Napier

Introduction

Napier is a decentralized yield protocol to which many organizations and individuals contribute across development and adoption. Because of that, this documentation covers several areas of “Napier,” and it’s useful to clearly separate each one.

• Napier Protocol: A non-custodial yield protocol deployed on Ethereum (and L2s), enabling yield creation, tokenization, and trading.

• Napier Interface (web app): One of several ways to interact with the protocol.

• Napier Governance: On-chain/off-chain governance for the protocol, powered by the NPR token.

• Napier Labs (company): Core developer of the protocol and interface.

• Napier Foundation (Panama association): Coordinates major contributors (incl. Napier Labs) to promote development and decentralization.

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Vision & Mission

Our vision is to be the best way to access open financial networks with one effortless click.

Guided by this vision, our work is driven by three missions: the Product Mission, which seeks to establish open and resilient financial systems that empower individuals worldwide; the Economic Mission, which manages our ecosystem for sustainable financial growth; and the Social Mission, which compels us to leverage distributed technologies to make the world a better place.

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Problem: The DeFi Yield Infrastructure Built Only for Demand, Not for Supply

Current infrastructure (e.g., Pendle) is optimized for demand (traders, LPs, depositors) and excludes the supply side (protocols, issuers, curators, fintechs). As a result:

• No Participation: No simple, permissionless way to create, manage, and own markets.

• No Diversity: Limited brand and differentiation; there is no healthy competition.

• Less Scalability: Central teams become bottlenecks; true network effects stall.

This blocks incumbents who need operational control, auditability/compliance, and brand/product differentiation.

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Napier's Approach: Builder-Led Onchain Yield Products

A platform where builders (e.g., issuers, curators, comany) create, own, and scale yield products to:

• Make Money: Capture value from yield and flows.

• Own & Control: Keep operational control, brand, and flexibility.

• Scale the Business: Plug directly into existing business lines.

Core Differentiators

• Sovereign Markets: Launch markets, retain brand/control, and monetize

• Local Autonomy: Market-level risk rules and incentives; rewards flow to the operator

• Composability: Vertical curation (e.g., vaults/lending/yield) stacks additional control & fee layers

• Community-Led Growth: Open participation turns creativity into traction

• Capital Efficiency: Napier AMM (with rehypothecation) increases capital turnover

Positioning: Built on the Other Side of the Trade-Off

Efficiency vs Flexibility is the core trade-off. Napier chooses supplier flexibility.

• Mall (Pendle) — Operationally efficient; centralized quality & risk management.

• White-label (Napier) — Flexible and freedom-oriented; builder-led, autonomously scalable.

By minimizing governance and distributing rights within the platform, the network tends to operate more autonomously and scale more effectively.

The End State Is Natural Oligopoly

• Markets converge to a few poles along distinct value axes, even within the same category.

• Pattern across industries: a pioneer opens the market; a challenger rises on a different axis; the market settles into bi- or multi-polar structure.

• DeFi yield’s two poles: core-team-led vs supplier-led.

• Long-run winners anchor on openess (supplier freedom)

• Napier is that supplier-led pole.

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Napier's Product Map

Napier’s view is simple: just as an unindexed web page has little practical value, even a powerful module is wasted if it can’t interoperate. Value appears when modules are cohesive, integrate smoothly with external DeFi components and infrastructure, and are applied to real-world use cases.

Accordingly, we organize both internal and external products into a single, unified big picture. The Napier ecosystem is structured into three layers that help builders translate DeFi modules into real-world outcomes.

• Protocols:

  • Napier Markets

    • PT & YT (Tokenized Yield)

    • AMM (Liquidity)

  • Lending (Lending & Borrowing)

  • Vault (Abstraction)

  • iNapier (Institutional Access)

• Products:

  • Napier App (User / Curator)

  • Napier Mobile App (User)

  • Napier Pay

  • Napier Points (Loyalty)

• Connectivity:

  • Napier Account

  • Napier API & SDK

  • Napier Widget / Webhook

  • Napier Universal Execution