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Friktion: DeFi's portfolio manager
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Table of Contents 
How do Volts work under the hood?
Volts operate in cycles, called Epochs, (1 or 2 weeks depending on the asset/strategy). If you're not familiar Friktion Volts, jump to "What are Volts".
Epochs begin and end on Fridays (2 AM UTC). At the start of an Epoch, the Volt strategy is deployed. 
Volt#01 and Volt#02 asset auctions occur through a highly competitive, blind Dutch auction using Channel RFQ. Similar to leading liquidity auctions, option buyers bid on-chain for the options being traded in the Volt. Through the 
Once deposited, users can mint fTokens, which represent your share of ownership in the Volt. The price of every VoltToken can be tracked on the Deposit modal for each asset. 
Continue reading below in the 'Composability' section for more information about fTokens.
This diagram below illustrates the flow of capital in a Volt across time (Epochs)
Deposit/withdraw flow
Volt Tokens (fTokens)
The way Friktion handles deposits and withdrawals is complex. The complexity exists for a reason though, because Friktion is carefully engineered to fit certain constraints:
Composability: Friktion Volt tokens (fcSOL, fcBTC, fpBTC, etc) are similar to LP tokens in that they represent a pro-rata ownership of the pool. These share tokens are technically a "rebasing token", meaning it will change in value relative to the deposit token. So if you have 10 fcSOL today, you will still have 10 fcSOL a year later, but in that time 1 fcSOL might be worth 20 SOL. 
This maximizes the ability for protocols to compose on Friktion because these fTokens could  be used in AMMs and as collateral in lending platforms. You can also participate in liquidity mining yield farms to give users extra yields on top. This composability is the reason there is a "Mint Shares" functionality in the app!
An example: currently you can stake fcmSOL (by depositing mSOL, a liquid staking derivative, into Friktion Volt#01) 
Safety: The pending deposit and withdrawal is necessary because entering/exiting mid epoch could be abused to unfairly dilute yields of other participants or even worse drain balances of other participants. The design of Friktion prioritizes safety by having these pending states.
Read more about fTokens​
For a more technical description of fTokens, go to the protocol section​
How do Deposits Work?
Users can deposit assets at anytime into desired strategies which will be deployed when the upcoming Epoch begins (Friday AM UTC). Depositors receive Volt Tokens, which represents your ownership in the Volt (think of it as a receipt token). This serves as the basis for the accounting system in Friktion's Volt Program. A simple way to measure performance in Friktion is tracking the Volt Token price alongside the Price & Strike charts (see more in Analytics)
Deposits made during an active Epoch are Pending Deposits until the next Epoch begins, at which time they are deployed into the strategy!
Pending Deposits --> When you create a Pending Deposit, volt tokens are not minted just yet. The record of the deposit exists as a number in the Friktion smart contract and is not visible in wallets. Once your assets are deployed in the upcoming Epoch, you will be able to mint the VoltTokens (fcSOL, if you deposited into SOL Covered Call Volt #1).
Instant Deposits --> Only possible during the 1st Epoch for a new asset, or in the short period between when one epoch ends and another begins. This will instantly mint the share tokens
Friktion Volt #01 - Covered Call SOL deposit modal
Note: this volt offers different voltages for differing risk levels
Deposit Example
1. Select "Deposit" tab on the modal
2. Enter the amount you wish to deposit
2. 1. Below you can queue a Pending Deposit. Once the current Epoch has concluded, you will be able to mint your volt tokens (claim to ownership). Important to note, that since it's a pending deposit, the funds are not deployed into that current epoch (will be automatically deployed in the next epoch).
If using Phantom Wallet, you will see an "Approve Transaction" modal appear - you should see that this transaction is transferring the underlying amount you specified plus some network fee in SOL. In this case, the deposit transaction requires 0.0131 SOL, 0.01 for the deposit, 0.0031 for a one-time refundable payment solana requires (pending deposit rent), and a small network fee.
A popup should appear in the bottom left corner of your screen, indicating success!
You can see all initiated Pending Deposits in the Your Portfolio section of the Income page, as shown below:
Accidentally initiated a Pending Deposit? We've added a modal which allows you to Cancel Pending Deposit - you must cancel before the current epoch ends!
3. Optional: return after the Epoch has concluded to Claim Deposit
Your brand new deposit into a Friktion volt will begin to accrue yield without any further action required. 
However, you may desire to mint share tokens representing ownership of your deposit. Anytime following the end of the deposit Epoch, you can return to Claim your newly minted volt tokens. This will put the volt tokens into your wallet.
3.1. Open the modal, switch to the withdraw tab, and click the mint tokens button
4. Enjoy the yield!
Chart from https://app.friktion.fi/analytics/fcSOL​
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How do Withdrawals Work?
Summary
Mint share token: After pending deposit turns into a non-pending deposit, you can mint Friktion share tokens corresponding to how much you are entitled. Minting is optional and does not incur a withdrawal fee. Once you are entitled to a certain number of share tokens, the amount you will receive will not change (but you will still earn yield because share tokens grow relative to the deposit token). These share tokens exist in your wallet and you can see them in your wallet. Established share tokens are already labeled in places like Solscan and Phantom. New volts will generally take a few weeks before the share token labeling shows up on other Solana apps.
Share token --> Pending withdraw: When initiating pending withdrawal, the app will take your share tokens. This step will first automatically mint the share tokens, before giving it back to the Friktion protocol. The record of your pending withdrawal exists as a number in the Friktion smart contract storage (it will not be visible in your wallet). You can check on the status and amount only in the Friktion app.
Claim: Pending withdraw --> Deposit token: After the pending withdraw is processed (at the end of every epoch), your withdrawal can be claimed, returning your deposit +/- PnL from the Volt.
Withdrawal Example
Step 1. Select "Withdraw" tab on the modal
Step 2. Enter the amount you wish to withdraw
2. 1. Below you can queue a Pending Withdrawal - this means that once the current Epoch (which you are participating through) has concluded, you will be able to collect your Deposits + Returns generated. 
If using Phantom Wallet, you will see an "Approve Transaction" modal appear - you should see that this transaction is transferring the Volt Token you received from depositing (in this case fpLUNA) and requires gas in SOL.
 
You can see all initiated Pending Withdrawals in the Your Portfolio section of the Income page, as shown below:
Accidentally initiated a Pending Withdrawal? We've added a modal which allows you to Cancel Pending Withdrawal - do ensure that if you are cancelling a pending withdrawal you will have to do so before the Epoch ends. 
2. 2. Return once the Epoch has concluded toClaim Withdrawal
Anytime following the Epoch you queued the withdrawal during ends, you can return to Claim your withdrawal (deposits + PnL). Note once a withdrawal is QUEUED, your deposits will no longer be autocompounding unless you cancel the pending withdrawal before the Epoch ends.
You can easily track when the Epoch ends on the asset modal as shown below: