Gold-yield markets Testnet

The onchain term market for gold.

Lock, hedge and trade future gold rates.

Keep your gold. Sell its future yield.

PAXGy generates gold yield. Aureus makes it tradable, with a market-implied rate for every maturity.

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Gold term market
Yield on 1,000 PAXGy

Maturity

You receive today
≈ 12.3 PAXG
At maturity
1,000 PAXG from your PT
Implied rate
2.55%

You keep your gold and lock its yield at 2.55% a year, paid upfront.

Sell future yield

Indicative testnet rates · Not live quotes

How it works

One gold position in. Two claims out.

Deposit PAXGy into the Aureus vault and receive the same quantity of two tokens: one for the gold principal, one for its future yield.

10 PAXGy Aureus Vault
10 PT Principal Token

The gold principal

2.80% fixed, if held to maturity
Worth today
≈ 9.73 PAXG
Pays at maturity
Exactly 10 PAXG
Behaves like
A zero-coupon bond
10 YT Yield Token

The future yield

Variable gains above 2.80%, loses below
Worth today
≈ 0.27 PAXG
Pays at maturity
The yield 10 PAXGy actually generate
Behaves like
A floating-rate claim

Together worth about the same as the original 10 PAXGy. Prices are set by the market, not by Aureus.

How PT and YT are priced, in the FAQ

Example: 1-year maturity at the 2.80% indicative testnet rate, values rounded. PT is bond-like, but not legally a bond and not risk-free.

Use cases

One split. Four positions.

Keep, sell or buy PT and YT. Hedging uses the same positions. Same example as above: 10 PAXGy, 1Y maturity.

  • PT Keep
  • YT Sell
2.80% sold

Sell Future Yield

For gold holders who want value today without selling their gold.

Today +0.27 PAXG Sell 10 YT, keep 10 PT
At maturity 10 PAXG 10 PT redeem in full

Risk You miss any yield above the rate you sold at.

  • PT Buy
  • YT not used
2.80% fixed

Lock a Fixed Gold Rate

For treasuries and funds that need a predictable return in gold.

Today −9.73 PAXG Buy 10 PT
At maturity 10 PAXG 10 PT redeem in full

Risk The rate holds only to maturity. Selling early happens at market price.

  • PT not used
  • YT Buy
2.80% break-even

Trade Future Gold Yield

For traders, borrowers and protocols with a view on gold rates.

Today −0.27 PAXG Buy 10 YT
At maturity Actual yield Earned by 10 PAXGy over the year

Risk If yields fall, you can lose most of what you paid.

  • PT Pool
  • YT Pool
Fees + PAXGy yield

Provide Liquidity

For capital providers who want to support gold rate markets.

Today 10 PAXGy Supplied to a PT or YT pool
At maturity Share + fees No token rewards promised

Risk PT and YT prices move with rates; fees may not offset it.

Indicative testnet rates, values rounded. Not live quotes or forecasts. Every position also carries the risk of the underlying PAXGy. Worked examples in the FAQ

Gold rates by maturity

Aureus Gold Term Curve

Like a government bond yield curve, but for gold: the rate for locking gold yield for 30 days, 90 days, 6 months or a year.

PAXGy shows what gold yields today. Aureus creates a market for what gold may yield tomorrow.

Market-implied gold rates

Indicative testnet rates
3.00%2.75%2.50%2.25%2.00% 30D90D180D1Y
Indicative testnet rates: 30D 2.20%, 90D 2.38%, 180D 2.55%, 1Y 2.80%
Indicative testnet rates by maturity
MaturityPT priceImplied rate
30D 0.9982 2.20%
90D 0.9942 2.38%
180D 0.9877 2.55%
1Y 0.9728 2.80%

What to noticeLonger maturities pay more: 2.80% to lock gold yield for a year, versus 2.20% for 30 days. The market sets each rate through its PT price; Aureus only calculates it.

Where prices come fromAureus does not set prices; trades do. In the testnet MVP, Aureus seeds two pools, PT / PAXGy and YT / PAXGy. Because 1 PT + 1 YT can always be merged back into 1 PAXGy, the two prices move together: if few people want YT, its price falls, PT gets more expensive and the fixed rate goes down. A cheaper YT then needs less yield to break even, which brings buyers back.

Bootstrap pools, not deep production liquidity. Rates are not live market data or a forecast. How PT and YT are priced

Why Aureus matters

A new market, and a business behind it.

Aureus earns when gold yield is traded through it, not from the yield itself. The more gold yield changes hands, the more the protocol earns.

Why now
  1. 01
    Gold is going onchain, and starting to earn.

    Tokenized gold is one of the largest real-world asset categories, and yield-bearing wrappers such as PAXGy now add a return on top.

  2. 02
    Nobody prices that yield over time.

    There is no onchain market to lock, sell or hedge gold yield by maturity. Aureus builds it.

  3. 03
    The curve becomes the reference.

    A market-implied gold rate for every maturity is what gold loans, hedges and treasury products need to be priced.

How Aureus earns
Trading fees
A share of every PT and YT swap fee. The rest goes to liquidity providers.
Yield fee
A small share of the yield that YT holders collect.
Institutional execution
Fees on RFQ trades for larger notionals, from Phase 4.

Planned fee model. Fee levels are not set yet, and no protocol fees are charged on testnet.

Roadmap

Building the term market for gold.

Only Phase 1 is in development today. Phases 2 to 5 are roadmap items, and their timing and scope may change.

  1. Phase 1 Current MVP

    Testnet market

    The full market working end to end on Ethereum testnet, with protocol-seeded liquidity.

    • Mock PAXGy
    • Aureus Vault
    • PT / YT
    • Maturity and redemption
    • Protocol-seeded testnet pools
    • PT / YT secondary trading
    • Gold Term Curve
  2. Phase 2 Planned

    Mainnet

    Aureus live on Ethereum with real yield-bearing gold and real liquidity.

    • Real PAXGy integration
    • Real liquidity providers
    • Production PT / YT markets
    • Real market-implied term rates
  3. Phase 3 Planned

    Fiat access

    A direct path from euros and dollars to the gold term market.

    Future flow. Not available today.

    1. EUR / USD
    2. EURC / USDC
    3. PAXGy
    4. Aureus
  4. Phase 4 Planned

    Institutional markets

    The tools institutions need to trade gold rates at size.

    • RFQ
    • Professional market makers
    • Larger notionals
    • Institutional reporting
  5. Phase 5 Roadmap / Research

    Advanced strategies and incentives

    Future versions may deploy idle collateral or liquidity into additional risk-managed strategies.

    Future possibilities only. Not implemented, not confirmed, and no additional yield is guaranteed. No Aureus token exists today.

    • Enhanced yield strategies
    • Liquidity incentives
    • Governance mechanisms
    • Potential protocol token