Tokenisation brought the asset on chain. It did not bring the market.
A holder of tokenised treasuries can hold, redeem, spot-swap, or post as margin. None of those is a hedge — and every hedge is table stakes in the market this asset came from.
What a holder can do today
Blunt exposure, one current yield number.
- AHold it and accrue a variable rate
- BRedeem it with the issuer
- CPost it as margin on a few venues
- DSpot-swap it for a stablecoin
What they cannot do anywhere
The instruments the asset left behind.
- 01Sell one specific period's yield
- 02Hedge the duration they are carrying
- 03Trade the shape of the curve
- 04Be priced as collateral off a curve
Yield is not one number.
It is a different number for every period, and the shape of that sequence is where most of the information lives. Level is rarely the trade. On chain there is exactly one number: today's rate.
Shape is the trade.
Most rate views are not up or down. They are sooner rather than later, this quarter but not that one, steeper than the market thinks. The dotted line is where the curve was. The solid line is where it is. The gap between them is the trade. Drag any period and price it yourself.
A strip is the right to one period's yield.
It is the thing that trades. No expiry, no arbitrary maturity date. As each period settles, the principal you still hold mints the next strip, so the ladder extends itself and the market never has to be rebuilt.
The ladder extends itself.
A period rises as an outline, settles on the rail and fills solid. As it settles, principal you still hold mints the next one. Nothing expires, nothing is rolled: the run has no last rung.
Buy future yield
Pay today for one period's yield. Prepaid: nothing to liquidate, no margin account to keep alive.
Mint to sell your own
Mint against the yield your principal will produce and sell the periods you do not want. Principal never pledged.
Make a market
Warehouse inventory across the curve and quote it back. A desk business that needs every period priced.
Assemble the swap
Consecutive periods at fixed prices: receive fixed, pay floating. The swap, built from strips.
Not just an instrument.
An ecosystem.
Every vault is an ERC-4626 share over the same strips and the same reserve. What changes is where the return comes from. One reserve, five ways in — five petals of the same mark.
AMM vault
Supply the book and earn a share of the fee on every strip that changes hands. No pool to pick, no roll to execute.
Click a petal to hold a vault · click away and the dial keeps turning
The rate market should be readable, and reachable.
Notes on market structure for people who live with rates but were never handed the tools. The mechanism, the research and the launch notes live in the open.
Note 16 · Market structureThe Rate Market Should Not Be a Private Club
Why the tools around interest rates should become easier to understand, and safer to reach, for people who are not institutions.
“The gap is not access to the asset. It is access to the tools.”
Your mortgage, your savings rate and your pension all move with the curve, yet the only instrument that hedges a rate carries an overhead built for institutions. The note explains why the gap exists, and how a yield strip closes it by changing the unit rather than the rules: no counterparty, a capped loss, no minimum size, and a public curve as a side effect.
Read the noteTrade the curve.
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