> For the complete documentation index, see [llms.txt](https://docs.blend.capital/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blend.capital/tech-docs/core-contracts/lending-pool/protocol-tokens.md). # Protocol Tokens The Blend protocol represents all positions for a pool with tokens. This allows the pool to track interest fairly across multiple suppliers and borrowers for a given reserve. All protocol tokens are non-transferable, and are only an accounting method to safely represent positions. When reading positions for an address via the `get_positions(address: Address)` function, the value returned is a Map of the reserve's index to the BToken or DToken balance. ## bTokens A bToken represents a supply made to a Blend pool. Each reserve has a unique bToken per pool, and they are non-transferable. bTokens are converted to and from underlying assets with the reserve's `bRate`. The `bRate` is adjusted when interest is accrued. $$ bTokens = \frac{underlying}{bRate} $$ $$ underlying = bRate\*bRokens $$ ## dTokens A dToken represents a liability against a Blend pool. Each reserve has a unique dToken per pool, and they are non-transferable. dTokens are converted to and from underlying assets with the reserve's `dRate`. The `dRate` is adjusted when interest is accrued. $$ dTokens = \frac{underlying}{dRate} $$ $$ underlying = dRate\*dTokens $$ --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.blend.capital/tech-docs/core-contracts/lending-pool/protocol-tokens.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.