Reference

FAQ

Short answers, with links into the pages that carry the full explanation.

Is Sidereal live on mainnet?: Yes, since 2026-07-11, on top of Blend v2’s USDC pool, and the full lifecycle has settled real funds end to end. It is early and unaudited; see Security and risks.
What happens to my PT if I do nothing at maturity?: Nothing bad. Redemption opens at maturity and stays open indefinitely at the frozen rate. There is no deadline, no decay, and no benefit to redeeming quickly. Your principal waits for you.
Can YT be worth zero?: At maturity, always: YT is the right to a term’s interest, and when the term ends the right is used up, like an expired coupon. Before maturity, YT’s price can fall toward zero if the market expects little further interest. Anything you already claimed is yours and unaffected.
Do I earn interest just by holding YT, or do I have to claim?: Earning is automatic; collecting is not. Interest builds up on your YT as rates tick along, and it is credited to your personal ledger whenever your balance changes. It only lands in your wallet when you claim on the Portfolio page. Unclaimed interest survives transfers and even maturity (there is a grace window). Claiming just cashes it out.
If I sell my YT, does the buyer get the interest I already earned?: No. Every YT transfer settles both sides first: your earned interest is credited to you before the balance moves, and the buyer starts earning from the transfer onward. See Tokenizer.
Why is the PT price below 1 USDC? Is something wrong?: That discount is the product. PT works like a savings bond: pay less than face value today, receive exactly face value at maturity. The gap, expressed as a yearly rate, is the fixed return you lock by buying. See SY, PT and YT.
What backs PT and YT? Can more be created than the vault covers?: Every PT/YT pair is created against SY locked in the protocol’s vault, and the vault valued at the current rate always covers all PT at face value plus all uncollected YT interest. The numbers to verify this are publicly readable on-chain. Only the protocol can create or destroy the tokens; there is no other path.
What if Blend loses money?: SY is a Blend position, so a Blend loss is an SY loss. The protocol prices the shortfall instead of freezing up: PT redemptions cap at each holder’s fair share (everyone shares the loss equally, so there is no bank-run race), and PT is paid before YT. See Settlement and maturity.
Can the team pause the protocol, change fees, or take my funds?: No. The contracts cannot be upgraded, and the admin key’s single power is a narrow Blend housekeeping migration that cannot touch funds, rates, or token supply. Pause, fee change, and seizure entrypoints simply do not exist in the deployed code. See Security and risks.
Why can't I trade size right now?: The first mainnet market is newly seeded, so the trading pool is shallow and large swaps move the rate sharply against you. Everything that needs no counterparty (deposit, split, claim, recombine, redeem) works at any size. Deepening liquidity is the current growth focus.
What happens after this market matures? Will there be longer maturities?: Maturity is set per market, so new markets, including longer terms, are fresh deployments of the same code rather than changes to the live one. An existing market’s maturity can never be extended: the redemption date you bought is fixed forever. Successor markets are announced when they deploy.
How do I verify the deployed contracts match the source code?: Rebuild from the recorded source commit and compare the result against the on-chain bytecode. The one-command process is in Deployed contracts.