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Token Types

The PoolManager enables the listing of fixed interest rate liquidity pools where users can swap between the two following token types:

Fixed Tokens​

  • Fixed Tokens represent a claim on an underlying token (e.g., USDC) at maturity. For example, 1 Fixed USDC 2025-12-31 Token converts to a claim of 1 USDC upon maturity. Fixed Tokens can be either:
    • Native to Tenor
      • Fixed Rate Tokens
    • External, such as:
      • Pendle PT tokens
      • Notional Wrapped fCash tokens

Loan Tokens​

  • The Loan Token can be either:
    • Native to Tenor
      • Tenor Loan Tokens
    • External, such as:
      • An ERC20 token (e.g., USDC)
      • An ERC4626 yield-bearing token (e.g., Morpho yield-bearing USDC)