§00 / Vision
One product today.
An open framework underneath.
Coil is the first PT/YT split for tokenized STRC. The same primitive works for any auto-yielding token. Our work is to make that infrastructure available to everyone, at retail position sizes, with the same fee floor and the same atomic settlement.
§01
What we’re building toward
Today, holding a yield-bearing token like STRCx or a tokenized T-bill is binary. You take all of the principal exposure and all of the yield, or none of either. There is no on-chain way to buy just the principal claim, sell the yield stream forward, leverage the dividend without taking principal risk, or hedge rate volatility before the next coupon.
Pendle proved on Ethereum that splitting principal from yield unlocks $7B of capital across LSTs, T-bills, and other real-world assets. The split itself is the unlock. What Coil adds: a Solana-native implementation that runs at sub-cent fees, atomic settlement in one signature, and a deterministic PT oracle that doesn’t cascade during liquidations.
§02
Every yield-bearing token is a candidate
The wrapper / splitter / oracle / lending stack is asset-agnostic. Today it points at one underlying. Each underlying we add follows the same template: wrap once, split forever, lend the principal leg, settle atomically. The candidates already on chain:
LIVE TODAY
STRCx
- Issuer
- Backed Finance
- Yield
- 11.5% board-set
Strategy’s preferred stock, tokenized under Liechtenstein TVTG.
Coil v1, live on Solana mainnet
NEXT
MSTY-style yield ETFs
- Issuer
- When tokenized
- Yield
- Variable, monthly distributions
Covered-call strategies on MSTR. Same dividend-stream mechanic, different yield curve.
Tracking issuer wrappers
NEAR
Tokenized T-bills
- Issuer
- BlackRock BUIDL, Ondo OUSG
- Yield
- ~5% risk-free
Daily-accruing, transparent NAV. Lower-risk PT/YT split, broader user base.
Awaiting issuer integration approval
LATER
Tokenized REIT distributions
- Issuer
- To be determined
- Yield
- 3 to 8% real estate income
Quarterly dividends, geographic and sector exposure baked into the wrapper.
Spec stage
§03
The pattern, not just the product
Each new underlying needs three pieces: an adapter (Token-2022 extensions vary by issuer), an oracle (linear-walk for fixed redemption, or NAV-tracking for variable), and lending parameters (LTV, borrow rate, liquidation bonus). The wrapper, splitter, and AMM stay the same.
The current GOVERNANCE constant locks who can initialize new markets so attackers can’t pre-empt them. Long term, that governance moves to a multisig of recognized issuers, auditors, and protocol stewards. The code is open source under Apache 2.0; anyone can read it, fork it, or propose new underlyings.
§04
What this enables
- Fixed-income desks can buy PT and lock a known APY without taking dividend volatility.
- Bullish-on-rate traders can buy YT or run the leveraged loop for concentrated yield exposure.
- Treasuries can sell future dividends for present cash, smoothing income streams.
- Liquidation-resistant lending pools because the PT oracle is deterministic, not market-tracking.
- Composability: PT and YT are SPL tokens, usable as collateral or LP positions across the Solana DeFi stack.
§05
Why Solana, why now
Pendle’s loop runs at $25 to $200 in Ethereum gas. That puts the strategy out of reach for retail capital. The same five-leg loop on Solana settles in a single signature for roughly nine-tenths of a cent. The fee floor is the product thesis: 11.5 percent yield times leverage compounds profitably for a thousand-dollar position, not just a fifty-thousand-dollar one.
Backed Finance shipped STRCx on Solana in April 2026. It was the missing piece. Before that, no preferred stock existed in an auto-yielding form on Solana. After that, the PT/YT split became feasible. Each new tokenized RWA shipping on Solana is another underlying we can plug in.
What we want