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Every vault has a fixed maturity date, set when the vault is created. This date determines which operations are permitted and how yield is calculated.

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Before Maturity

While the vault has not yet reached its maturity date, it is fully active:
  • The exchange rate updates on every vault operation, tracking the latest rate from the underlying yield source
  • All operations are available: strip, merge, deposit YT, collect yield
  • YT yield calculations use the continuously-updating exchange rate
The exchange rate grows over time as the underlying protocol accrues interest. Each operation reads the fresh rate and updates the vault’s stored values.

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At Maturity

When the vault reaches its maturity date:
  • The exchange rate freezes and becomes the permanent rate used for all remaining YT yield calculations
  • PT becomes redeemable for its SY backing at the frozen rate
  • YT stops accruing new yield
The frozen rate is the last exchange rate observed at the moment the vault reached maturity. All subsequent yield math references this snapshot.

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After Maturity

Once maturity has passed:
  • Any continued SY appreciation beyond the frozen rate is directed to the protocol treasury
  • Post-maturity emission rewards are also directed to the treasury
  • Users can still merge PT + YT, collect staged yield, and withdraw
  • New strip operations are disabled
  • The orderbook rejects new offers and disables matching
For example, if the exchange rate freezes at 1.10 at maturity but the underlying yield source continues to grow to 1.12, the excess 0.02 per SY is captured by the protocol treasury — not by PT or YT holders.