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PT – Principal Token (e.g. PTsUSDe)

PT represents the principal value of a deposit.
  • Redeemable 1:1 for deposit notional
  • Serves as the stable leg in PT/STRIP pools
  • Composable for external integrations
  • Vault-specific by design

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STRIP – Yield Token

STRIP represents perpetual exposure to system-wide yield.
  • Fixed supply of 1,000,000,000 STRIP
    • 900,000,000 allocated to emissions (exponential decay)
    • 100,000,000 allocated to team and investors
  • Freely tradable and usable in liquidity pools
  • Backed by recurring buybacks funded by realized yield
As emissions decay, STRIP’s value shifts from issuance toward buybacks. In steady state, STRIP represents a shrinking claim on a growing yield base.

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STRIP Vesting Schedules

  • Team: 12-month cliff, linear vesting over 36 months
  • Investors: 12-month cliff, linear vesting over 24 months
All vesting is enforced on-chain via time-locked contracts.