> For the complete documentation index, see [llms.txt](https://piron.gitbook.io/piron/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://piron.gitbook.io/piron/readme.md).

# What Is Piron Finance

Piron puts real-world fixed income on-chain. You deposit into a pool, that capital funds an actual instrument such as a treasury bill, an invoice, or a private credit deal, and the returns come back to you through contracts anyone can inspect.

The interesting part is not that it runs on a blockchain. It is that you can see what your money is doing. Every pool states its rules before you deposit: when you can withdraw, what backs the yield, and what happens if the pool never fills. Contracts enforce those rules. You are not relying on a policy document.

> Piron is a protocol layer, not a bank or custodian. Returns are not guaranteed and every investment carries risk.

***

### Why it exists

Fixed income is one of the largest asset classes in the world and one of the hardest to reach. Access depends on where you live, who you bank with, and how much you already have. Settlement takes days. What a fund actually holds usually arrives as a PDF, once a quarter.

Piron changes the access layer rather than the assets:

* Custody sits in escrow contracts, not in a company account.
* Each pool follows a published lifecycle, so you can tell which actions are possible at any moment.
* Three pool types cover different liquidity needs, so capital is not forced into one shape.
* Operator actions are permissioned on-chain and remain visible afterwards.
* Anyone can audit the flow of funds without asking permission.

***

### The three pool types

| Pool type      | Best for                             | Liquidity                                   | Where the return comes from             |
| -------------- | ------------------------------------ | ------------------------------------------- | --------------------------------------- |
| Term Deals     | Backing one specific deal            | Withdraw at maturity                        | Coupons plus maturity payout            |
| Flexible Yield | Earning on capital you may need back | Immediate, or queued when reserves are thin | NAV growth from short-dated instruments |
| Fixed Yield    | Locking a known rate                 | At maturity, or early with a penalty        | A tiered APY fixed when you deposit     |

Each one is backed by real investment activity, and each has its own contract rules covering deposits, allocation and payouts.

***

### How capital moves

```mermaid
flowchart LR
  U["Investor"] --> P["Pool Contract"]
  P --> E["Escrow"]
  E -->|Allocation| S["SPV"]
  S -->|Invests off-chain| R["Real-World Assets"]
  R -->|Cashflows| S
  S -->|Returns| E
  E --> U

  F["Fee Manager"] -.-> E
  Y["Yield Reserve"] -.-> E
```

### Who it is for

* Investors who want asset-backed yield and want to know what backs it.
* Professional allocators who need to audit pool mechanics rather than take them on trust.
* Issuers and partners who want to distribute a structured yield product without building the rails.
* Developers who need fixed-income primitives they can build against.

***

### Where this is going

The goal is for real-world credit to settle with the same clarity as anything else on-chain: open the pool, read the terms, verify the contract, decide. Today that means treasury bills, invoices and private credit. The mechanics are deliberately general, so the asset set can widen without the rules changing underneath anyone.