Overview

Quickstart

The whole protocol in five steps: deposit, split, position, collect. Each step links to a full guide.

  1. 01

    Sign in and fund your wallet

    Open Invest, sign in with email, and close wallet setup with All Done. Request demo funding for sdUSD, HBAR and ATS eligibility. sdUSD is a demonstration token. This market does not require USDC.

  2. 02

    Deposit cash

    On the Mint page, deposit the cash token. The protocol wraps a tokenized bond through the SY vault and gives you SY in return. SY is your deposit as a token: it grows in value as the bond’s coupon and maturity cashflow accrue.

  3. 03

    Split into PT and YT

    Split your SY. The protocol locks it up and gives you equal amounts of PT and YT. You now hold the fixed side and the floating side of your own deposit as two separate tokens. Each asset needs an ERC-20 approval when its allowance is insufficient.

  4. 04

    Take a position

    Hold matched PT and YT and you retain the combined value of the SY-backed position. To take a view, use the Trade page: sell your YT to keep only PT (a locked, fixed rate), or sell your PT to keep only YT (a bet that rates go up). You can also recombine equal PT and YT face amounts into SY shares at the live exchange rate any time before maturity.

  5. 05

    Collect

    YT holders collect their accrued interest on the Portfolio page whenever they like; there is no need to wait for maturity. PT holders redeem through SY after maturity, subject to the frozen exchange rate and available backing.

Where to next

  • New to yield splitting? Read SY, PT and YT first. It explains the units and rights of each token.
  • Ready to act? The Deposit and split guide walks through the Mint page field by field.
  • Want the machinery? Start at the SY wrapper and read the Protocol design section in order.