{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"fixed_rate_yield","evidenceReadAt":"2026-09-28","generatedAt":"2026-11-12","criteria":[{"id":"maturity_handling","label":"What happens at maturity","weight":32},{"id":"rate_lock_integrity","label":"Is the rate actually fixed, and who can change it","weight":26},{"id":"early_exit_cost","label":"The price of leaving early","weight":24},{"id":"fixed_leg_obligor","label":"Who owes you the fixed leg if the strategy misses","weight":18}],"providers":{"pendle-fixed_rate_yield":{"maturity_handling":{"s":10,"q":"When a market matures, your PT stops appreciating and your LP stops earning fixed yield. The capital is still yours, but it sits idle until you move it. | PT is redeemable 1:1 for the accounting asset. It no longer appreciates, so every day you leave it is a day of forgone yield.","u":"https://docs.pendle.finance/pendle-v2/AppGuide/RollOver","d":"2026-09-28"},"rate_lock_integrity":{"s":3,"q":"Market contracts are immutable once deployed. | SY contracts are upgradable proxies (for newer deployments). This allows adding support for new deposit assets or adjusting mechanisms without requiring a full market migration.","u":"https://docs.pendle.finance/pendle-v2-dev/HighLevelArchitecture","d":"2026-09-28"},"early_exit_cost":{"s":8,"q":"Pendle collects a percentage-based swap fee, scaled with maturity, from all PT swaps. | Trading Fee = (Fee Tier / 365) * Days to Maturity","u":"https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/Fees","d":"2026-09-28"},"fixed_leg_obligor":{"s":7,"q":"However, in scenarios where yield turns negative, the IBT's value may decline instead. | PT will redeem below its actual value at maturity, leading to potential losses. | You can track the Watermark Rate and current Exchange Rate by switching to the Watermark Rate view on any asset's market page.","u":"https://docs.pendle.finance/pendle-v2/ProtocolMechanics/NegativeYield","d":"2026-09-28"}},"exponent_yield_exchange":{"maturity_handling":{"s":8,"q":"Redeemable 1:1 for the underlying asset. No deadline to redeem. | Ceases to accrue yield. Uncollected yield remains claimable. Market value is zero.","u":"https://docs.exponent.finance/user-documentation/yield-stripping-swap","d":"2026-09-28"},"rate_lock_integrity":{"s":4,"q":"Like many DeFi protocols on Solana, Exponent has mutable code and adjustable protocol parameters (e.g. program upgrades, fee settings, new markets).","u":"https://docs.exponent.finance/user-documentation/security","d":"2026-09-28"},"early_exit_cost":{"s":8,"q":"Liquidity risk - markets with low liquidity may have wide spreads. Large positions may experience slippage when exiting before maturity. At maturity, PT redeems at par regardless of liquidity. | You receive the current market price, which may be higher or lower than your entry price.","u":"https://docs.exponent.finance/user-documentation/yield-markets","d":"2026-09-28"},"fixed_leg_obligor":{"s":6,"q":"An important aspect of Exponent is that every product/market offered is derived from other protocols and assets. This means that when operating on Exponent, users bear counterparty risks and should ensure they understand these underlying protocols.","u":"https://docs.exponent.finance/user-documentation/protocol-risks-fees","d":"2026-09-28"}},"loopscale":{"maturity_handling":{"s":7,"q":"If auto-refinancing is enabled, your loan will roll over at the current market rate. If disabled, the loan will expire and must be repaid to avoid liquidation. | Loans on Loopscale are fixed-duration and by default are automatically refinanced when they expire.","u":"https://docs.loopscale.com/resources/faq","d":"2026-09-28"},"rate_lock_integrity":{"s":3,"q":"All program upgrades require approval from a 3/5 multisig. This governance model ensures no single party can deploy changes unilaterally.","u":"https://docs.loopscale.com/partners/curators/security","d":"2026-09-28"},"early_exit_cost":{"s":6,"q":"Withdrawing early may (but not always) have a cost to reimburse borrowers, should the early withdrawl move the borrower to a higher APY offer.","u":"https://docs.loopscale.com/using-loopscale/lend/advanced-lend","d":"2026-09-28"},"fixed_leg_obligor":{"s":9,"q":"Each Vault is isolated in terms of credit risk. If an individual loan ends up underwater (LTV > 100%): | The difference between loan principal and recovered value is deducted from the Strategy's NAV | Losses are absorbed proportionally by depositors in that Vault via the updated NAV","u":"https://docs.loopscale.com/partners/curators/vault-architecture","d":"2026-09-28"}},"termmax":{"maturity_handling":{"s":6,"q":"You can also hold FTs until maturity. Once they reach maturity, you can redeem them to get your underlying tokens back.","u":"https://docs.ts.finance/leverage-earn","d":"2026-09-28"},"rate_lock_integrity":{"s":6,"q":"Lending market takers fill portions of the borrowing curve in the range order. | the first portion might be lent at 6%, and subsequent portions at progressively lower rates.","u":"https://docs.ts.finance/protocol-mechanisms/market-taker/lender","d":"2026-09-28"},"early_exit_cost":{"s":2,"q":"Interest Rate Risk : If market interest rates rise above the fixed rate you're receiving and you decide to sell your FT tokens before the maturity date, they may become less valuable compared to new offerings with higher rates.","u":"https://docs.ts.finance/security-and-risks/risks","d":"2026-09-28"},"fixed_leg_obligor":{"s":10,"q":"if any loans remain unpaid or only partially liquidated after the liquidation window, the physical delivery process will automatically commence. In this process, the redemption pool will consist of both underlying tokens and collateral tokens.","u":"https://docs.ts.finance/technical-details/liquidation-and-physical-delivery","d":"2026-09-28"}},"spectra_v2":{"maturity_handling":{"s":6,"q":"APY assumes compounding through future reallocation; the app does not automatically roll over matured PT. | The token's redemption rate determines the underlying amount at maturity. A loss in the underlying layer can reduce that rate; an IBT or wrapper output uses its own conversion.","u":"https://docs.spectra.finance/docs/spectra/app-help/fixed-rates","d":"2026-09-28"},"rate_lock_integrity":{"s":3,"q":"UPGRADE_ROLE 1 Grant the permission to upgrade the protocol contract implementations | PAUSER_ROLE 2 Grant the permission to pause the PT and LP Vault in case of emergency","u":"https://dev.spectra.finance/docs/technical-reference/contract-functions/access-manager","d":"2026-09-28"},"early_exit_cost":{"s":7,"q":"Principal Tokens can be sold before maturity, either back to the pool or on secondary markets. The amount of underlying received will depend on the available liquidity at the time of the transaction.","u":"https://docs.spectra.finance/docs/spectra/the-basics/faq","d":"2026-09-28"},"fixed_leg_obligor":{"s":8,"q":"It is possible that ERC-4626 interest-bearing tokens (IBTs) may experience a decrease in their underlying share value. In such cases, the underlying backing of Principal Tokens (PTs) will decrease proportionally to maintain the protocol's solvency.","u":"https://docs.spectra.finance/docs/spectra/security/risk-documentation","d":"2026-09-28"}},"term_finance":{"maturity_handling":{"s":8,"q":"Lenders cannot burn Term Repo Tokens to obtain repayment during the repurchase window. | Once the repurchase window closes, the redemption window begins. The redemption window is open ended. Lenders holding Term Repo Tokens may burn them to convert them into Purchase Tokens.","u":"https://docs.term.finance/protocol/term-repos/maturity","d":"2026-09-28"},"rate_lock_integrity":{"s":4,"q":"The Protocol assigns the DEVOPS_ROLE to an \"ownerless\" Gnosis Safe with a 24-hour timelock restriction and invalidator controls to override unintentional or malicious upgrades.","u":"https://developers.term.finance/access-controls/further-details","d":"2026-09-28"},"early_exit_cost":{"s":6,"q":"While lenders are not allowed to redeem prior to the repurchase date, they are free to find willing buyers of their Term Repo Tokens if they find themselves in need of liquidity.","u":"https://docs.term.finance/protocol/term-repo-tokens","d":"2026-09-28"},"fixed_leg_obligor":{"s":9,"q":"For a lender: | Although the Protocol enables instant liquidations and borrowers are required to overcollateralize their loans, on-chain liquidations are subject to slippage and available liquidity, which means that liquidating collateral may not result in sufficient proceeds to repay a lender.","u":"https://docs.term.finance/protocol/risk-disclosures/term-repo-risks","d":"2026-09-28"}},"exactly_protocol":{"maturity_handling":{"s":9,"q":"Depositors can also withdraw once the maturity date is reached. | There's no limit to the time they have to withdraw their funds but bear in mind that these deposited assets will not generate any extra interest rate fees.","u":"https://docs.exact.ly/guides/fixed-rate-operations/deposits","d":"2026-09-28"},"rate_lock_integrity":{"s":4,"q":"The timelock period is 24 hours, enabling quick and flexible decision-making by the protocol's administrators. | The following contracts are upgradeable and can be changed by the TimelockController","u":"https://docs.exact.ly/security/access-control","d":"2026-09-28"},"early_exit_cost":{"s":9,"q":"Depositors can withdraw anytime, even before maturity, provided enough liquidity is available in the protocol. So, early withdrawals are equivalent to requesting a fixed rate borrow for the total deposit (principal+earnings) in the same fixed rate pool.","u":"https://docs.exact.ly/guides/fixed-rate-operations/deposits","d":"2026-09-28"},"fixed_leg_obligor":{"s":7,"q":"This function checks if the borrower doesn't have any more collateral and in case it doesn't, then it forwards the execution to the clearBadDebt function in each Market. This one finally deletes the debt and spreads the losses subtracting them from some general accumulated earnings.","u":"https://docs.exact.ly/guides/features/automatic-bad-debt-clearing","d":"2026-09-28"}}}}