> For the complete documentation index, see [llms.txt](https://docs.treehouse.finance/protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.treehouse.finance/protocol/tasset/architecture/token-accounting.md). # Token Accounting All tAssets (e.g., tETH, tAVAX, etc.) follow a unified token accounting framework. They are denominated in their respective liquid staking tokens (LSTs), accumulate value over time via exchange-rate appreciation, distribute yield periodically, and maintain stable balances. The following section uses *tETH* as a concrete example. While the details reference Ethereum and LSTs, the same mechanics apply broadly across other tAssets, adapted to their respective networks. ### Denomination *tETH* is denominated in wstETH.\ *tAVAX* is denominated in sAVAX.\ *tHYPE* is denominated in kHYPE. ### Value Adjustment *tETH* is a value-accumulating receipt token that represents a user’s stake of the underlying assets in the *tETH* pool. * **Yield Distribution**: The yield generated by the assets in the *tETH* pool is credited to *tETH* holders once a day. This yield distribution is reflected in the *tETH:wstETH* exchange rate, which is updated periodically on the 'Dashboard' page. * **Synchronization**: The frequency of updating the exchange rate on the dApp is deliberately limited to ensure synchronization with the rebasing schedules of the underlying liquid staking tokens (LSTs). This synchronization helps maintain the accuracy of the exchange rate relative to the value of *tETH*. * **Balance Maintenance**: A user's balance of *tETH* will remain unchanged unless new deposits or redemptions are made. This stability ensures that the value of *tETH* accurately reflects the underlying assets in the pool and the associated yield generated over time. \ Example:

For more information on the *tETH:wstETH* exchange rate, refer to the [Whitepaper](/protocol/overview/technical-whitepaper.md).