A secondary market for locked yield.
Escrowable: anything with a maturity date
—
open listings
—
face value listed
—
best implied rate
—
protocol fee
Yield tokens you can lock
If it has an expiry date, it works. If it only has a price, it doesn't.
Not spot assets. Gold, oil, silver, AAPL or NVDA held outright have no maturity and no face value — there's no term to sell and no rate to quote. Wrap them in a dated claim and they're tradable here.
How it works
1
Escrow
Deposit a fixed-maturity position. The vault mints you an ERC-721 Note carrying its adapter, principal, face value and maturity.
2
List
Post an ask below face. The Note escrows to the book until one taker accepts it in full, or the listing expires and comes home.
3
Redeem
At maturity the current holder unwinds through the adapter and takes the full face. The spread is the buyer's yield.
Why it's safe to buy one
The seller can't pull it back
No owner, no pause, no admin withdrawal. Escrowed principal leaves the vault by exactly one route: redemption at maturity, by the Note holder.
Settlement is atomic
Payment and delivery happen in a single transaction. Either the cash reaches the seller and the Note reaches you, or the whole thing reverts.
Terms never move
Face value, maturity and adapter are written once at mint and are immutable. Every listing is a contract you can read before you fill it.
Open listings
Book —Escrow a position
mints you a NotePick an instrument to see what the Note would be worth at maturity.
Use a different adapter
Adapters are permissionless — any contract implementing
IYieldAdapter can be escrowed. Paste its address to use one
that isn't listed above.