Execution Systems
The Napier Execution System is the core layer that encapsulates all actions within and beyond Napier, designed to enhance the overall UX.
In addition to fundamental protocol operations such as PT/YT/underlying issuance, redemption, swaps, and liquidity actions, it unifies advanced flows such as Zaps, Batch actions, Flash Swaps, external router integrations, and—looking forward—cross-chain and cross-protocol execution.
Concept
The Execution System provides a holistic view of Napier’s operation layer.
All transactions and integrations are executed atomically and modularly through this router.
This allows users to handle complex flows with near one-click simplicity, while curators and builders can freely design strategies and integrations on top of an extensible framework.
Mechanism
The Execution System encompasses:
Execution Primitives
Zap
Batch Actions
Flash Swap
Routing Optimization
Connectors & Integrations
Vault Connector Registry (ERC-4626 etc.)
Cross-Protocol Integrations (future)
Cross-Chain Execution (Li.Fi, LayerZero, Wormhole, etc. – future)
Execution Primitives
Zap
Overview: Bundle multiple actions into a single one-click transaction.
Current Support: Examples include PT issuance + LP deposit, PT redemption + LP withdrawal, making user flows intuitive.
Future Extensions: Integration of external protocol actions (e.g., lending, vault deposits) into Zap flows.
Batch Actions
Overview: Aggregate multiple markets or transactions into a single call.
Current Support (Napier AMM): Claim fees across several pools, redeem multiple positions at once.
Future Extensions: Cross-chain batch operations (executing across multiple markets on different chains).
Flash Swap
Overview: FlashMint swaps are possible due to the relationship between PT and YT. Since PT and YT can be minted and redeemed from their underlying YBT, we can express:
P(PT) + P(YT) = P(Underlying)Knowing YT price is inversely correlated to PT price, this relationship allows YT swaps using the PT/YBT pool.Buying YT:
Buyer sends YBT into the contract
Contract borrows additional YBT from the pool
Mint PT and YT from the combined YBT
Send YT to the buyer
Sell PT for YBT to repay step 2
Selling YT:
Seller sends YT into the contract
Contract borrows equivalent PT from the pool
YT and PT are redeemed for YBT
YBT is sent to the seller
A portion of YBT is sold for PT to repay step 2
Current Support: Enables YT buy/sell via FlashMint without upfront capital.
Future Extensions: Cross-protocol and cross-chain flash trades, integration with MEV protection.
Routing Optimization
Overview: Discover optimal paths across Napier and external protocols.
Current Support: Napier AMM (Uniswap v4) and 1inch.
Future Extensions: Integration with CoW Swap, other aggregators, and eventually cross-chain bridges.
Connectors & Integrations
Vault Connector Registry
Overview: A registry to onboard vault shares and yield assets as executable actions within Napier.
Current Support: ERC-4626 vaults are currently supported.
Future Extensions: Expansion to stablecoin vaults, structured product vaults, and beyond.
Cross-Protocol Integrations (future)
Overview: Enable multi-protocol strategies via the Execution System, such as lending (Euler, Morpho), interest rate swaps (IPOR), and structured products.
Cross-Chain Execution (future)
Overview: Through Li.Fi, LayerZero, Wormhole, and similar messaging layers, PT/YT issuance, redemption, and liquidity actions can be executed atomically across multiple chains.
Benefits
For Users: Execute all strategies from a single unified system, drastically simplifying UX.
For Curators: Design diverse market growth strategies—including fee design, rehypothecation, and PT looping—with ease.
For Builders: Build yield products on top of Napier or integrate Napier actions directly into consumer apps and payment systems with minimal overhead.
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