Overview
Welcome to our documentation site, where you'll find user guides and technical information about the protocol mechanisms and architecture.
Last updated
Welcome to our documentation site, where you'll find user guides and technical information about the protocol mechanisms and architecture.
Last updated
Pye is an on-chain, non-custodial bond marketplace for staked SOL. It’s a platform where validators can issue fixed-duration bonds with custom reward configurations. The longer the lockups, the larger the rewards. Stakers can transparently and securely delegate their stake to the best terms offered by 1,400+ validators on Solana.
We spent a long time talking to validators on Solana and discovered Solana has a hidden yield curve. Validators have been sharing more MEV and block rewards in exchange for longer lockups. We want to bring this behavior onchain and build a transparent market where validators and stakers can transact.
Stakers: Access to the best yield across all LSTs and validators.
Validators: Attract new TVL, predictable revenue, increase TVL, retain TVL.
Solana: Increase decentralization, levels the playing field for validators.
Pye was built on the insight that validators are willing to share more rewards (MEV, priority fees) with their delegators in exchange for longer lockups.
Validators can use Pye’s bond issuance technology to configure how inflation, MEV and block rewards are split, and lock those terms into a fixed-duration bond. This technology is powered by Liquid Staking Bonds, a new primitive we designed for Solana stakers, you can read more about it here.
When stakers come to Pye, they can they can choose between 1,400+ validators and find the best terms for the lockup of their choosing. We’re also providing a trading venue that allow stakers who wish to exit their lockup early sell their bond into an orderbook.
Discover and stake in offers with the highest APY
Access DeFi products (loans, restaking, stablecoins)
Attract & retain TVL
Incentivize long-term deposits
Enables DeFi for their stakers
Predictable cash flow
Bond holders can exit their lockups by selling their PSOL and/or YSOL tokens on Pye’s orderbook. Pye trading is a venue that allows stakers of shorter maturities sell their lockups to stakers of longer maturities.
In the middle, there are many market participants - from traders to arbitrageurs and liquidity providers - seeking to profit from the natural discount of strip bonds. To learn more about these discounts and Pye’s general bond mechanism design visit our developer docs.
Our ultimate goal is to enable an entirely new DeFi ecosystem that unlocks the 90% of SOL currently locked in validators and is currently underutilized.
We’re working with DeFi protocols and other builders in the space to enable the following use cases for Solana’s validator stakers:
Lending integrations
Restaking
Fixed-yield
Yield forwarding
On-chain OTC
Stablecoin (CDP issuance)
Looping
Launchpad / Lockdrop
Stakers
Validators
