Create a New Market
Last updated
Last updated
Currently, on the Napier Interface, "Create a New PT and YT" and "Create a New Pool" are provided as a unified process. Therefore, these processes must be followed simultaneously according to the steps outlined below.
Go to Curator Dashboard
If you haven't verified your address, follow the steps on the "Get Started " page first
Click "Create a new market"
Fill in the form with the necessary information/parameters to create new PT and YT, and Pool.
Setting advanced parameters helps optimize the market for specific use cases, but it is optional. You can easily deploy a market using predefined parameter presets.
PT and YT Configuration
Market name is the name of specific markets freely set by a curator.
Description is the short sentence about a specific market freely set by a curator.
Chain (Network) is the blockchain network where the market is deployed.
Underlying asset contract is the contract address of any tokens that generates yield.
Underlying asset logo is the logo of any tokens that generates yield.
Maturity Date (Maturity) is the date on which the principal amount of a yield-bearing token or other debt instrument becomes due.
Issuance fee is a fixed fee applied when minting a new PT and YT.
Redemption fee is a fixed fee charged when redeeming a PT and YT back into their underlying assets.
Performance fee (before marurity) is a dynamic fee from all yield accrued (including points) by all YT in existence.
Performance fee (after marurity) is a dynamic fee from all yield accrued (including points) by all yields from the YBTs of matured unredeemed PTs.
Issuance Cap (Limit) is the maximum amount allowed for mints within a specific PT and YT. -> For guidance on structuring PT and YT business models, please see “Market-Based Economics.”
Advanced
Resolver is the critical component in the Napier v2 that provides standardized price and conversion information between yield-bearing vault tokens and their underlying assets. It serves as an abstraction layer that allows the protocol to work with different types of yield-bearing vaults consistently.
ERC4626InfoResolver
Resolver for standard ERC4626 vaults
Uses the vault's built-in convertToAssets() function
No external oracle needed
SharePriceResolver
Resolver for Kind2-like vaults that have an assetsPerShare() function
Uses the vault's custom share price function
No external oracle needed
CustomConversionResolver
Resolver for vaults with custom conversion functions
Uses a specified function to convert shares to assets
No external oracle needed
ExternalPriceResolver
Resolver that uses external price feeds
Requires an oracle/price feed contract
Uses a specified price feed function
ConstantPriceResolver
Resolver that maintains a constant 1:1 exchange rate
No external oracle needed
Used for simple 1:1 pegged assets
Component Definitions
Vault address is the target vault contract that holds the yield-bearing tokens
Asset address is the underlying token that the vault accepts as deposits
Oracle address is the price feed contract (only for ExternalPriceResolver)
Function name varies by resolver type:
ERC4626: Uses standard convertToAssets()
SharePrice: Uses specified assetsPerShare() function
Custom: Uses specified conversion function
External: Uses specified price feed function
Constant: No function needed (uses fixed 1:1 rate)
-> For yield assets not compatible with ERC4626, you can make them PT/YT-compliant by properly entering and registering the parameters listed above. If the Napier Labs team has already registered theyield bearing asset, you may not need to provide these parameters, even if it is not ERC4626-compatible.
Pool Configuration (Curve Finance CryptoSwap Exchange)
Pool parameter presets are five-level options for asset yield volatility, predefined through simulations by Napier Labs, to simplify curators' parameter settings.
Initial liquidity is the funds automatically deployed alongside the market you provide liquidity for. You can deploy any asset as initial liquidity, and it will be automatically executed based on the Provide Liquidity - Manual process.
Initial implied APY (%) is your estimate used to determine the pool ratio of the liquidity pair at the time of pool deployment.
Advanced (Curve Finance Pool)
Mid fee (0.005 - 3%) is the fee charged when pool is perfectly balanced (minimum possible fee).
Out fee (0.005% - 3%) is the fee charged when pools is completely imbalanced (maximum possible fee).
A (4,000 - 40,000,000) is the concentration of liquidity at the core of the bonding curve
Gamma (0.00000001 - 0.199) is the overall breadth of the curve
Allowed extra profit (0 - 0.01) is the excess profit required to allow price re-pegging.
Fee gamma (0 - 1) is the speed at which the fee increases when the pool becomes imbalanced. A low value leads to a more rapid fee increase, while a high value causes the fee to rise more gradually.
Adjustment step (0 - 1) is the minimum size of price scale adjustments
Moving average time (60 - 604800) is the duration of the EMA price oracle -> For further reference on the other parameters of the Curve Pool, please refer to the Curve Finance documentation | Crypto Pool. Please note that we offer five parameter presets for curators to streamline this process, so configuring these advanced parameters is not always necessary.
Review the output information to ensure its accuracy
If you have any uncertainties during the process, contact the team on Discord
Click the "Create & Deploy" button and approve the transaction to complete the creation of the new PT/YT and pool!
After creating a market, you can click “Manage Market” to collect fees, adjust market permissions, add incentives and etc.
Also, click “Share on X” to let everyone know you’ve created a market. You can inform the Napier community through the #verified-curator-updates channel on the Discord as well
