> For the complete documentation index, see [llms.txt](https://docs.paddlefi.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paddlefi.com/paddle-on-apechain/nft-etf/key-vehicle.md).

# Key Vehicle

P-Token is the backbone of NFT ETF seeks to address the issue of liquidity and functionality. It represents NFT collections in an ERC-20 token format, enabling their use in DeFi applications and trading platforms. Each NFT collection has its corresponding P-Token, which can be obtained through trading on DEX, minting via selling NFTs, or borrowing from Paddle ETF protocol. The use of P-Token provides greater liquidity and functionality to NFT collections, allowing them to be used in a broader range of use cases. As such, P-Token serves as the foundation for NFT ETF, facilitating greater adoption and use of NFTs in the broader financial ecosystem. The formula for understanding P-Token is as follows:

{% hint style="info" %}
Any GEEZ = 1,000 PNutz (project defined)\
Any BAYC = 1,000 PXXX\
Any MAYC = 1,000 PYYY

.....
{% endhint %}

#### How to Get P-Tokens

1. **Swap** your NFT for its corresponding P-Token at a 1:1000 ratio using the Swap Function.
2. **Borrow** short-term P-Tokens directly from the protocol using the Loan Function.
3. **Buy** P-Tokens on DEXs like Camelot, or through future DEX/CEX integrations.

#### How to Use or Spend P-Tokens

1. **Acquire NFT in ETF Vault** by swapping P-Tokens back into the corresponding NFT at a 1:1000 ratio (plus fees) using the Swap Function.
2. **Repay loans** to reclaim your original NFTs via the Loan Function.
3. **Trade** P-Tokens for APE, USDT, or other tokens on DEXs like Camelot, or through future DEX/CEX integrations.
4. **Use** them like any other token or memecoin. The difference is that every P-Token is backed by a real NFT, with no cap on potential value.