Protocol overview
A high-level walkthrough of how Spield works — from depositing USDC to holding tradable fixed and variable yield, all backed by a real on-chain position.
This section explains how Spield works at a level you can fully understand without reading any code. We'll go from a single deposit all the way to redemption.
The big picture
Spield does three things, in order: source real yield, split it, and let you trade or hold the pieces.
The key insight: the value behind your tokens is a real position that grows on its own. Spield never has to invent or top up a number — the backing increases automatically as the underlying lending position earns interest.
The three layers
Spield is built as a few simple, independent layers. You only ever interact with the top ones; the lower ones do the heavy lifting.
| Layer | What it does | You see it as |
|---|---|---|
| Yield source | Supplies your USDC to Stellar's Blend market so it earns real interest. | "My deposit is earning yield." |
| Tokenization | Splits the yield-bearing position into PT + YT and tracks each deposit. | "I hold a PT and a YT." |
| Products & market | The Fixed-Rate Vault (one-click fixed return) and the time-decay AMM (trading). | "I locked a fixed rate" / "I traded PT." |
Because the layers are separate, the simple products (like the Fixed-Rate Vault) work on their own even without using the trading market.
Read on
PT and YT explained
What the two tokens are, how they're priced, and why they always add up.
The yield source
Where the real yield comes from and why the backing genuinely grows.
Solvency
Why the protocol can always pay everyone — and how you can verify it live.
The protocol lifecycle
A full timeline from deposit to maturity to redemption.
Your first deposit
Make your first Spield deposit — the simplest path is the Fixed-Rate Vault, which gives you a guaranteed payout at maturity.
PT and YT explained
A deep but plain explanation of Principal Tokens and Yield Tokens — what they represent, how they're priced, and why their value always sums to the original position.