cTokens are a yield-bearing deposit receipt. It means you can convert USDC into cUSDC to get a tradeable token that’s also earning interest through Solend. You can hold this token in your wallet to continue earning interest, or you can send it to someone else, and they’ll be earning interest.
cTokens open up a world of possibilities for developer integrations. Because cTokens are just regular SPL tokens, they’re easily composable and compatible with just about everything! If you’re working on something that uses Solend cTokens, check out our Developer Portal and Grants program!
Take note that cTokens currently do not have liquidity mining, such as additional SLND or MNDE rewards. You can mint cTokens here!
solana-program-library/processor.rs at 400dd876c51862c21122f7d4378a7c82d996b0ef · solendprotocol/solana-program-library
Normally, if you are using our Main Lend/Borrow, your cTokens will be custodied/held by our smart contracts, to be used as "collateral" for borrowing against it. So this tool is mainly for developers to integrate our cTokens into their protocols, and then direct their users here to mint their cTokens.

cToken Ratio Calculations:

  • cToken Ratio acts as a % ownership of the LP
  • Imagine a pool with 99USDC, you deposit 1 USDC, you will own 1% of the pool
  • When the RefreshReserve occurs, the pool now has 110 USDC. Your 1% is now worth 1.1 USDC.
cToken Ratio is calculated by taking the Total USDC in the reserves / cUSDC in Circulation, basically.