> For the complete documentation index, see [llms.txt](https://retafi.gitbook.io/retafi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://retafi.gitbook.io/retafi/the-mechanism/tokens-and-tokenomic/ptoken-ftoken.md).

# pToken, fToken

When users deposit the underlying platform coins (TOKEN) into RetaFi for staking, they receive one of two types of tokens: pTOKEN or fTOKEN. Both types of tokens have distinct characteristics in terms of Annual Percentage Rate (APR) and staking options.

1. **pTOKEN (Permanent Token):**
   * pTOKEN is used for fixed-term staking transactions.
   * When users stake and receive pTOKEN, they commit to holding the pTOKEN for a predetermined period they have chosen beforehand.
   * The APR of pTOKEN can be calculated using the formula: $$APRpTOKEN=Total RewardsTotal Value of Staked pTOKEN×100%APRpTOKEN​=Total Value of Staked pTOKENTotal Rewards​×100%$$
   * Where:
     * $$Total RewardsTotal Rewards$$ is the total rewards earned from staking over a fixed period.
     * $$Total Value of Staked pTOKENTotal Value of Staked pTOKEN$$ is the total value of all staked pTOKEN.
2. **fTOKEN (Flexible Token):**
   * fTOKEN is used for flexible staking transactions.
   * When users stake and receive fTOKEN, they have the flexibility to unstake their fTOKEN as needed.
   * The APR of fTOKEN can be calculated similarly to pTOKEN.