Skip to main content
Once you hold vault shares, the Earn page lets you wrap them into two separable SPL tokens: PT (principal) and YT (yield). Both can be traded, held, or sold on the yield-AMM. If you’re integrating programmatically, see split yield in guides.

​
Why split?

InstrumentBest for
Vault sharePassive “just earn funding” yield
PT aloneLocked-in fixed rate to maturity (buy PT at a discount, redeem 1:1 later)
YT aloneLeveraged exposure to funding, small capital, full yield stream
LP the poolEarn swap fees from people doing the above

​
1. Pick a market

A market is defined by:
  • Underlying vault, Kimia delta-vault (V1: one vault, one market per tenor)
  • Maturity date, e.g. 30 days from now
V1 markets are 30-day tenors that roll forward. Each new market creates fresh PT + YT mints.

​
2. Deposit vault shares

The Split panel shows:
  • Shares in, how many vault shares you’re wrapping
  • PT out, equals shares in (1:1)
  • YT out, equals shares in (1:1)
One transaction escrows your vault shares and mints both tokens to your wallet.
The escrow is market-scoped: your shares stay inside the split-engine Market PDA, which tracks yield per YT via a MasterChef-style reward_per_share accumulator.

​
3. What you can do next

Sell YT

Receive the yield up-front. Keep PT for the principal.

Sell PT

Leveraged yield, you pay a discount, receive all future funding until maturity via your retained YT.

LP the pool

Add balanced PT + underlying liquidity on yield-AMM, earn 30 bps on every swap.

Hold both to maturity

Claim yield via your YT, then redeem PT 1:1, equivalent to holding the original vault share, but with option value added.

​
Early exit

Before maturity, you can burn matched PT + YT pairs to recover vault shares at a 30 bps fee. This is how LPs and unwanted positions exit without waiting.

​
At maturity

On or after market.maturity:
  • PT redeems 1:1 for vault shares via the Redeem button.
  • YT freezes, its yield stream ends, but the claimable balance is still claimable via Claim Yield.