Fixed Income
Fixed income is a class of investments that pay a predictable, predetermined return over a set period, such as bonds and fixed-rate deposits. In DeFi, fixed income means locking a known yield in advance instead of earning a floating rate that changes block to block.
Fixed income trades upside for certainty: you know your return and your maturity in advance. In traditional markets this means bonds, treasuries, and CDs; on-chain it means instruments like Principal Tokens and fixed-rate vaults.
Most DeFi yield is variable — the rate moves constantly. Spield brings the fixed-income primitive to Stellar, so depositors can lock a rate instead of guessing.