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The low-level aspect and unique architecture of the APWine protocol results in a rich set of features that facilitate the creation of a future yield market.

Future Yield Tokenization#

The core functionality of APWine is the separation of a given yield-bearing asset into Principal Tokens (PTs) and Future Yield Tokens (FYTs). This creates an entirely new market for yield, but also enables the trade of locked positions on APWine.

Fixed / Upfront yield#

Through the APWine AMM, users who wish to hedge their risk on APY volatility can directly exchange their FYT for the underlying asset at the current market rate designated by the AMM. Not only does this provide fixed-rate interest, due to the atomic nature of the swap, but also upfront yield - meaning you can get your APY upfront, at any time.

Future Yield Delegation#

Users who have deposited on APWine or directly acquired PT through the AMM receive FYTs at each new period, on a regular basis. If they wish, they can also delegate the creation of FYTs to another address. This can be used, for instance, to let another address access the yield generated by an asset without granting access to the asset itself.

Yield Arbitrage#

Through the creation of an explicit yield market, FYTs allow arbitraging interest rates between different protocols - making for a more liquid, healthy and fair ecosystem.

Yield Oracle#

Considering an environment where AMM pools are properly arbitraged, the spot price of a FYT at any given time essentially acts as an oracle for future yield. In turn, this can easily be integrated inside external protocols, with liquid assets being a more reliable data source.