Description
Timeless is a yield tokenization protocol whose yield tokens never expire. It splits user deposits into a Perpetual Yield Token (PYT), whose holders receive the yield generated by the underlying deposits, and a Negative Yield Token (NYT), whose price moves inversely to yield rates; a third token, Compounded Perpetual Yield Token (xPYT), auto-compounds yield into additional PYT. Using these tokens, users can boost their yield exposure up to 2x, hedge against falling yield rates, or speculate on future yield rate movements, with PYT/xPYT traded through a concentrated liquidity pool on the partner protocol Bunni. Timeless is permissionless (anyone can deploy yield tokens for any compatible Yearn v2 or ERC-4626 vault), immutable, and composable with standard ERC-20/ERC-4626 tokens, positioning it as DeFi infrastructure for yield markets. It serves DeFi users, liquidity providers, and other protocols building on top of yield tokenization, and is deployed across Ethereum, Optimism, Polygon, and Arbitrum. Its current version has been audited by Spearbit and yAudit and is covered by an Immunefi bug bounty.