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

# Product Model

> How sHLP state, share price, liquidity, and proof of backing are modeled for partners.

Signalite exposes sHLP as an ERC-4626-style vault product with API-level state for partner apps. Users deposit USDC and receive sHLP. The vault strategy manages pooled exposure to HLP and reports NAV through proof buckets.

## Price and backing

The API reports share price from total assets divided by total supply. Total assets are not just the vault's free USDC buffer. They include:

* Vault USDC buffer
* Strategy EVM USDC
* Core spot balances
* Core perp balances
* HLP equity
* Bridge-in-flight values

Partner apps should read `/api/v1/vault` instead of rebuilding this accounting in the browser.

## Liquidity model

There are two exit paths:

| Exit path      | When to use                                                                  | User result                                                              |
| -------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------ |
| Instant redeem | The requested exit fits the free vault buffer                                | USDC settles immediately on HyperEVM                                     |
| Queued redeem  | The requested exit is larger than current buffer or needs a min-assets floor | Shares are escrowed, keeper unwinds strategy liquidity, then user claims |

## Partner stance

Treat Signalite as a product with explicit readiness gates. A route can be supported but temporarily not actionable because the keeper, indexer, snapshot, or vault state is not fresh.

<Warning>
  Never enable deposit writes from static token metadata alone. Use `/api/v1/health.ready.deposits`.
</Warning>