DurataPrincipal and yield,
priced separately.
Durata splits a yield-bearing asset into two instruments: a Principal Token that redeems at par on a fixed date, and a Yield Token that collects everything it earns until then. Lock a rate, or trade the rate.
Redeems at par, on a known date.
Bought below its redemption value, the discount is your return. A PT bought at 95 that redeems at 100 pays 5 — fixed in economic terms, if the underlying, the settlement and the market assumptions hold.
Collects the yield until maturity.
YT earns on the whole principal while costing a fraction of it, so its percentage moves are amplified. It is the instrument for a view on where rates go — in both directions.
Why separate them
Three things become possible that a floating-rate token cannot offer.
Lock a return
Buy PT below par and hold to maturity. The rate is known the moment you buy, not at the end of the period.
Trade the rate
YT is a standalone position on future yield, long or short of what the market currently implies.
Read a curve
Several liquid maturities imply a term structure other protocols can quote against.