Sense Finance

Sense was a yield stripping protocol on Ethereum that split a yield bearing Target asset into Principal Tokens and Yield Tokens for a defined Series with a Maturity, where PT plus YT always equals the underlying and PT redeems 1:1 at maturity while YT becomes worthless after it (Sense docs, core concepts). Sense described the mapping in explicitly bond terms: "PTs are like zero-coupon bonds, delivering a single cash flow at maturity" and "YTs are like floating rate bonds" (Sense, Designing Yield Tokens). It traded through Sense Space, a custom fixed-rate AMM adapting the YieldSpace invariant so that both pool assets could be yield bearing, and used Rolling Liquidity Vaults to automate maturity rolls (Sense, Introducing Sense Space, Sense docs, RLV, Why Sense). This protocol is sunset. On 26 October 2023 the team wrote that "After 18 months of operation, we've made the decision to sunset the Sense Protocol and open-source the UI", telling users to withdraw by 1 December 2023 (Sunsetting Sense).