# Protocol Structure

<figure><img src="/files/Fxrwa8gwoKW2zHnLCrDF" alt=""><figcaption></figcaption></figure>

<table data-header-hidden><thead><tr><th width="134"></th><th></th></tr></thead><tbody><tr><td><strong>Interaction</strong></td><td><strong>Description</strong></td></tr><tr><td><strong>1</strong></td><td>Whitelisted Primary Funders can fund open funding requests in Loan Vaults directly with eligible stablecoins (USDC / EURS).  The Loan Vault creates an amount of LVT and flrEUR equal to the Euro principal amount of the funding provided and sends the LVT to the Primary Funder's wallet address whilst retaining the balance in flrEUR.  The Stablecoins are sent to Florence Finance Europe's funding wallet to fund loan agreements entered into by Florence Finance Europe with SME lending platforms (either in FIAT or in EURS). </td></tr><tr><td><strong>2</strong></td><td>The Primary Funder can exchange their LVT for flrEUR  to (partially) exit a Loan Vault at the Loan Vault exchange ratio.</td></tr><tr><td><strong>3</strong></td><td>The Primary Funder can sell/exchange flrEUR for Stablecoins through the 3rd party liquidity pool [or directly with the flrEUR treasury].</td></tr><tr><td><strong>4</strong></td><td>Users can exchange Stablecoins for flrEUR through a 3rd Party Liquidity Pool.</td></tr><tr><td><strong>5</strong></td><td>Users and Primary Funders can Stake their flrEUR in the flrEUR Staking Pool to accrue FFM rewards.</td></tr><tr><td><strong>6</strong></td><td>Users can exchange their flrEUR for LVTs in a particular Loan Vault to accrue flrEUR (Stablecoin) rewards.</td></tr><tr><td><strong>7</strong></td><td>Florence Finance Europe (Delegate) sends interest and principle (re-)payments to Florence Treasury.</td></tr><tr><td><strong>8</strong></td><td>Florence treasury mints FFM and flrEUR for distribution to flrEUR Staking pool and Loan Vaults respectively, in accordance with outstanding LVT and Staked flrEUR balances and distributes funds received from Borrower to flrEUR holders by buying back &#x26; burning flrEUR through the 3rd Party Liquidity Pool.</td></tr></tbody></table>


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