Yield & Accrual

GetEquity’s debt and fund tokens are accrual tokens. They earn by becoming worth more, not by paying anything out.

There are no coupons. Nothing is transferred to you on a schedule, and there is nothing to claim. Earlier versions of these contracts paid periodic interest; that path was removed. If you have integration code calling calculatePayout() or claimPayout(), those functions no longer exist.

The model

Your balance never changes. Buy 1,000 units and you hold 1,000 units for the life of the instrument. What moves is the price the Market quotes for that asset:

price(t) = checkpointPrice + checkpointPrice x rateBps / 10000 x elapsed / 365 days

So a holding is worth balance x price, and that figure grows every second with no transaction, no gas and no action from you. Three properties worth knowing:

Simple interest, pro-rated by the second. It does not compound between checkpoints. A rate change re-checkpoints at the price accrued so far, which is the only point where earlier accrual folds into the base.
Accrual stops at maturity. A matured note does not keep earning. Assets with no maturity — funds and equity — accrue indefinitely.
A rate of 0 means no accrual. Equity sits flat by design.

Which instruments accrue

`investmentType`	Maturity	Accrues	How you exit
`Debt`	dated, from its tenor	yes	sell any time, or `redeemPrincipal()` after maturity
`Fund`	none — perpetual	yes	sell on the Market
`Equity`	none	no	sell on the Market

An equity cannot be given a rate: set_rate refuses one unless the instrument’s own interest_rate_bps (recorded on the token at mint) is non-zero, so the table is enforced on chain rather than being a convention. Note the test is the DECLARED RATE, not maturity — a fund is perpetual and accrues anyway, so maturity would be the wrong question. The rate a holder earns is the Market’s rate. The token’s interest_rate_bps is the instrument’s declared rate: set at mint, and restated by the multisig when a rate is reset, in the same proposal as the Market change. Whether an instrument accrues at all cannot change after mint — a declared rate can move between non-zero values, but never to or from 0.

Reading the value

The price lives on the Market, not on the token. Read it there.

Do not use the rounded price for anything that matters. Both chains expose a price floored to whole hundredths of the payout token — currentPrice() on EVM, price_cents on Solana. On a low-priced asset that figure cannot move for weeks while the value genuinely accrues: a 1.00 note at 16.5% takes about 22 days to move by one hundredth. The accrual underneath is carried at far finer precision and is paid in full — only the display value is rounded.On Solana it is worse: price_cents is only rewritten when a checkpoint is taken, and a fixed-rate note has no writes for its whole life, so it never moves at all.

Ethereum (Base)

// Exact, and net of fees — what you would actually receive. Prefer this.
const [gross, fee, net] = await market.calculateSellPayout(token, amount);

// The raw accrual state, if you want to compute or verify it yourself.
const { priceScaled, at, rate, maturity } = await market.getCheckpoint(token);

Solana

There is no oracle program to call — everything needed is on the Asset PDA (["asset", mint] under rwa_market), so any consumer can compute the price from the account:

Field	Meaning
`checkpoint_price_scaled`	base price, at hundredths x 1e18
`checkpoint_at`	unix seconds the base was taken; accrual runs from here
`rate_bps`	signed annual rate; 0 = no accrual
`maturity_ts`	accrual stops here; 0 = perpetual

base    = checkpoint_price_scaled != 0
            ? checkpoint_price_scaled
            : price_cents * 1e18          # never checkpointed - see below
elapsed = min(now, maturity_ts or now) - checkpoint_at
price   = base + base * rate_bps * elapsed / (10_000 * 365 days)

checkpoint_price_scaled is 0 for every asset listed before accrual shipped, which today means both live mainnet assets. It is not a price of zero — it means no checkpoint has been taken, and the stored price_cents is the price. Omit the fallback and you will read DPRI as worthless. The program’s own reader has this branch; a consumer reimplementing the arithmetic must have it too.rate_bps == 0 also returns base immediately, before checkpoint_at or maturity_ts are consulted at all — so an asset with no rate needs none of them.

An on-chain program can skip the arithmetic by depending on the rwa_market crate and calling rwa_market::current_price_scaled(&asset, now) — the same function every pricing path inside the program uses.

What the price is denominated in

Hundredths of the asset’s own payout token — not dollars. Read payoutToken() on EVM or payout_mint from the Asset PDA on Solana, and label it wherever you display it. GetEquity’s assets are currently quoted in cNGN, so a price of 100 means ₦1.00. Reading that as $1.00 is a ~1,500x error. The payout token is also the settlement currency: it is what you spend to buy, receive when you sell, and are paid in at redemption.

Realising the value

Sell on the Market

Available at any time, at the accreted price less the asset’s fee. This works for every instrument type, including perpetual funds.

Redeem at maturity

Only for assets with a maturity, and only after it passes. Self-service — you call it yourself, nothing is pushed to you. Pays principal plus all accrued interest in one transfer, gross, with no fee charged at maturity.

await rwaToken.redeemPrincipal();   // EVM

It returns 0 and does nothing for a perpetual asset.

Issuer wind-down

The issuer may retire an asset early — a prepayment, or a default. Every holder is burned and paid at a single snapshot price, and trading halts when it begins. You do not need to call anything.

Integrating a price feed

If you are building a pool, a lending market or a structured product on top of one of these assets, you need a price that tracks accrual — a constant-product pool priced off its own reserves will be arbitraged against the accreted value continuously, at the liquidity provider’s expense. Pair the asset against its own payout token. The Market prices in that token, so the feed and the pool agree with no FX leg. Pairing against anything else needs a second rate between the payout token and the other side.

Talk to us before integrating. Feeds are provisioned per asset and we will point you at the right one for the chain you are on.

On-Chain

Ethereum (Base)

Solana

Reference

The model

Which instruments accrue

Reading the value

Ethereum (Base)

Solana

What the price is denominated in

Realising the value

Integrating a price feed

​The model

​Which instruments accrue

​Reading the value

​Ethereum (Base)

​Solana

​What the price is denominated in

​Realising the value

​Integrating a price feed

The model

Which instruments accrue

Reading the value

Ethereum (Base)

Solana

What the price is denominated in

Realising the value

Integrating a price feed