Three ways to earn on PARE, each with its number. Fixed: buy a principal token below one share, hold it, and it redeems for a whole share at the date. Yield: buy the yield token for a few percent of a share and collect every dividend until the date. Lend: supply USDG against principal-token collateral on Morpho. All numbers are read from chain when the page loads.
| Series | Price | Discount | Fixed to maturity | Maturity | Status | |
|---|---|---|---|---|---|---|
| Reading pool prices from chain… | ||||||
The fixed rate is the annualised return from buying the pToken at today's pool price and redeeming it for one stock token at maturity. It is a rate in the stock, not in dollars: 6% fixed on pPFE means 6% more PFE per year, whatever PFE does in price. Pool prices move with every trade, so the number you get is the one shown in the app when you confirm.
| Series | Price | Dividends accrued so far | Pays out | |
|---|---|---|---|---|
| Reading pool prices from chain… | ||||
A yToken costs the difference between one share and one pToken. It collects every dividend the stock pays until maturity, settled in stock tokens at the date, and then it is worth nothing. There is no fixed rate on it: it is a bet on what the stock pays, at leverage. Accrued so far is the dividend already banked in the vault since the series opened.
| Market | Lend | Borrow | Supplied | Available | Utilisation | Max LTV | |
|---|---|---|---|---|---|---|---|
| Reading the market… | |||||||
Rates are Morpho's adaptive curve: the borrow rate rises with utilisation and lenders earn the borrow rate times utilisation. Low utilisation means a low borrow rate, which is why borrowing against pSPY is cheap today and lending pays little until borrowers show up. Both change block by block.
Buy the pToken with the fixed rate you like and hold it to the date. Best done in the app with the Buy fixed button, which swaps stock for pToken in the pool.
Split your stock, keep the pToken, sell the yToken. You get the value of every dividend to maturity today and still hold a claim on the whole share.
Split, post the pToken as collateral on Morpho, borrow USDG at the borrow rate above. You keep the upside and the yToken. Repay whenever.