> For the complete documentation index, see [llms.txt](https://docs.wandfi.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.wandfi.io/products/yield-vault-v2.md).

# Yield-Vault V2

Yield-vault V2 is a yield trading product that upgrades from the IP-Vault. Yield trading allows users to achieve yield enhancement, interest rate arbitrage, and other functionalities by purchasing yield rights with a small amount of capital. The underlying asset of the yield trading product is a single asset. By standardizing and splitting the underlying asset into Principal Tokens (PT) and Yield Tokens (YT), the product separates principal and yield rights. This enables liquidity provision with a single underlying asset. Additionally, for assets with long-term yields, the product can be renewed to maintain continuous liquidity, offering convenience to users. Traditional Automated Market Maker (AMM) pools require initial liquidity injection to ensure a smooth trading experience, which imposes capital requirements during pool establishment. B-vault V2 introduces **Zero Liquidity Bootstrap**, allowing users to launch a vault with minimal upfront capital while maintaining trading efficiency.