**. Approve the connection request in your wallet.
  </Step>

  <Step title="Navigate to Deposit">
    Select **Deposit** from the navigation. Choose either the **FYC** or **FFC** tab.
  </Step>

  <Step title="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
  </Step>

  <Step title="Review and Confirm">
    Review your slippage setting (default 0.5%) and confirm the transaction. Your wallet will prompt for approval.
  </Step>

  <Step title="Receive Tokens">
    FYC or FFC tokens appear in your wallet within seconds of the transaction confirming on Solana.
  </Step>
</Steps>

## 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:

| Metric                   | Description                                         |
| ------------------------ | --------------------------------------------------- |
| **Token Balance**        | Your FYC or FFC token count                         |
| **Token Price**          | Current conservative price (confirmed income only)  |
| **Position Value**       | Token Balance × Current Price                       |
| **Estimated APY**        | Trailing 30-day annualised yield rate               |
| **Pool Deployment Rate** | % of Loan Allocation currently in active facilities |

## Step 4 — Exiting Your Position

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

<Columns cols={2}>
  <Card title="Scheduled Redemption" icon="calendar">
    **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.
  </Card>

  <Card title="Accelerated Redemption" icon="bolt">
    **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.
  </Card>
</Columns>

See [Redemption](/protocol-overview/redemption) for full details on fees and the liquidity floor.

## Key Risks to Understand

<Warning>
  **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.
</Warning>

## 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.

| Scenario        | FYC APY             | FFC 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.

<Note>
  Questions? Read the [FAQ](/resources/faq) or reach out at [contact@usefleet.com](mailto:contact@usefleet.com).
</Note>