Bonds V1
Last updated
Last updated
Pye is a platform to buy and sell bonds from validators. We provide stakers with the best terms offered by the 1,300+ validators powering the Solana network.
When you stake through Pye, you are minting a bond, a time-locked instrument that splits the value of your deposit into principal and yield components:
PSOL: Your original stake (principal), 1 PSOL : 1 SOL deposited.
YSOL: All staking rewards generated by the PSOL until maturity
Both tokens are SPL-compatible, fungible, and can be traded independently on Pye’s integrated exchange.
To learn more about Bonds V1, how they are minted, redeemed and priced read our Liquid Staking Bonds paper in the mechanism design section.
Bonds V1 are liquid-staking bonds that always mature at the end of a calendar quarter (Mar 31, Jun 30, Sep 30, Dec 31). While the protocol can technically issue any maturity, concentrating on quarter-ends focuses trading activity into four deep order books and improves liquidity for both PSOL and YSOL.
YSOL in Bonds V1 accrues Solana’s native inflation rewards. MEV and priority-fee revenue are not included unless the underlying validator or liquid-staking token (LST) already passes those rewards through to delegators.
Road to Bonds V2 Together with several staking teams, we are contributing to an implementation , an on-chain standard that makes validator block-reward and MEV distributions transparent and programmable. Once adopted, Bonds V2 will direct those additional reward streams to YSOL, unlocking materially higher yield that today is unavailable to standard stakers. More details will be released over the summer.
Assets
Native Stake & LST
Users can deposit using Stake Accounts, LSTs or SOL.
Time-locked
✅
Quarterly Maturities
Validator Specific
✅
Pre-defined set per validator (e.g., 30d, 90d, 180d).
Yield Splitting
✅
Stake gets split into PSOL and YSOL.
Solana inflation
✅
YSOL receives all inflation.
MEV Inclusion
✅*
Some LSTs and validators already include in YSOL.
Block Reward Inclusion
❌
Scheduled for Bonds V2.
Bonds V1 decouple principal and yield directly at the validator level:
Principal Token (PSOL) enables early liquidity without forfeiting accrued rewards.
Yield Token (YSOL) lets traders speculate on, hedge, or leverage validator yield separately from principal value.
Bonds V1 allows validators to issue bonds with fixed maturity date (e.g., 30 June 2025, 31 Dec 2025):
JUN25
Monday, June 30, 2025 1:00:00 PM (GMT)
1751288400
SEP25
Tuesday, September 30, 2025 1:00:00 PM (GMT)
1759237200
DEC25
Wednesday, December 31, 2025 1:00:00 PM (GMT)
1767186000
These assets were designed to be separated directly at the validator level to make it easier to compose structured products and other instruments like fixed-yield via price-discovery AMMs like .