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

# OutStake（收益率代币化）

**OutStake** 是一个完全围绕**生息资产（LSTs，生息稳定币，RWA 资产等等）**构建的**收益率代币化与稳定币发行**协议，我们提出了首个与利率挂钩的模型，相比于目前市场上的其他收益代币协议（如 **Pendle**）更加灵活，可组合性更强，同时为提供了更高的收益率以及多种收益来源。**OutStake** 支持的资产构成了 **Outrun** 生态系统的基础支撑，为整个生态系统提供了稳定的基础。 具体而言，**OutStake** 的工作原理如下：

1. **基于生息代币的全新质押模型**：通过 **OutStake** 控制其生息代币产生的利息收益，并解锁其质押资产的流动性，以在一系列 **DeFi** 应用程序中使用它们。采用了不同于市场的全新设计，允许用户铸造具有**永恒生命周期**的 **PT / YT** 代币，具备更强的可组合性和灵活性。
2. **利率代币(YT)**：利率代币的价值与生息资产的利率直接相关，其价值会围绕生息资产的利率波动，但长期来看会慢慢高于资产本身的利率。围绕它构建的经济模型为质押者提供了更高的收入和多种收入来源。它具有高度可组合性，允许开发人员围绕它创建新产品，从而丰富 **Outrun** 生态系统。
3. **全链通用本金代币(UPT)**：UPT 是一种创新的**全链通用资产本金代币**，由多种相同底层资产支持的生息代币共同支撑，使得流动性能够在相同底层资产的不同生息代币之间共享。同时也是 Outrun 生态系统的关键组件——**全链稳定币**。UPT 旨在成为 DeFi 领域的基石在跨链流转和 DeFi 组合中展现出极强的稳定性，使其可以作为一种高效、低波动性的价值传输和结算媒介，大幅提升整个 Outrun 生态系统的资本效率和可组合性。
4. **头寸质押代币(SP)**：该代币代表锁定质押头寸的**到期赎回权**，通过包装已铸造的 PT(UPT) 从而铸造可转移的 SP 代币。由于到期后 SP 持有者可以赎回对应头寸的本金部分，从而在不同的时间点，根据 SP 的市场价格形成不同的固定利率，持有 SP 即可获得基于底层资产的固定利率收益。


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://outrun.gitbook.io/doc/zh/outstake.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.