# How Stella Works? As the leveraged strategies protocol without the Interest Rate Model (IRM) or borrowing interest, Stella works under the **Pay-As-You-Earn Model (PAYE)** which focuses on the yield sharing between Lenders and Leveragoors.

The protocol is made up of two parts: **Stella Strategy** and **Stella Lend**. ### Stella Strategy Leveragoors can access multiple selections of leveraged strategies built on top of various defi protocols. Instead of paying a borrow interest quoted from the lending side to levered up the position, the leveragoors just have to share the yield they earn when closing the position which means **No gain = No pay**

Stella Strategy offers various type of strategies built on top of multiple DeFi protocols for leveragoors to find yield

### Stella Lend Lenders can lend assets to the lending pools on Stella and earn real yields. Yields generated from Stella Strategy are shared to lenders. Given that the lending APY is the yield shared from leveragoors, there is no maximum cap on the lending APY.