Exponent Finance, the protocol that effectively brought Pendle-style yield stripping to Solana, just shipped its biggest update yet. The v2 upgrade went live on May 29, introducing automated Strategy Vaults, a native on-chain rate order book, and fresh liquidity primitives designed to make fixed-rate yield trading less of a manual chore.
The carrot dangling alongside all this new infrastructure: more than $200,000 in rewards aimed at pulling users into the upgraded system.
What actually changed
Exponent’s v1 let users split yield-bearing assets into principal tokens (PTs) and yield tokens (YTs), a mechanism popularized by Pendle on Ethereum. That core model remains, but v2 layers on automation and institutional-grade tooling.
The headline feature is Strategy Vaults. Rather than forcing users to manually manage positions across different yield markets, these vaults automate the process.
