> For the complete documentation index, see [llms.txt](https://docs.napier.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.napier.finance/learn/protocols.md).

# Protocols

### Overview

The Napier protocol is a decentralized protocol that tokenizes yield-bearing crypto assets on the Ethereum Virtual Machine, enabling fixed and variable yield, swapping between them, and composable advanced strategies. 

The protocol is implemented as immutable smart contracts and is designed to serve as a trustless base layer for passive investors, traders and liquidity providers and applications.

Napier is licensed under a BUSL license which you can find [here](https://github.com/napierfi/napier-v2-public). Once deployed, Napier operates permanently for as long as the underlying blockchain exists.

### Key Concepts

Onchain yield infrastructure in Napier involves:

* **Tokenize yield**: Split a yield-bearing asset into PT (principal) and YT (yield).
* **Pricing**: Market-set interest for a given maturity.
* **Open curation**: Anyone can create and own yield products without permission.
* **Own and Control**: Third parties can build on Napier with retaining full control.
* **Selective trust**: Choose trusted actors or immutable, trustless code.
* **Non-custodial**: You always own your assets.

### Next: Protocol — What’s Inside

If you only read one more section, make it this. In the protocol section, you’ll find:

* [PT and YT - Tokenized Yield ](/learn/protocols/pt-and-yt-tokenized-yield.md)
* [Markets - Napier AMM](/learn/protocols/markets-napier-amm.md)
* [Markets - Curve AMM](/learn/protocols/markets-curve-amm.md)