What are the pros of Sandglass?

Brings Pendle-style yield tokenization natively to Solana. Enables predictable fixed-rate returns through PT. Supports both LST and lending yields as sources. Integrated AMM provides on-chain liquidity for PT/YT.

How much does Sandglass cost?

Sandglass is completely free to use.

Sandglass Review — 4.0★ | Honest Verdict (2026)

Rating: 4
Author: tek

Sandglass is a yield tokenization protocol on Solana that splits yield-bearing assets into two separate instruments: principal tokens (PT) and yield tokens (YT). By separating the principal from the future yield it generates, Sandglass lets users trade and manage each component independently, unlocking strategies that are not possible when the two are bundled together. This separation enables fixed-rate yield locking, where a user can secure a predictable return by buying discounted principal tokens, as well as leveraged yield trading for those who want amplified exposure to a strategy's future yield. It effectively brings Pendle-style yield tokenization natively to the Solana ecosystem, giving Solana DeFi users access to a category of fixed-income and yield-speculation tools that had been more developed on other chains. Sandglass supports Solana liquid staking tokens (LSTs) and lending yields as underlying sources, and includes an integrated AMM so PT and YT can be traded with on-chain liquidity. This makes it most relevant to Solana DeFi participants who want to lock in fixed rates, hedge yield exposure, or take leveraged positions on the yields of LSTs and lending markets. The honest caveats are typical of advanced DeFi primitives. Yield tokenization is conceptually complex, and PT/YT pricing, fixed-rate mechanics, and leverage can be difficult for newcomers to reason about. Returns depend on the performance and risk of the underlying LSTs and lending protocols, leveraged yield trading amplifies losses as well as gains, and AMM liquidity for PT/YT markets can be thin, affecting execution.

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Stripping the yield means you can hedge against dropping APYs during market downturns, or maximize farming efficiency when a new token launch pumps up pool rewards.

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Sandglass

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