Swan docs.
Swan brings fixed yield, SWAN trading, staking, and bonds into one place. Start with the outcome. Learn the mechanics when you need them.
Yield changes over time. That makes it useful, but hard to plan around. Swan turns one yield-bearing position into distinct choices, so you can own the principal, own the future yield, or supply the market between them.
The same vault yield, separated
A vault gives you one position whose yield changes over time. Swan separates the principal from the future yield, so you can choose which side to hold. It does not create additional vault yield. It changes how that yield is owned and traded.
Plan
Know the date
PT is built around a maturity value, which makes it easier to plan toward a specific date.
Express a view
Take a view on yield
YT gives you more exposure to the yield earned before maturity, with more upside and more risk.
Participate
Supply the market
LP positions help PT and YT trading happen and can earn fees and active rewards.
How Swan works
01
Start with an asset
Each market names the asset used to enter. The first Swan market uses USDG.
02
Put it to work
The asset enters a vault position designed to generate yield.
03
Choose your side
Buy the principal, buy the future yield, or provide liquidity between them.
That is enough to choose a direction. The contracts and market math are here for readers who want to go deeper.
A vault position contains principal and the yield it may earn. Swan represents those two parts separately as PT and YT. An automated market maker lets users trade them before maturity.
Start with the outcome you want. The token names make more sense after that.
PT
Plan around a date
Choose PT when you want a maturity-based outcome instead of changing vault income.
YT
Take a view on yield
Choose YT when you expect future vault income to outweigh what the position costs.
LP
Supply the market
Choose LP when you want to support trading and earn from activity around the market.
You buy the principal claim below its maturity value. Vault income during the term belongs to YT, while PT is built around the value available when settlement opens.
PT can be sold before maturity at the market price. Holding through maturity uses the settlement route instead.
YT receives the vault income generated by its matching principal amount until maturity. Its lower purchase price creates amplified exposure: strong yield can help, while weak yield can consume most or all of the amount paid.
New income stops at maturity, and YT's market value generally falls toward zero as the date approaches.
LP positions hold PT beside a wrapped vault position. Returns can come from vault income, PT moving toward maturity value, trading fees, and any active rewards.
The withdrawal value depends on the pool when you exit. It can differ from the amount and asset mix originally supplied.
A first trade comes down to four steps: choose the position, enter an amount, read the quote, and confirm.
Pick a position
Choose PT, YT, or LP and make sure the maturity is the one you want.
Enter an amount
For PT or YT, choose Buy or Sell. LP entry uses the input asset named by the market.
Read the quote
Check the amount you receive, the minimum received, and the price impact. Quotes refresh as the market moves.
Confirm in your wallet
A token approval may come first. After it confirms, Swan refreshes the quote before asking you to sign the trade.
Start with the input asset named by the market and keep a small amount of ETH for Robinhood Chain network costs. The USDG market uses USDG as its input asset.
Connect with a wallet or X
Continuing with X can create an embedded wallet for you. The account menu shows its address and Blockscout page and lets you export it. Keep an exported private key as private as a seed phrase.
The quoted output is the estimated amount you receive. Minimum received is the lowest amount the transaction accepts. Price impact shows how much your trade moves the market.
Swan presents new terms whenever the amount, market, or quote changes.
Leave before maturity
PT and YT can be sold while trading is open. The result depends on the market price and available liquidity at that moment.
Claim YT income
Claim income under Your positions while keeping the YT itself. Claims can be made before maturity. Any remaining accrued income can still be claimed afterward.
Remove liquidity
Before maturity, LP holders can remove liquidity and receive the market input asset. The amount depends on the quote and the pool when the transaction executes.
Settle after maturity
PT holders can redeem PT, YT holders can claim remaining income earned before maturity, and LP holders can remove matured liquidity into the market input asset.
For a balance that still looks unchanged after confirmation, open the transaction first, then use Refresh under Your positions.
New trading stops. Settlement and withdrawals remain available for the positions the wallet holds.
Maturities stay separate
PT, YT, and LP positions stay with their original maturity. To continue with a later market, settle or withdraw the old position and enter the new maturity with a separate transaction.
Buy SWAN with USDG, stake it into sSWAN, or wrap it into wsSWAN when you prefer a fixed token balance.
Buy SWAN
Trade against USDG and see the full quote before you confirm.
Stake into sSWAN
Take part in funded reward periods while staying in Swan.
Wrap into wsSWAN
Keep a fixed balance whose redeemable sSWAN value can grow.
Stake SWAN to receive sSWAN. During a funded reward period, the sSWAN balance can grow as rewards are shared across stakers.
Unstaking turns sSWAN back into SWAN. A fee applies only if that SWAN is later sold through the Swan market.
wsSWAN keeps the number of tokens in your wallet fixed. As sSWAN grows, each wsSWAN can be unwrapped for more sSWAN.
Use USDG to buy discounted SWAN that vests over time. The price, payout, and vesting date are shown before you confirm.
Choose a bond
See the discount, vesting period, and available capacity.
Lock the payout
Your SWAN amount is fixed when the bond is purchased.
Claim as it vests
Claim the SWAN that has become available from each bond.
Swan shows its liquid USDG, Steakhouse position, Swan-owned liquidity, and backing per SWAN in the app.
When a buyback is open, you can exchange SWAN for USDG at the price shown in the app.
Vault yield, market fees, and token rewards stay separate so each source is easy to understand.
Every position earns differently. Before comparing percentages, understand where the return comes from and what could reduce it.
PT
Discount to maturity
The main return comes from buying below the maturity value and holding until settlement.
YT
Income before maturity
The outcome depends on vault income and any sale proceeds compared with the purchase cost.
LP
Several moving parts
Vault income, PT movement, trading fees, rewards, and pool changes all affect the result.
Each market has its own fee setting. The AMM applies that setting to the yield portion being exchanged, so the fee depends on the time left until maturity. Swan includes it in the quoted output.
Price impact is separate and depends on trade size and available liquidity. Your wallet shows the Robinhood Chain network fee before you sign.
USDG market example
The displayed USDG market uses a 0.04% fee setting. It is applied to the yield portion exchanged rather than taken as a flat 0.04% of the USDG entered. Other markets can use a different setting.
Swan's market-implied APY annualizes the difference between PT's price and its maturity value over the time remaining. It moves with price and time.
A simple example
If PT trades at 0.95 with six months left and reaches a maturity value of 1.00, that move works out to roughly 10.8% annualized before fees and trade impact.
Reading the number
APY is a yearly comparison rate. The percentage earned over the actual remaining term will differ. Vault yield and sSWAN rewards are separate figures.
Every market depends on its asset, yield source, contracts, liquidity, maturity, and network. Review those parts before entering a position.
Contracts and integrations
A bug, upgrade, or failed integration could interrupt trading, claims, or settlement and could cause a loss.
Asset and yield source
PT, YT, and settlement depend on the asset and vault used by that market. For the USDG market, this means USDG and the Steakhouse USDG vault.
Liquidity and early exits
A PT or YT sale before maturity uses the market price available then. Shallow liquidity can create high price impact or leave no acceptable exit.
YT loss
YT can lose most or all of its purchase price when realized yield is too low, little time remains, or buyers are unwilling to pay the requested price.
LP loss
An LP withdrawal can return a different mix of assets than the deposit. Trading fees may be smaller than losses caused by market and rate movements.
SWAN market
Selling SWAN carries the displayed sell fee. Low liquidity can also create high price impact.
Bonds
A discount does not remove SWAN price risk, and bonded SWAN remains unavailable until it vests.
Reward periods
Extra rewards are limited to the SWAN amount and dates stated for each period, and SWAN can lose value. One completed period does not predict the next.
Network
Robinhood Chain outages can delay transactions. The chain also screens transactions for compliance, and restricted addresses can be refused before reaching the chain.
Your wallet signs each action. This guide is educational and is not financial advice.
Find the USDG market addresses, check a transaction, or get help from Swan.
The asset, vault, market, adapter, PT, and YT addresses belong to the USDG maturity displayed in Swan. The Trade Router is shared infrastructure. Each address opens in Blockscout.
Wallet or network problem
Reconnect your wallet, then choose Continue on Robinhood Chain. The chain ID is 4663.
A quote is unavailable
Wait for the next quote or try a smaller amount. Low liquidity can make a modest trade move the market sharply.
My wallet asks twice
The first request can approve the token. Swan then gets another quote before asking you to sign the trade.
My balance has not changed
Open the transaction in Blockscout, then use Refresh under Your positions after it confirms.
I cannot claim a reward
Check that the connected address earned the reward and that Swan shows an amount ready to claim. A reward period only pays wallets whose LP or sSWAN balance counted during its dates.
For support, send Swan on X your transaction hash, wallet address, selected market, action, amount, and approximate time. Never share your seed phrase or private key.
Docs updated 29 August 2026.