Chapter 2
With this launch, we are pleased to announce the launch of Napier Finance on the Ethereum mainnet.
Chapter 2: Liquid Staking Tokens (LSTs)
The second Chapter will have the Liquid Staking Tokens (LSTs).
Providing liquidity to the Napier LST PT 3 pool is the only way to earn Napier points during chapter 2.
The Napier LST PT 3 pool consists of ETH and Curve pool LP tokens from three LST-based PTs. These PT pools are PT-wstETH (Lido), PT-rETH (Rocket Pool), and PT-sfrxETH (Frax).
Holders of LP tokens, YT, and other tokens can earn different base points per hour. Users have the opportunity to earn Napier points based on the following point logic:
Hold Napier Pool LP tokens (per unit per hour):
8ptsHold any Curve LPT (per unit per hour):
4ptsHold any YT (per unit per hour):
2pts
Since the Napier pool consists of Curve pool LP tokens and ETH, note that points earned by holding Napier pool LP tokens” already account for points earned by holding any Curve pool LP tokens.
Three LST-based PTs pools will play a crucial role in the upcoming Chapter 3 (Point Casinos).
TVL Cap and Multipliers within Chapter 2:
Chapter 2 will launch gradually with a TVL cap. The earlier users join when the TVL cap is low, the higher the base points they will earn. It will start with a 5X points at 10M USD TVL cap.
| TVL Cap | $10M | $xx | $xx |
|---|---|---|---|
Multipliers | 5x | xx | xx |
The multiplier for base points earned by holding Napier Pool LP tokens is available only during Chapter 2. We encourage early participation.
Durations:
Chapter 2 is expected to last for several weeks, followed by chapter 3.
How It Works
Example Scenario: User Selects YT-stETH and Deposits 1 WETH.
A smart contract known as the "Router" is triggered by this action. The router is responsible for managing bunch of the following operations in a single transaction.
Issuing PT-stETH and YT-stETH:
The router uses a portion of the deposited WETH (approximately 0.76 WETH) to mint 0.76 units of PT-stETH nd YT-stETH.
Depositing PT-stETH to TriLST-PT Curve Tricrypto Pool:
The router then takes the minted PT-stETH and deposits it into the TriLST-PT Curve pool.
Remaining WETH and Minted TriLST-PT Deposits:
The remaining WETH (approximately 0.34 WETH), after the minting process, along with the newly minted TriLST-PT are then deposited into the Napier Pool.
Receiving NapierPool LPT and YT-stETH:
In return for their deposit, the user receives NapierPool LPT and YT-stETH.
NapierPool LPT represents the user’s share in the Napier Pool, entitling them to a portion of the pool's earnings.
YT-stETH represents the yield portion of stETH, allowing the user to benefit from the staking rewards.
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