Sense is decentralized permissionless infrastructure, where teams can build and develop new yield primitives for DeFi, such as fixed income tokens, yield tokens, and other custom re-divisions of existing tokens' exposures.
The major components of the Sense v1 Protocol:
Sense Space is a PT/Target AMM Pool built on Balancer V2. While liquidity for the pool is provided in Target and PT terms, YT can also be traded against the pool using “zap” transactions (Sense uses a combination of micro flash loans as well as mint and redeem functions to make this possible).
Each series has its own, unique Space pool. It implements the yieldspace invariant (opens new window), which offers a host of benefits: