Pye

Pye is a DeFi protocol built on Solana that introduces programmable financial infrastructure on top of native Solana stake accounts. Founded in May 2024, Pye targets the 414 million SOL sitting in conventional staking positions and transforms those illiquid accounts into structured financial instruments. The protocol introduces Programmable Stake Accounts (PSA) that tokenize staking positions into two SPL tokens: Principal Tokens (PT), redeemable 1:1 for SOL at maturity, and Reward Tokens (RT), representing all staking rewards until term end. RT quantity uses a time-weighted formula where earlier depositors receive proportionally more tokens. Markets settle at fixed quarterly dates. Speedstake, the primary staker product, lets users sell RT allocations immediately for upfront SOL while their principal stays delegated to the chosen validator. The Pye Exchange operates an order book for PT and RT tokens, enabling discounted SOL purchases and yield exposure trading. Validators access a management dashboard and a Custom Commission CLI to set separate reward rates for inflation, MEV, and block rewards. The protocol has undergone five security reviews: Zellic (V1, January 2025), Sec3 (V1, March 2025), Neodyme (V2, June 2025), Sec3 (V2, November 2025), and Neodyme (V2 revised, November 2025). Pye was co-founded by Erik Ashdown (CEO, formerly Covalent) and Alberto Cevallos (CTO, co-founder of BadgerDAO). In December 2025 the project raised a 5 million dollar seed round led by Variant Fund and Coinbase Ventures, with Solana Labs, Nascent, and Gemini also participating. The protocol entered private beta in Q1 2026 with validator partners Solstice, Meria, and Stakin by The Tie. The on-chain program is deployed at PYEQZ2qYHPQapnw8Ms8MSPMNzoq59NHHfNwAtuV26wx.