TL;DR

Key terms

Yield-bearing token

A token that earns yield on its own, just by being held. On Sui these include sSUI, sUSDC and sUSDT from Scallop, or vSUI from Volo.

Underlying asset

The base token a yield-bearing token is a claim on. The underlying of sSUI is the SUI you deposited into Scallop; the underlying of vSUI is the SUI you staked with Volo.

Underlying yield · underlying APY

The rate the underlying is currently earning. An sSUI underlying APY of 5% means SUI in Scallop is earning roughly 5% a year right now.

SY · Standardized Yield

Jitter first wraps a yield-bearing token into SY - a standard form every market understands - before it is split into PT and YT.

Maturity

A fixed expiry date attached to every PT/YT market, chosen when the market is created. Pinning down a date is what lets the market price PT and YT against a clear time horizon. During beta, Jitter markets are created by the team.

PT · Principal Token

The principal half of a yield-bearing position. 1 PT redeems for 1 unit of the underlying at maturity - buy it at a discount and the gap is your fixed return.

YT · Yield Token

The yield half of a yield-bearing position. 1 YT collects the yield of 1 underlying until maturity - a leveraged, long bet on future yield and points.

AT · Incentive Airdrop Token

Jitter's on-chain points score. AT tracks the incentives a position earns and, because it is a real on-chain token, it can be traded (Point Trading) - letting you exit your YT point earnings early instead of waiting for the airdrop to settle.

Fixed APY (PT APY)

The locked-in return from buying PT and holding to maturity - known the moment you buy.

Leveraged APY (YT APY)

The return from buying YT and holding to maturity, assuming future yield averages out to today's underlying APY.