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

# Fundamentals

### Understand the key concepts that power SparkleX’s yield strategies. This section is perfect for new users, curious stakers, and technical explorers alike.

* [**Yield 101**](/docs/fundamentals/yield-101.md)\
  What is yield? Where does it come from in DeFi?
* [**APY & Compounding**](/docs/fundamentals/apy-and-compounding.md)\
  Understand how returns are calculated and why compounding matters.
*  [**Receipt Tokens**](/docs/fundamentals/receipt-tokens.md)\
  Learn about spTokens and how they track your vault deposits.
* [**Liquidity Mechanics**](/docs/fundamentals/liquidity-mechanics.md)\
  Dive into how liquidity strategies work under the hood (LPs, vaults, etc).


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