PYRE
PYRE —

About

PYRE is a liquidity protocol for tokenized stocks on Robinhood Chain. It gives holders a way to put assets into live markets, earn from the trading that happens there, and keep access to their position.

Intro

Owning a stock has always been passive: you hold it and wait. Once a stock is onchain that stops being the only option. A tokenized share can be put into a market, quote both sides of a trade, and collect a fee every time someone trades against it.

That is what PYRE is for. Three products, each a different way to put an asset to work, and none of them a game: Earn for automated vaults, Omni for multi-asset pools, Loop for borrowing against what you already hold.

PYRE used to be a mine and a 5×5 grid you bet on. Those are retired. Their contracts are still deployed and still hold funds, so if you have anything left in them, take it out at the old mine.

Earn — automated vaults

  • What they are. Each market is an automated concentrated-liquidity vault holding both sides of a pair, for example NVDA and USDG. A strategy moves the position as the price moves so the liquidity keeps working instead of sitting outside the active range.
  • Depositing. Supply both sides, or just one and let the zap buy the other against the vault's own pool. Amounts auto-balance to the ratio the vault holds; it takes only what it needs and the rest stays with you.
  • Your shares. A deposit mints ERC-20 shares: a proportional claim on everything the vault holds, including fees collected while it was active. Transferable, redeemable at any time, no lock.
  • Who runs them. The vaults are Steer Protocol contracts and are permissionless — anyone can deposit, with or without this app. PYRE chooses which markets to list and pays the incentives; it does not custody your funds and cannot stop you withdrawing.

Omni — multi-asset pools

An Omnipool is a weighted basket of two to eight assets sharing a single liquidity position, so one deposit backs trading across the whole basket instead of splitting the same capital into separate pairs.

  • Anyone can launch one. Pick the assets and weights and seed the opening liquidity. Creation and seeding happen in one transaction, so a pool never exists without a price for someone to take. PYRE is included by default and can be removed — the protocol's cut of the swap fee is collected either way.
  • A flat 0.30% swap fee on every pool. 90% compounds back to providers; 10% is protocol revenue.
  • Nobody is in charge of a pool once it exists. No pause manager, no fee manager, no creator cut — not even for PYRE.
  • Joining and leaving is proportional, which costs no swap fee and moves no price. An unbalanced join is a trade in disguise and would be charged like one.

Loop — borrowing against your position

A vault share is a claim on a live position, and Morpho will lend against it. Post shares as collateral, draw USDG, and put it back to work: the same capital backs a larger position, earning more fees and carrying a liquidation price. You can also take the other side and lend USDG to the people doing it.

PYRE deploys nothing here. The market already exists, is open to anyone, and this app calls it directly from your wallet — there is no PYRE contract in the path and nothing PYRE can gate or take a cut of.

Where the yield comes from

Two places, and the app shows them combined as one APR.

  • Swap fees. Every trade through the underlying pool pays a fee to the liquidity that filled it. That accrues into the vault or pool and raises what a share is worth. This is market-generated: it rises with volume and volatility and falls when the market is quiet.
  • Incentives. On selected markets PYRE runs a rewards campaign through Merkl, paid in PYRE from the growth allocation. Claim them on the rewards page.

APR is an estimate built from recent fees and any live campaign. It is not a rate the protocol promises, and it changes as TVL, volume and campaigns change.

What PYRE the token does

The products above work whether or not you hold PYRE. The token is how the protocol's own earnings are shared, and it does two things.

  • It is the default asset of every new Omnipool. Most baskets keep it, which is a standing reason to hold some — though nothing forces it, because a pool nobody wants to provide liquidity to earns nothing for anyone.
  • It collects the revenue. Protocol income arrives as ETH in the revenue router. Anyone can trigger it, and when they do it buys PYRE on the open market and splits the result: most goes to the staking contract to stream to stakers, the rest to the dead address. The router has no function that moves that ETH anywhere other than through the pool, so supply only ever shrinks.

Staking is how you take a share of that: single-sided, no lock, no escrow NFT. Rewards accrue every second and both claiming and unstaking are always open. If new stakes are ever paused, withdrawals are not — the contract has no function that can stop them.

Risk

  • Market exposure. A vault or pool holds real assets. If they fall, your position falls with them.
  • Divergence. Holding two assets in a pool is not the same as holding them in a wallet. When the sides move apart the position rebalances against you; fees may or may not cover the difference.
  • Liquidation. Borrowing adds a price at which your collateral is sold to repay the debt, without warning.
  • Smart contracts. Vaults, pools, the lending market, the rewards distributor and PYRE's own contracts are all code, and code can fail.
  • Dependencies. Strategies are run by Steer keepers, lending is Morpho, incentives are Merkl. If any stops, your funds stay withdrawable but the position goes stale.
  • Variable returns. Nothing here is a yield product with a rate. APR is an estimate and can go to zero.

Contracts