# PT

**Principal Tokens (PT)** represent the principal portion of yield-bearing assets. At maturity, PT can be redeemed at a 1:1 ratio for the underlying asset. These are the principal assets deployed in the underlying protocol, such as Polkadot's DOT or Moonbeam's GLMR.

The process of converting matured PT into the underlying asset involves two steps (using PT-vDOT as an example):

* Step 1: At maturity, 1 PT-vDOT can be converted into vDOT worth 1 DOT (the amount of vDOT convertible may be less than 1, depending on the yield-bearing asset's mechanism).
* Step 2: Directly swap vDOT for DOT on Zenlink Eden (Zenlink Mega Aggregator will calculate the best trading route and execute the swap for you).

Since the total value of its yield component is separated, PT can be acquired at a discount relative to its underlying asset. Assuming no swaps occur, the value of PT will gradually approach and eventually match the value of the accounting asset at maturity when the redemption feature is enabled.

This appreciation forms the basis for its fixed RIO.

### Redemption Value

Generally, yield-bearing assets can be categorized into:

1. Rebasing assets - Tokens that increase in quantity over time

*Examples: stETH, stDOT*

2. Reward-bearing assets - Tokens that appreciate over time

*Examples: vDOT, wstETH*

For yield-bearing assets, it is important to note that PT can be redeemed at a 1:1 ratio for the underlying asset, *not the yield-bearing asset.* For example, the value of Bifrost's vDOT appreciates relative to DOT over time as staking rewards accumulate. Holding 1 PT-vDOT will allow you to redeem vDOT worth 1 DOT at maturity, *not 1 vDOT, which has a higher value.*

### How to Redeem PT

To redeem your PT at maturity:

1. Visit <https://app.zenlink.pro/market>
2. Select a market and choose the Swap function
3. Choose an output asset, and Zenlink Eden will automatically execute the redemption for you


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://wiki.zenlink.pro/zenlinkeden/protocol-mechanisms/yield-tokenization/pt.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.