Deploy Oracles

Curators can deploy a Napier Oracle from their markets via the Curator Dashboard.

What You'll Find Here

We assume you want to integrate PT and LP oracles into your system. In this guide, you will:

• Configure the PT and LP oracles.

  • Choose, per your use case, a price oracle for any market’s PT or LP.

  • Set an appropriate TWAP duration.

  • Deploy the oracle and obtain its feed/endpoint.

• Validate the oracle to ensure it’s working correctly.

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Using the Napier Oracle

Follow the steps below to deploy a Napier Oracle.

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Step 1: Preparation

Before Configuring the oracle, you will prepare:

Before Configuring the Oracle

• Access the Curator Dashboard.

• If your account is not verified, complete verification under Verify Curator Account.

• If you haven’t created a market yet, follow the steps in Create Market.

• Once you finish creating a market, it will appear in your Curator Dashboard.

Clarify the prerequisites

• If you haven’t learned how Napier market work, start with Markets - Napier AMM.

• If you haven’t learned how Napier’s oracles work, start with Napier Oracles (Github)

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Step 2: Scoping

Select the following parameters（Github）

Chose a Market

• Select the market from which you want to source the oracle.

Chose an Oracle Type

When deploying the oracle, specify the type:

• TWAP or Deterministic Oracles; if you select the latter, follow Deploy Deterministic Oracles.

• Quote unit: Underlying asset or Asset (i.e., price of PT in the underlying unit vs. in the asset unit)

Recommendation: Price PT against Underlying Assets rather than against the Asset.

• Why: Many underlying assets (yield-bearing tokens) represent “assets staked in a specific protocol,” so the Asset price of that underlying is not strictly well-defined (redeemability, slashing risk, etc.). Therefore, a “perfect” PT→Asset price cannot be provided.

• Example (PT-sUSDe / sUSDe, Asset = USDe): Napier can guarantee that 1 PT-sUSDe can be exchanged for X sUSDe, so a PT→Underlying Assets price exists natively. By contrast, sUSDe→USDe redemption is not guaranteed; sUSDe’s “Asset” is actually USDe staked in Ethena, making the Asset-denominated price of the underlying not strictly well-defined.

• Depeg behavior: Even if sUSDe depegs from USDe, the PT→sUSDe conversion remains correct, since it relies on the Underlying assets side, not on external redeemability.

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Step 3: Price Retrieval

Finally, deploy it and fetch the oracle.

Deploy the Oracle

Deploy and initialize the oracle here. (Github)

function clone(address implementation, bytes calldata args, bytes calldata initializationData)

Call the Oracle

Price can be obtained simply by calling the latestRoundData() function. (Github)

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Step 4: Sanity Checks

After integrating an oracle for PT price , do these steps to check the oracle's correctness:

PT Oracle Sanity Check

1. Fetch the PT price from your deployed oracle.

2. On the relevant PT market in Napier, open the Price tab and note the PT/Underlying price.

3. Multiply the price from step 2 by the Underlying asset’s price to convert it to PT/Stable terms.

4. Compare step 1 vs. step 3. If the deviation exceeds 0.2%, investigate (and consider contacting the Napier team).

Liquidity & Volatility Checks

• Price volatility: On the market page, review PT/Underlying volatility, then use it to infer an estimate of PT/Stable volatility.

• Liquidity: In the same tab, run trading simulations (buy/sell PT against the underlying) and check price impact for different order sizes in both directions.