The strategy treasurers use, without the brokerage account
A bond ladder splits money across bonds that mature at different times, so part of it comes due regularly instead of all at once. In traditional finance it takes a brokerage account, minimum lots and manual reinvestment. Here it takes a wallet.
- 3 mo
- 20%
- 6 mo
- 20%
- 9 mo
- 20%
- 12 mo
- 20%
- 18 mo
- 20%
How it works
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1 — Pick a profile.
Conservative takes nothing rated below A-, Balanced nothing below BBB-, and each caps how much one issuer can hold. Nothing below BBB- is ever bought.
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2 — See the ladder before you sign.
Each rung's instrument, rating, maturity and amount is on screen first. Whatever cannot buy a whole unit stays in your wallet.
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3 — Deposit once.
The whole ladder opens in one transaction.
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4 — Leave on any day.
Exit all of it or part of it before maturity. USDC comes back in the same transaction, from a backstop pool the protocol funds — not from other depositors.
The less time left, the less it costs to leave
The exit pays the position's current value, minus a 0.5% yearly management fee owed so far, minus a spread that grows with how long the pool will have to hold your instruments. A ladder close to maturity leaves almost for free.
You see all four figures before you sign, and the transaction carries a floor: it cannot pay you less than the quote by more than 0.1%. If the pool is short, the exit is refused whole and you are offered the largest share it can pay.
“Quoted 490.567373 USDC. Received 490.567372.”
By the numbers
Measured against the public devnet endpoint. Each figure is the worst run, not the average.
Speed
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0.85 s
from choosing a profile to the full ladder on screen
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0.58 s
from sending the deposit to its confirmation
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0.94 s
to the first screen of your position
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4.07 s
from signing an exit to USDC in the wallet
Accuracy
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8 micro-USDC
the largest gap between quote and payout over 100 exits of different sizes, on a 222.50 USDC quote
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0
ladders with a rung below the profile's floor, over 200 generated catalogues
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0
micro-USDC lost to rounding over 1,000 deposits
Questions
- Is this real money?
- No. It runs on Solana devnet with a demo USDC token the deployer mints. Nothing here is worth anything off devnet.
- Where do the ratings come from?
- From our own rating-oracle program, over a catalogue of fictional issuers. The real feed this is designed for — Moody's ratings in token metadata on Solana — is a closed institutional API, so the demo does not use it.
- What happens when a rung matures?
- Today, nothing: rolling a matured rung into a new 18-month one is the next milestone. Until then the ladder is a ladder only until its first maturity.