Guides

Deposit and split

The Mint page turns underlying cash into SY, and SY into PT + YT. This guide walks the flow and explains what each number on the page means.

Before you start

  • A connected wallet. The public demo uses the embedded wallet created by email sign-in.
  • A balance of the market’s underlying cash token, plus a little HBAR for network fees. The wallet shows the network fee before confirmation.

Step 1: deposit cash for SY

Enter an amount in Amount (underlying). Your Wallet underlying balance is shown next to the field. On submit, the protocol takes the cash, wraps a tokenized bond through the SY vault, and credits SY to your wallet at the current exchange rate. The first deposit also needs an ERC-20 approval for the vault; the app requests it in the same sequence and reuses it afterwards.

The SY amount can be marginally below the cash amount when the exchange rate is above 1.00. That is the rate math, not a fee: your SY is worth what you put in. The protocol charges nothing to deposit.

Step 2: split SY into PT + YT

Splitting locks your SY with the tokenizer and credits you equal amounts of PT and YT. The page offers a combined flow, Deposit, then split, which signs the approval (first time), the deposit, and the split back to back. You can also split SY you already hold; that needs its own ERC-20 approval for the tokenizer.

The amounts follow the rate: splitting n SY at exchange rate R gives you n × R of each token, counted in cash face value. The preview shows both amounts before you sign anything.

Step 3: decide what you now hold

The split by itself changes nothing about what you own; it just makes the halves sellable. Three stances from here:

  • Hold both. Economically identical to holding SY. A useful staging position, since you can sell either side at any moment without another split.
  • Keep PT, sell YT. You have locked in a fixed rate. The YT sale is your interest, taken up front in cash; the PT pays full face value at maturity. See Trade PT and YT.
  • Keep YT, sell PT. You have concentrated into pure interest exposure, using only a fraction of the capital.

Reading the yield-choice card

The Mint page frames the same decision as two rates:

  • Fixed: the yearly rate you lock by holding PT to maturity, implied by PT’s current price.
  • Variable: the bond’s current effective rate, which is what YT collects as it floats.

If the fixed number looks better to you than your best guess about the variable one, that comparison is the whole trade.