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      • Fixed Rate Tokens minting process
      • Fixed Rate Tokens Pricing
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Last updated 4 months ago

To facilitate the exchange of fixed interest rates, Tenor markets enable the minting of tokenized zero coupon bond like instruments called Fixed Rate Tokens (FRTs). The Fixed Rate Token design is inspired by the Yield protocol and Notional Finance . At maturity each Fixed Rate Token converts to a claim on one underlying token. For example, 1 Fixed USDC 2025-12-31 Token converts to a claim on 1 USDC at maturity. Fixed Rate Tokens are defined by a currency type and a maturity date, for example USDC that matures Dec 31st 2025.

Fixed Rate Tokens are ERC-4626 compliant and can be used by other DeFi apps.

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  1. Protocol Design

Fixed Rate Tokens

fyTokens
fCash design
Fixed Rate Tokens convert to underlying at maturity