Buyers & Traders
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Who Buys on Pye
When a staker is selling their Principal Tokens (PT) or Reward Tokens (RT), there is a buyer on the other side of the trade — someone purchasing the staking rewards (RT) or locked principal (PT) at a discount.
Buyers on Pye are typically traders and SOL accumulators who want exposure to Solana rewards without running a validator or managing a stake account. They are directionally long on SOL and looking for better entry points or fixed returns over a defined time horizon.
There are two things to buy on the exchange:
Principal Tokens (PT) — buy SOL at a discount, redeem 1:1 at maturity
Reward Tokens (RT) — buy the right to staking rewards from a specific validator until maturity
All Pye markets trade to SOL. Whether you're buying PTs or RTs, your return is denominated in SOL — so you always have a clear picture of how much SOL you're accumulating.
The Core Incentive
Solana's annualized staking rewards typically run in the range of 4–7%. If you can buy PT or RT tokens at a discount greater than that, you are acquiring SOL more efficiently than simply staking. This is the clearest reason to buy on Pye — it is a direct, measurable improvement over holding or staking SOL passively.
Buying SOL at a Discount (PT)
A PT is a claim on 1 SOL, redeemable at a fixed maturity date. Because it is a future asset traded today, it prices at a discount.
Buying a PT is a straightforward fixed-return trade: you pay less than 1 SOL today and receive exactly 1 SOL at maturity. The difference is your return locked in at the time of purchase — regardless of what happens to staking rates between now and maturity.
This is the lower-risk side of Pye. PT value is not affected by validator performance, MEV, or priority fee changes. It moves toward par as maturity approaches.
PTs are also safe from validator risk. Because they are wrapped in a Programmable Stake Account and represent the principal only, PT holders always redeem 1:1 for SOL at maturity — even if the validator goes offline before the maturity date. This makes PTs easier to price and understand than RTs, and the lower risk profile means they trade at a tighter discount.
Who this is for: Traders who want to accumulate SOL at a discount with a defined time horizon, minimal variable exposure, and no validator risk.
Buying Discount Staking Rewards (RT)
An RT is a claim on all staking rewards — inflation, MEV, and priority fees where shared — generated by a staked position until maturity. You don't own the underlying SOL. You own its productivity.
RT pricing is based on projected epoch-by-epoch rewards from deposit to maturity. Inflation forms the stable baseline. MEV and priority fees are variable and can increase RT value meaningfully depending on network conditions and how much a validator shares back to stakers.
RTs trade at a further discount than PTs because the return is variable and not guaranteed.
Who this is for: Traders who want direct exposure to Solana staking rewards, want to speculate on validator performance, want to hedge SOL exposure without selling, or are looking for predictable ways to purchase SOL below spot market prices.
Use Case: Accumulating SOL at a Better Entry Point
A buyer who is directionally long on SOL can use PTs to effectively dollar-cost average into SOL at a discount. Instead of buying 1 SOL at market price, they buy a PT for 0.93 SOL and receive 1 SOL at maturity — a 7% better entry point with no price risk on the underlying.
The trade is: give up liquidity for the maturity period in exchange for a guaranteed better entry.
Use Case: Hedging SOL Exposure via RTs
A trader holding a large SOL position can buy RTs to gain additional SOL-denominated rewards exposure without adding to their spot position. RTs are high-beta to staking conditions — if MEV spikes or a validator starts sharing priority fees, RT holders benefit directly.
Conversely, a validator or large staker can sell RTs to lock in a fixed SOL amount today, transferring variable rewards risk to the buyer.
How to Trade
All PT and RT transactions settle on Pye's on-chain orderbook. There are two order types:
Limit orders — place an order against a specific validator market at your target rate. Fills when a matching seller appears.
Market orders — fill immediately at the best available rate in a given market.
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