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Token Types

The PoolManager enables Curators to list fixed interest rate liquidity pools where users can swap between the two following token types:

Fixed Tokens​

Fixed Tokens are linked to a specific date (i.e. maturity). When Fixed Tokens reach their maturity date, the user can trigger the smart contract to release the corresponding quantity of the underlying token. Fixed Tokens are redeemable for the underlying token on a 1:1 basis. Fixed Tokens can be either:

  • Native to the Tenor protocol
  • External, such as:
    • Pendle PT tokens
    • Notional Wrapped fCash tokens

Loan Tokens​

The Loan Token can be either:

  • Native to the Tenor protocol
  • External, such as:
    • An ERC20 token (e.g., USDC)
    • An ERC4626 yield-bearing token (e.g., Morpho yield-bearing USDC)