# 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) --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.napier.finance/learn/protocols.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.