Fixed yield
fixed APYPT yield
A yield rate locked in at deposit time — typically via a tokenised principal claim with a maturity date.
Pendle PTs are the dominant fixed-yield product in DeFi. Buyer pays a discount to face value; at maturity the PT is redeemable 1:1 for the underlying. Yield = (face / price - 1), annualised over time-to-maturity.
Related terms
- PendleA yield-tokenisation protocol that splits yield-bearing tokens into Principal (PT) and Yield (YT) tokens with a fixed maturity.
- PT (Principal Token)Pendle's tokenised principal claim — purchased at a discount, redeemable 1:1 for the underlying at maturity.
- YT (Yield Token)Pendle's tokenised pure yield claim — represents the right to all yield accrued by the underlying until maturity.