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Stack with Lending

ここは、レンディングへの統合ガイドなので、途中で、Napier oracleのページへ案内しよう。

だから、バックグラウンドや前提知識の共有の後、プロジェクトごとのガイドを続けよう。

[ref: https://docs.pendle.finance/pendle-v2/Developers/Oracles/PTAsCollateral]

TL;DR — このページでできること

  • 背景と前提を一枚で把握し、あなたのプロジェクトに合う統合ルート（Morpho / Aave / そのほか）へ最短で遷移できます。

  • 実装に入る前のチェックリストと、市場側（Market）・Vault側それぞれの準備物を一覧できます。

背景（なぜ統合するのか）

PTs represent fixed-income positions (or zero-coupon bonds) on underlying assets, making them highly efficient collateral for lending protocols.

Integrating Napier PTs into protocols like Morpho or Euler allows users or curators to supply PTs as collateral when borrowing, enabling advanced yield strategies such as PT looping.

This document explains how to use PT as collateral, the practical steps to do so, and the key considerations when integrating it into lending protocols.

Mechanism

Explain the logic and design structure here like: The PT’s value and risk profile are determined by Napier AMM’s implied yield and oracle feeds. The LTV depends on the PT maturity and underlying asset volatility.

Risk Considerations

List the main PT-specific risks by category below.

  • Oracle risk — price deviations or delayed updates

  • Liquidity risk — insufficient secondary liquidity near maturity

  • Smart contract risk — dependency on both Napier and money market protocol contracts

  • Redemption risk — maturity redemption and rebase timing

Design Notes / Parameters

Summarize recommended parameters and key notes here, for eg:

  • Recommended collateral factor range: 0.5–0.7 depending on liquidity depth

  • Minimum TWAP window: 30 min

  • Oracle standardization: must use deterministic version

This section helps you configure parameters for your use case while following the Deploy Oracle guide.

Integration Example

実際にオラクルをデプロイする

[ref: https://docs.euler.finance/creator-tools/vaults/evk/creator-ui#oracle-router-configuration]

[ref:https://create.euler.finance/oracle]

[ref:https://docs.morpho.org/curate/tutorials-market-v1/deploying-oracle]

[ref:https://oracles.morpho.dev/oracle-tester]

References

List related technical documentation here

  • [Deploy Deterministic Oracles]

  • [Napier AMM Overview]

  • [Integration with Morpho / Euler]

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