Architecture Overview

Pye Core V1 system is the first implementation of the Liquid Staking Bond primitive. Pye Core is a suite of Solana programs that turn any SOL-denominated position (such as native SOL, stake-pool LSTs, or validator stake) into Liquid Staking Bonds (LSBs).

Each bond splits the deposit into two semi-fungible SPL tokens:

Token	What it Represents	Redeemability
Principal Token (PT)	Exactly 1 SOL at the bond’s maturity date	Redeemable for the underlying stake or for SOL via a liquidity reserve
Yield Token (YT)	The pro-rata share of all staking yield earned during the bond’s life	Redeemable only after maturity

The ratio of YT : SOL minted at deposit decays linearly from 1 YT per SOL at issuance to 0 at maturity, embedding time value directly into the token supply.

Core Components

Component (Program / PDA)	Purpose	Key Fields / Accounts
Global Settings (PDA)	Stores protocol fee wallet, fee admin, and tunable fee rates	fee_wallet · fee_admin · {mint,redeem,cp} fee bps
StakePoolBond program	Bonds backed by SPL Stake Pool LSTs	vault for LSTs · RedemptionCache for cached LST : SOL rate
mSOL Bond program	Same interface as StakePoolBond but uses Marinade CPI	marinade vault
SoloValidatorBond program	Bonds that stake directly to one validator’s vote account	core stake acct · transient stake acct · liquid reserve
Global CounterParty (PDA)	Provides instant PT/YT-for-SOL liquidity after maturity; later recovers SOL from reserves	PT/YT inventory · liquid_reserve

External Program Integrations

• SPL Stake Pool – Mint/withdraw LSTs when users deposit or redeem.

• Marinade Finance – CPI for mSOL bonds.

• Solana Stake Program – Create, delegate, merge, and unstake validator-level stake accounts.

Key Features in Core V1

Area	Design Decision	Rationale
Linear YT issuance	Time-weighted exposure baked into supply, decay is linear. No adjustments at redemption.	Intuitive pricing, inherent discounts.
PT redemption pricing	LST : SOL rate is snapshotted once at maturity, allowing both validator and LST stake to be redeemed 1:1 to original deposit.	PSOL holders generate no yield. Allows PSOL to be compsable in CDPs and lending programs.
Validator bonds with stake merge/activate	Transient stake account batches deposits; merged once active.	Minimizes rent & activation fees.
Liquidity under 1 SOL	GlobalCounterParty absorbs PT/YT and later self-redeems from liquid reserve.	Users avoid Solana stake-account minimum delegation.
Fee administration	Single FeeAdmin key can rotate wallets & bps in GlobalSettings.	On-chain governance hook.
Yield Source	Default yield available in public validator nodes and LSTs.	Baseline SOL inflation, some validators and LSTs may include MEV and priority fees.