§00 / Prospectus / Solana / Live mainnet
26.6%
Saylor pays his preferred holders 11.50% in cash. Coil is the Solana-native split. With the loop.
STRC is a $100-par perpetual preferred whose monthly rate the Strategy board stretches to defend par. Saturn brought the PT/YT split to Ethereum via Pendle. Apyx brought dividend-backed dollars to Base. Coil brings the split to Solana, with a one-click leveraged loop, sub-cent fees, and the Linear-Discount oracle Pendle didn’t have when Ethena got liquidated in April 2024.
What
PT/YT split for a real preferred
Pendle's mechanic, mapped onto Strategy's STRC preferred via Backed Finance's tokenized STRCx. PT is the fixed leg, YT is the leveraged-rate leg.
Why
Yield comes from one place
STRC pays an 11.5% board-set dividend, monthly. PT trades at $94.40 → $100 par. The leveraged loop multiplies the dividend × 3 against the borrow rate.
Where
Solana, $0.009 per loop
The fee floor is the product. The same five-leg loop on Ethereum costs $25 – $200; on Solana it fits in a single signature for under a cent.
Read the full mechanic, the math, the legal posture, and the risk model in the docs. Source on GitHub.
Try it
Live on Solana mainnet today.
Buy Fixed for locked 12.4% APY to maturity. Buy Leveraged for up to 3× the dividend. Auto-loop for the same, vault-managed. Connect a Solana wallet, sign once, settle in a second.