# Illuminate Principal Token (ERC5095)

### User Flow

The Illuminate Principal Token (iPT) is the meta-token of the Illuminate ecosystem.

It is a principal token that comprises of various integrated protocol principal tokens and is to be redeemed upon the maturity of an Illuminate market.

Users may obtain the Illuminate Principal Token by purchasing active PTs within the market via `lend` , or by externally acquiring integrated PTs and minting Illuminate Principal Tokens via `mint` calls in the Lender contract.

Upon maturity, users can call `redeem` on the Redeemer contract to obtain their underlying. Assuming the positions were repaid in full across all protocols, the user will receive underlying equivalent to their 1:1 balance of Illuminate Principal Tokens.

### Motivation

The purpose of the iPT is to create a meta-principal token for the various fixed-rate lending protocols in the DeFi ecosystem. In doing so, it unifies the market along a single maturity and underlying for a given market. This has the benefit of consolidating previously fragmented liquidity, and opening up new arbitrage opportunities within the fixed-rate lending market.

In enabling these arbitrage opportunities, iPTs become the implicit best rate-of-return for a given duration of loans in a market. This benefits users by greatly simplifying the process of lending at fixed rates.

### Data Organization

Each iPT contains the following references to facilitate its role within the Illuminate protocol:

* `pool`: This refers to the Yield Space Pool through which the iPT can be traded for the underlying.
* `maturity`: This refers to the timestamp at which the lending operations cease and redemptions begin for the iPT.
* `underlying`: The asset being lent out, and may be used to purchase the iPT.
* `marketPlace`, `lender`, `redeemer`: These refer to the Illuminate protocol's contract federation.


---

# Agent Instructions: 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:

```
GET https://docs.illuminate.finance/smart-contracts/illuminate-principal-token-erc5095.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
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.