# How Robin Tracks and Distributes Yield

Robin distributes yield using a share-based accounting system that tracks each user’s proportional ownership of the vault over time.

### Core Idea

When you deposit into the vault, you receive shares.

These shares represent:

* Your portion of the pooled capital
* Your claim on future yield

As the vault generates yield, the value of these shares increases.

### How Yield Is Calculated

Yield is distributed proportionally based on your share of the vault:

your yield ∝ your shares / total shares

This means:

* The more you deposit, the more shares you receive
* The longer you stay in the vault, the more yield you accumulate
* Yield is automatically reflected in your position 

### Continuous Accrual

Yield accrues continuously as capital is deployed into strategies.

The system tracks this using internal accounting indexes, ensuring that:

* Each user receives their fair share of yield
* Deposits and withdrawals are accounted for precisely
* No manual claiming is required 

### What Happens When You Deposit or Withdraw

* When you deposit, you receive shares at the current vault value
* When you withdraw, your shares are burned and converted into:
* Your underlying assets
* Your accumulated yield 

### Key Properties

#### Step 1. Initial Deposit

* Alice deposits 1,000 YES tokens
* The current TWAP price of YES = $0.60

→ Economic value = $600

→ Alice receives 600 shares

→ Total vault:

* Assets = $600
* Shares = 600

Step 2 — Second User Joins

* Bob deposits 1,000 NO tokens
* TWAP price of NO = $0.40

→ Economic value = $400

→ Bob receives 400 shares

→ Total vault:

* Assets = $1,000
* Shares = 1,000

Ownership:

* Alice: 60%
* Bob: 40%

#### Step 3. Matching Happens

The vault pairs:

* 1,000 YES (Alice)
* 1,000 NO (Bob)

→ These are merged into $1,000 USDC

Now:

* Capital is fully matched
* $1,000 is deployed into yield strategies

#### Step 4. Yield Is Generated

The vault earns $100 in yield

→ Total vault value = $1,100\
→ Total shares = 1,000

→ Each share is now worth $1.10

#### Step 5. Withdrawal

Alice withdraws her 600 shares:

→ 600 × $1.10 = $660

Bob withdraws his 400 shares:

→ 400 × $1.10 = $440


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