Swivel deposits your tokens into yield generating protocols
Your deposit generates interest and stays locked until a future date.
Deposited tokens are split into their future cash-flows
You receive 2 tokens in exchange:
Zero-coupon tokens (zcTokens) represent your initial deposit and can be redeemed 1 to 1 for your deposited tokens at maturity.
Notional tokens (nTokens) represent the yield generated by your deposit and this yield can be redeemed at any time.
Trade your tokenized cash-flows on Swivel's exchange
Lenders can sell their nTokens on Swivel's exchange to lock in a fixed-premium and receive a fixed-yield immediately.
Lenders and traders can buy nTokens on Swivel's exchange to increase their exposure to future yield. Generated interest can be redeemed at any time.