# Introduction

### Unlocking Yield

In many protocols, once you lock up your tokens for yield you are stuck. The rate changes, the market moves, and you are watching your potential gains slip away.

Echelon Fixed Yield lets you take control of your yield. Want to lock in a fixed rate or go all-in on yield speculation? Done. Want to provide liquidity and earn fees? Absolutely.

Instead of putting your money in a savings account with a rate that changes every day, you can now:

* **Lock in today's rate** and know exactly what you'll get
* **Bet on rates going up** and amplify your gains
* **Trade yield** like you trade tokens
* **Mix and match** strategies however you would like

### The Three Tokens

Echelon Fixed Yield is build on a three token system:

#### SY (Standardized Yield) - Foundation

SY tokens are your yield-bearing assets. They wrap an underlying asset (i.e sUSDe, stAPT) and turns the asset into SY-sUSDe or SY-stAPT. This SY asset can be exchanged for the PT and YT token types described below.

**Think of it as:** The base layer. Everything starts here.

#### PT (Principal Token) - Time Lock

PT is your "future money." Buy PT today, and at expiry, it becomes SY 1:1. The discount you get when buying PT is your locked-in yield rate.

**Think of it as:** A time-locked vault that guarantees your return.

#### YT (Yield Token) - Yield Amplifier

YT is yield focused. It gets ALL the yield from the underlying asset until expiry. No principal, just yield. It's like having a lever to amplify your yield exposure.

**Think of it as:** A yield amplifier that lets you bet big on rates.

### The Formula

**SY = PT + YT**\
\
This formula unlocks all kinds of actions:

* Split your SY -> Get PT + YT
* Combine PT + YT -> Get SY back
* Trade PT for SY -> The market decides the rate
* Trade SY for YT -> You're going all-in on yield

### What Can You  Do?

#### 🎯 Lock In Fixed Yield

Buy PT tokens and lock in today's implied yield rate. No surprises, no rate drops.

#### 📈 Go Long on Yield

Buy YT tokens and amplify your yield exposure. It's like leverage, but for yield.

#### 💧 Provide Liquidity

Add PT + SY to markets and earn trading fees. Plus, you can stake your LP tokens for even more rewards.

#### 🎲 Mix It Up

Combine strategies. Lock some yield, speculate on some, provide liquidity on the rest. You're in control.


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