CarrotCRT
CRT, issued by the Carrot Protocol smart contracts under the governance of the Carrot DeFi protocol on Solana, is a yield-bearing, stablecoin-backed token that represents a depositor's vault position redeemable for the original deposit plus accrued yield. Holders deposit U.S. dollar (USD) stablecoins, specifically USD Coin (USDC), Tether (USDT), or PayPal USD (PYUSD), and receive CRT, which is backed by a mix of these stablecoins deployed across 8+ Solana lending protocols including Kamino, Save, Drift, JupLend, Gauntlet, NeutralTrade, cLend, and Carrot's Boost pools. Yield accrues into CRT's rising NAV rather than being paid out. Carrot charges 0% management fees and a 0.05% redemption fee. CRT is described as an asset-backed token representing the holder's deposits in the vault and as a yield-bearing token, conceptually likened to a liquid staking token, and is not issued by a single corporate entity but by non-custodial Solana smart contracts. The position remains an asset in the holder's own self-custodied wallet. Holders may redeem at any time with no lock-up, selecting USDC, USDT, or PYUSD to withdraw, receiving the original deposit plus accrued yield; if integrated lending pools reach full capacity, withdrawals can be temporarily blocked, mitigated by diversification across protocols. CRT is a Solana SPL token operating exclusively on Solana mainnet. Holders connect a Solana wallet and deposit USDC, USDT, or PYUSD into the vault to mint CRT, or acquire it by swapping on Jupiter. Redemption burns CRT and returns the chosen stablecoin plus accrued yield; value tracks CRT's NAV, which rises as protocol yield accrues.