# Get Started with Napier ### Napier is the universal yield infrastructure. With Napier, developers can build their own application-specific yield products and embed those into any use case. #### **Quickstart** Connect to the universal yield infrastructure.
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Learn

Understand Napier's decentralized yield protocol concepts and ecosystem fundamentals.

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Curate

Manage market and vault performance by balancing stakeholder needs and optimizing the allocation of liquidity and incentives.

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Invest

Use a simple process to earn from complex strategies, and combine advanced strategies to get extra returns.

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Build

Create DeFi applications with Napier Markets and Vaults using our SDKs and APIs.

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# 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. *** ## **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. *** ## **Market Shift: Why Curators Are Reshaping Onchain Finance** Financial systems are moving onchain. But the onchain world is **fragmented**, **modular**, and **evolving in silos** — institutions payment rails, liquidity, vaults and market infrastractures all operate independently. To connect these components into coherent experiences, a new role has emerged: ## **Curators.** Curators coordinate capital, intent, and execution.\ They design markets, enforce policies, govern flows, and package onchain modules into products that institutions and users can understand and trust.\ This coordination is now one of the strongest drivers of the next phase of DeFi growth. *** ## **The Expanding Market Opportunity** Today’s visible market is relatively small — around **$10B** in tokenized yield rails (e.g., Pendle). But surrounding that core are concentric markets that are rapidly growing and increasingly curator-led: * **$72.5B** DeFi-held stablecoins * **$2.75T+** global retail banking By 2030, tokenized yield rails alone are projected to reach **$49B–$115B**, with DeFi-held stablecoins growing to **$355B–$823B**. Curator-led adoption is accelerating this expansion. > \*Assuming DeFi TVL is $145B and 50% is stablecoins (≈$72.5B, i.e., ≈22% of today’s $326B supply), and with Citi projecting total supply to $1.6–$3.7T by 2030, applying the same 22% share implies $355–$823B locked in DeFi by 2030. If tokenized yield rails are $10B today, keeping the same ratio implies $49–$115B by 2030. *** ## **Why Curation Is the Only Path for Institutional DeFi** Institutions cannot adopt DeFi through generic, protocol-run markets. To serve clients, meet regulatory expectations, and align with internal mandates, they need: #### **1. Ownership of Markets** They must design and operate markets under their own mandates — not simply consume whatever a protocol lists. #### **2. Control of Policies** KYC, whitelists, business model constraints, risk rules, and governance conditions must be enforced at the **market level**, not the protocol level. #### **3. Alignment with Mandates** Every product must be explainable and defensible to clients and boards. Institutions need a trusted layer — provided by themselves or partners — through curation. Curation is the only structure that removes TAM constraints and opens the institutional opportunity. *** ## **The Limitation of Pendle’s Model** Pendle is built for full control by the core team. This centralization: * prevents curators from owning or differentiating markets * provides no path for supply-side participation * caps ecosystem growth by the bandwidth of the core team This design cannot scale into the institutional market. *** ## **Napier: A Platform for Curators** Napier enables curators to **create**, **own**, and **scale** yield products onchain. #### **Own Markets** End-to-end creation, operation, and monetization of yield markets. #### **Control Policies** Market-level enforcement of KYC, whitelists, risk rules, and business model constraints. #### **Align Mandates** Curators operate with explicit, verifiable mandates — the accountability layer institutions require. *** ## **Napier Product Suite** #### **1. Core Protocol** * Napier Markets * PT & YT (Tokenized Yield) * AMM (Liquidity) * Napier AMM (Uniswap v4 Hooks) * iNapier (Institutional Access) * External connectors（Vaults, Payments, Cross-chain UX） #### **2. Flagship Applications** * **Curator App** — factory for creating real-world connected yield products * **User App** — unified portal for exploring Napier markets #### **3. Connectivity Layer** * Subgraph / API / SDK / MCP * Onboarding documents * Webhooks & widgets for fintech/consumer integrations *** ## **Positioning: Built for the Other Side of the Trade-off** In DeFi, **efficiency and flexibility cannot coexist**. Pendle optimizes for operational efficiency. Napier optimizes for freedom, customization, and ecosystem-led growth. Napier is built to do what Pendle will not: **provide governance, ownership, and scale driven by builders instead of centralized control.** *** ## **The Napier Thesis: Natural Oligopoly** Technology markets tend to converge to a few dominant players: * Aave → Morpho/Euler * Amazon → Shopify * iOS → Android * Adobe → Figma A new value axis emerges, and the market splits along it. Napier and Pendle will share the yield market — **Pendle as the centralized, operationally efficient platform Napier as the decentralized, builder-led, flexible layer,** Napier competes along a different value vector than Pendle; the market will be shared # 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) * [Markets - Napier AMM](/learn/protocols/markets-napier-amm) * [Markets - Curve AMM](/learn/protocols/markets-curve-amm) # PT and YT — Tokenized Yield ### What Is Tokenized Yield in Napier? Napier splits a yield-bearing asset into **PT** (principal) and **YT** (yield). PT/YT trade in Napier Markets, enabling fixed- and floating-yield strategies—for example: `ETH → stETH → PT-wstETH + YT-wstETH`. The design is analogous to bond stripping in traditional finance. This mechanism allows anyone to compose flexible, modular yield products. *** ### Core Concepts * **PT (Principal Token):** The principal claim that **redeems 1:1** for the underlying asset at maturity. Because yield is stripped out, PT is typically issued at a **discount** and **converges to par** as maturity approaches. * **YT (Yield Token):** The right to the underlying asset’s **accrued yield** (and program incentives/points, if any) during the accrual period. *** ### Key Features * **No-Code / Low-Code:** By customizing Resolver templates, curators can onboard nearly any yield-bearing asset without writing new smart contracts. * **Market-Based Economics:** Each market defines its own fee schedule (issuance, redemption, performance) and revenue routing at deployment. * **Market-Based Governance:** Markets function as isolated administrative domains with per-market roles; core parameters are fixed at creation and remain immutable. * **Selective Controls:** Role- and policy-based controls—including gating and an emergency pause—can be configured per market. * **Permissionless Creation:** Any party may deploy new PT/YT; no additional approvals are required. * **Transparent Rules:** Maturity and redemption terms, oracle sources, fee schedules, incentive programs, and role assignments are published on-chain and fully auditable. *** ### Permissionless Creation A defining characteristic of Napier is **permissionless PT/YT market creation**. Any curator can deploy an isolated market specified by a fixed set of parameters. This departs from common designs that: * require governance or core-team approval for listings and parameter changes; and * manage markets by a single entity or DAO, thereby sharing risk across the protocol. In Napier, parameters are selected by each market’s curator at the time of creation. The curator selectively exercises full administrative control and is entitled to the economic returns associated with the growth of their market. *** ### Fees (Economics) Curators set market fees and parameters for PT and YT to reflect demand, volatility, and maturity. * **Issuance fee:** A fixed-percentage fee applied to the underlying when minting new PT and YT. * **Redemption fee:** A fixed-percentage fee applied when converting PT (and any associated YT, if applicable) back to the underlying. * **Performance fee (before maturity):** A dynamic percentage applied to **all yield accrued** (including points) by all outstanding YT.　*Example:* 10% on 3% APY ≈ **0.3%** of notional. * **Performance fee (after maturity):** A dynamic percentage applied to yield generated by the **YBTs backing matured, unredeemed PTs**. *Example:* 10% on 3% APY ≈ **0.3%** of notional. *** ### Roles (Governance) Similar to PTs and YTs, roles may be delegated on a per-market basis. Curators assign roles to one or more parties. #### Role Types * **Curator**: Market owner responsible for assigning and removing roles. * **LP**: Provides liquidity and receives fee allocations in proportion to share. * **Fee Receiver**: An individual or project designated by the curator to collect curation fees. * **Protocol Pauser**: An account authorized by the curator to pause a specific PT in emergencies. * **Developer**: A role authorized to implement additional custom logic for PTs/YTs. #### Governance Principle Neither Napier Labs nor the Napier DAO holds privileged control over individual PT/YT markets. Role assignment is exclusively managed by curators. *** ### Market Types Permissions evolve with DeFi and may be selectively retained to meet user demand. #### Types * **Verified**: Markets created by curators who complete the verification process. Displayed with a Verified badge on the Napier interface by default. * **Unverified**: Markets without verification. Displayed with an Unverified badge. * **Unstoppable**: Markets where curators renounce all permissions except Fee Receiver, rendering the market immutable. Displayed with an Unstoppable badge. * **Banned**: Markets deemed socially or morally inappropriate, or created with malicious intent. Displayed with a Banned badge. *** ### Core Interactions * **Mint and Redeem:** Mint PT and YT; redeem PT **1:1** at maturity. * **Buy and Sell:** Buy and sell PT/YT via Napier Markets. * **Claim YT:** Claim accrued yield and rewards (including points) at anytime * **Provide Liquidity:** Add or remove liquidity to earn fees, incentives rehypothecation. * **Use PT across DeFi:** Use PT as collateral within external protocols. * **Claim Curation Revenue:** Curators claim configured fees and incentives at anytime * **Curate and Manage:** Create markets, configure fees/oracles, and manage roles and emergency actions. *** ### Get Involved Napier Markets are open and composable by design. Choose your path and dive deeper with the dedicated guides: * **For Users** → User Guide: Learn how to trade PT/YT, provide liquidity, and use PT as collateral. * **For Curators** → Curator Guide: Understand how to launch markets, configure parameters, and build your own onchain yield products. * **For Builders** → Developer Guide: Integrate Napier Markets into your protocol with SDKs and APIs. # Markets - Napier AMM ### What Are Markets in Napier? A Napier Market consists of a trading pool and an execution system that pairs a single underlying yield-bearing asset with its Principal Token (PT). Pools currently support both the **Napier AMM** and the Curve AMM, structured as PT/underlying pairs (e.g., `PT-sUSDe / sUSDe`). The execution system functions as a router that atomically handles PT, YT, and underlying actions—including issuance, redemption, swaps, and liquidity operations—within a single transaction. Each Napier Market is curated and customized to the underlying asset and intended use case. Parameters are chosen at launch and remain fixed, except where certain adjustments are predefined as configurable. *** ### Core Concepts * **Napier AMM**: A bespoke liquidity engine facilitating swaps between PT, YT and the underlying asset. * **Execution System**: A unified router that encapsulates all actions within and beyond Napier, designed to enhance the overall UX. *** ### Key Features * **Modularity**: Built from interchangeable components, allowing flexible configurations. * **Flash-Swap**: Atomic flash swaps ensure that YT trades are executed against the same PT/YT pool, preventing liquidity fragmentation and improving capital efficiency. * **Rehypothecation + JIT**: LP capital can be deployed into ERC-4626 vaults. Dynamic AMM↔Vault rebalancing during PT/YT trades enables just-in-time (JIT) liquidity, reduces idle reserves, and delivers dual yields (vault returns + trading fees). * **Concentrated Liquidity**: Liquidity is concentrated into bespoke implied-APY bands to maximize efficiency and minimize price impact. * **Time-Adaptive Curve**: Curves evolve with time-to-maturity, aligning price with accrued yield and minimizing LP value leakage, with greater usable depth near expiry. * **Curator-Set Parameters**: Curators configure vault allowlists, allocation ratios, fee splits, and APY bands, enabling differentiated strategies and business models. * **Uniswap v4 Compatibility**: Implemented as a v4 Hook for direct router/solver integration and portable deployment across all v4 chains. #### Deep Dive For detailed explanations of each concept and flow, see, see: * [Rehypothecation](/learn/protocols/markets-napier-amm/rehypothecation) * [Concentrated Liquidity](/learn/protocols/markets-napier-amm/concentrated-liquidity) * [Execution Systems](/learn/protocols/markets-napier-amm/execution-systems) *** ### Permission-less Creation A defining feature of Napier is permissionless market creation. Any curator may deploy an isolated market defined by a fixed set of parameters. This design contrasts with conventional models that: * require governance or core-team approval for market listings or parameter changes, and * concentrate market control in a single entity or DAO, thereby pooling systemic risk. In Napier, parameters are determined by each market’s curator at creation and cannot be modified thereafter (except where predefined as adjustable). The curator exercises full administrative control and receives the economic returns tied to the market’s growth. *** ### Fees (Economics) Similar to PTs and YTs, curators configure fee parameters based on market demand, volatility, and maturity. #### Swap Fee * A percentage fee is applied to every swap in the unit of underlying token. * Napier charges **percentage-based swap fees on the yield-receivable portion of PT** whenever trades occur. This ensures that fees scale fairly across different maturities: * Longer time to maturity → higher yield receivables → higher fees * Shorter time to maturity → lower yield receivables → lower fees * At pool creation, the curator defines the **LP vs Curator/Protocol Fee Share (`reserveFeePct`)**, which allocates fees between LPs and Curator/Protocol. * LPs receive their portion in proportion to liquidity share. * The **Curator vs Protocol split (`splitFeePct`)** is subsequently adjustable by Napier Governance (currently set to 100% Curator). * Curators must balance their own revenue share with LP attractiveness to ensure sustainable market growth. #### Example A $1,000 swap with a 1% Swap Fee (= $10): * With `reserveFeePct = 90/10` and `splitFeePct = 70/30`: * LPs receive $9 * Curator receives $0.7 * Protocol receives $0.3 *** ### Roles (Governance) Similar to PTs and YTs, roles may be delegated on a per-market basis. Curators assign roles to one or more parties. #### Role Types * **Curator**: Market owner responsible for assigning and removing roles. * **LP**: Provides liquidity and receives fee allocations in proportion to share. * **Fee Receiver**: An individual or project designated by the curator to collect curation fees. * **Protocol Pauser**: An account authorized by the curator to pause a specific market in emergencies. * **Developer**: A role authorized to implement additional custom logic for PTs/YTs. #### Governance Principle Neither Napier Labs nor the Napier DAO holds privileged control over individual PT/YT markets. Role assignment is exclusively managed by curators. *** ### Market Types Permissions evolve with DeFi and may be selectively retained to meet user demand. #### Types * **Verified**: Markets created by curators who complete the verification process. Displayed with a Verified badge on the Napier interface by default. * **Unverified**: Markets without verification. Displayed with an Unverified badge. * **Unstoppable**: Markets where curators renounce all permissions except Fee Receiver, rendering the market immutable. Displayed with an Unstoppable badge. * **Banned**: Markets deemed socially or morally inappropriate, or created with malicious intent. Displayed with a Banned badge. *** ### Core Interactions * **Buy and Sell**: Trade PT/YT through Napier Markets. * **Provide Liquidity**: Add or remove liquidity to earn fees and rehypothecation incentives. * **Build Collateralized PT Positions**: Use PT as collateral in external protocols. * **Rehypothecation Settings:** Configure vaults and allocation ratios to unlock new strategies, such as built-in PT looping. * **Claim Curation Revenue**: Curators claim accrued fees, incentives, and rehypothecation revenue at any time. * **Curate and Manage**: Create markets, configure fees/oracles, manage roles, and administer rehypothecation and emergency actions. *** ### Get Involved Napier Markets are open and composable by design. Choose your path and dive deeper with the dedicated guides: * **For Users** → User Guide: Learn how to trade PT/YT, provide liquidity, and use PT as collateral. * **For Curators** → Curator Guide: Understand how to launch markets, configure parameters, and build your own onchain yield products. * **For Builders** → Developer Guide: Integrate Napier Markets into your protocol with SDKs and APIs. # Rehypothecation Rehypothecation in Napier allows pools to deploy idle assets into external ERC-4626 vaults while keeping them fully usable for trading. This enables LPs to earn additional yield beyond swap fees, maximizing capital efficiency by reducing idle reserves and delivering dual income streams. *** ### Mechanism * **Token-Specific Vaults**: Each side of the LP pair (Underlying and PT) can be rehypothecated independently into separate ERC-4626 vaults. * **Independent Parameters**: For each token, the curator specifies: * **Vault Address** – The ERC-4626 vault to use (or zero address to disable). * **Min (ϕmin)** – Minimum ratio of raw tokens to total balance. * **Max (ϕmax)** – Maximum ratio of raw tokens to total balance. * **Target (ϕtarget)** – Target ratio of raw tokens to total balance. * **Lock Setting** – At deployment or afterward, curators can freeze either the vault choice or ratio conditions. Once frozen, these cannot be changed, ensuring transparency for LPs and minimizing trust assumptions. * **Reserve Split**: A portion of reserves is kept as raw balance for swaps, while the remainder is deployed into the assigned vault. * Vault-deposited reserves remain available for trading, but withdrawals incur **additional gas costs and smart contract risks**. * **Rebalancing**: After swaps, reserves are dynamically rebalanced between raw tokens and vault deposits according to curator-defined parameters. *** ### Benefits * **For LPs**: Earn both trading fees and vault yield, boosting net returns. * **For Curators**: Configure vault allowlists, allocation ratios, and freeze parameters, tailoring strategies to specific assets and risk profiles. * **For Traders**: Just-in-time (JIT) rebalancing ensures sufficient liquidity for efficient execution without compromising depth. *** ### Supported Vaults Yield-generating protocols that can be integrated for rehypothecation include (but are not limited to): * Aave * Euler * Morpho * Yearn * Gearbox *** ### Example In a **stETH/PT-stETH** pool, a curator may configure: * ϕtarget = 20% * ϕmin = 10% * ϕmax = 30% This means **20% of reserves are kept as raw stETH** for swaps, while the remainder is deployed into a Morpho vault. If swaps reduce the raw balance below 10%, funds are withdrawn from the vault until the ratio is restored to 20%. # Concentrated Liquidity Concentrated liquidity in Napier allows LPs to allocate funds into bespoke implied-APY ranges, maximizing capital efficiency while minimizing impermanent loss (IL). *** ### Mechanism * Similar to Pendle, Napier’s AMM accounts for the **natural appreciation of PT toward its underlying** as maturity approaches. * This mitigates time-dependent IL and ensures that at maturity, LP positions are economically equivalent to holding the underlying asset. * IL from swaps is further reduced because **PT and the underlying are highly correlated**. * For example, PT-stETH vs stETH trades within a predictable yield range, unlike the higher volatility of spot prices. * By concentrating liquidity into **specific yield bands**, LPs can provide much deeper liquidity within realistic ranges (e.g., 0.5–7% APY for staked ETH), enabling larger trades with lower slippage. *** ### Benefits * **For LPs**: Concentration reduces wasted capital, generates dual yield from PT and YT swaps within the same pool, and minimizes IL exposure. * **For Traders**: Consolidated liquidity in a single PT/underlying pool ensures greater depth and lower slippage, enabling larger trades with more predictable pricing. {% hint style="success" %} #### Greater Capital Efficiency **Concentrated Liquidity:** Liquidity is allocated within a curator-defined implied APY range, improving capital utilization and increasing LP returns. {% endhint %} {% hint style="success" %} #### Minimal Impermanent Loss (IL) Napier AMM design ensures that IL is a negligible concern. Napier AMM accounts for PT’s natural price appreciation by shifting the AMM curve to push PT price towards its underlying value as time passes, mitigating time-dependent IL (No IL at maturity). On top of that, IL from swaps is also mitigated as both assets LP’ed are very highly correlated against one another (e.g. PT-cUSDO / cUSDO). If liquidity is provided until maturity, an LP’s position will be equivalent to fully holding the underlying asset since PT essentially appreciates towards the underlying asset. In most cases prior to maturity, PT trades within a yield range and does not fluctuate as much as an asset’s spot price. For example, it’s rational to assume that Aave’s USDC lending rate fluctuates between 0%-15% for a reasonable timeframe (and PT accordingly trades within that yield range). This premise ensures a low IL at any given time as PT price will not deviate too far from the time of liquidity provision. {% endhint %} {% hint style="success" %} #### LVR Minimization via Time-Adaptive Curve In a static curve AMM, the fair PT price rises deterministically as time passes (the discount shrinks), so arbitrage trades are needed to keep up—creating continuous rebalancing costs (LVR). Napier’s time-adaptive curve internalizes this time decay, reducing the rebalancing costs that would otherwise occur on the path to maturity. As a result, residual LVR primarily comes from non-deterministic shocks—changes in the market discount rate or PT/YT demand shifts—rather than from the mere passage of time. {% endhint %} *** ### Example If an LP expects the implied yield of a staked ETH market to remain between 0.5–7%, they can concentrate liquidity within that band. * This provides **higher capital efficiency** and **stable returns** while avoiding unnecessary exposure outside the expected range. * If yields move beyond 7%, liquidity in that direction becomes thin, limiting further trading until the range is adjusted in a new market. # 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**: 1. Buyer sends YBT into the contract 2. Contract borrows additional YBT from the pool 3. Mint PT and YT from the combined YBT 4. Send YT to the buyer 5. Sell PT for YBT to repay step 2 * **Selling YT**: 1. Seller sends YT into the contract 2. Contract borrows equivalent PT from the pool 3. YT and PT are redeemed for YBT 4. YBT is sent to the seller 5. 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. # Oracles ### TLDR * **Napier Oracle:**\ A time-weighted average logarithmic implied rate (**lnImpliedRate**) oracle for fixed-rate markets.\ Adapted from Uniswap V3’s oracle architecture, it enables reliable yield and price discovery while maintaining strong resistance to manipulation. * **PT Oracle:**\ Based on the **time-weighted geometric mean (TWAP)** of the **implied APY** internally tracked by the AMM, it returns the **PT price (in terms of the underlying asset)** for a specified observation window. * **LP Oracle:**\ Returns the **estimated TWAP exchange rate between the LP token and the underlying asset**.\ It simulates a **hypothetical zero-fee swap** to align the PT spot price with the PT Oracle’s price, constructs a **virtual pool state**, and evaluates the LP price from that adjusted state. *** ## Napier Oracle The Napier oracle provides time-weighted average logarithmic implied rate (lnImpliedRate) data for fixed-rate markets. Adapted from Uniswap V3's oracle design, it enables reliable yield and price discovery while maintaining resistance to manipulation. ### Mechanics The oracle works by storing cumulative implied rate data in a circular array. This data is automatically updated with every market interaction, allowing anyone to calculate time-weighted average rates over arbitrary periods. #### Observations Every fixed-rate pool tracks oracle observations in an array: * Each pool is initialized with an oracle array length of 1 * Anyone can pay the gas costs to increase the oracle array up to a maximum of 65,535 slots * The oracle array is treated as a circular buffer - old observations are overwritten once the array is full The **observation** recorded includes three values: | Value | Type | Description | | ------------------------- | --------- | --------------------------------------------------------- | | `blockTimestamp` | `uint32` | The block timestamp of the observation | | `lnImpliedRateCumulative` | `uint216` | The logarithmic implied rate accumulator up to this point | | `initialized` | `bool` | Whether or not the observation has been initialized | #### Accumulators The lnImpliedRate accumulator stores the sum of the logarithmic implied rate at the beginning of each block, multiplied by the time elapsed since the previous block. The value can be stored as a `uint216`, as it is only updated once per block. ``` lnImpliedRateCumulative[i] = lnImpliedRateCumulative[i-1] + lnImpliedRate * ΔT ``` Where `lnImpliedRate` is the current logarithmic implied rate and `ΔT` is the time elapsed since the last observation. ### Deriving Yield Values The accumulator value can be used to derive the time-weighted average implied rate over any period. The implied rate is derived from the logarithmic value using the formula: ``` impliedRate = e^(lnImpliedRate) ``` The geometric mean rate over a period can be calculated as: ``` impliedRate = e^((lnImpliedRateCumulative[t2] - lnImpliedRateCumulative[t1]) / (t2 - t1)) ``` *** ## Technical Details ### Oracle Initialization and Data Availability **Important**: The oracle must be initialized before use and requires time to accumulate meaningful data: 1. **Initialization**: Each pool starts with a single observation at deployment time with `lnImpliedRateCumulative = 0` 2. **Waiting Period**: For meaningful averages, wait for your desired time window to elapse (e.g., wait 1 hour for accurate 1-hour averages) ### Observations Array The oracle array is structured to minimize gas costs: * The array acts as a circular buffer, with the oldest observation overwritten by the newest * Observations are written at most once per block * Linear interpolation is used when exact timestamp matches aren't available ### Increasing Cardinality The `grow` function allows anyone to increase the maximum number of observations: ```solidity function grow(Observation[65535] storage self, uint16 current, uint16 next) internal returns (uint16) ``` This is useful for applications requiring longer historical windows or more granular data. ### Consulting the Oracle The `observe` function retrieves historical implied rate data: ```solidity function observe( Observation[65535] storage self, uint32 time, uint32[] memory secondsAgos, uint96 lnImpliedRate, uint16 index, uint16 cardinality ) internal view returns (uint216[] memory lnImpliedRateCumulative) ``` The function accepts an array of `secondsAgo` values and returns the corresponding cumulative values. If no observation exists at the exact timestamp, the oracle interpolates between surrounding observations. # Deterministic Oracles ### Overview A **Deterministic Oracle** is a predictable lower-bound evaluation mechanism that always returns the same output for the same input.\ In Napier, it serves two main purposes: * **PT Lower-Bound Pricing:**\ Provides a time-based function that converges to 1 (face value) at maturity, offering a conservative reference for collateral valuation and liquidation logic. * **LP Lower-Bound Pricing:**\ A conservative time-consistent model for LP value estimation (the **LP Linear Discount** model). ### Supported Variants * **PT Variant**\ Uses the annual slope parameter `rateBps` (basis points) to apply a **linear time-based discount** on PT valuation.\ The discount rate increases linearly as maturity approaches, and the price is **clipped at 1.0** upon maturity. * **LP Variant**\ Extends the PT linear discount logic to LPs, providing a **conservative, time-consistent valuation** of LP tokens. The LP price is also **clipped at 1.0** as an upper bound to prevent overvaluation. ### Argument Specification The encoded arguments used when initializing the oracle are as follows: ```solidity bytes memory args = abi.encode( address(pool), address(principalToken), address(base), uint16 rateBps ); ``` | Parameter | Description | | ---------------- | --------------------------------------------------------------------------------- | | `pool` | The pool or market being evaluated | | `principalToken` | The target PT (Principal Token) | | `base` | The reference asset used for price expression (either SY or the underlying asset) | | `rateBps` | The annual linear slope in basis points (`bps`), where `10000 = 100% per year` | ### Formula ``` SECONDS_PER_YEAR = 365 * 24 * 60 * 60 t: current timestamp (unix seconds) maturity: maturity timestamp (unix seconds) rateWad = rateBps * 1e14 ``` **Discount factor** (in WAD, where `1e18 = 1.0`): ```solidity discountWad = min( 1e18, 1e18 - ((maturity - t) * rateWad) / SECONDS_PER_YEAR ); ``` * When `t >= maturity`, `discountWad = 1e18` * **Lower-bound PT price (assuming face value = 1):**\ `pricePT_lower = discountWad` ### Design Considerations * **Conservative Valuation:**\ The model always produces a value that may be lower than the market price — it serves as a **lower-bound guide**. * **Parameter Responsibility:**\ Setting `rateBps` too high results in overly conservative (strict) valuations. * **Boundary Conditions:**\ Handle maturity crossover correctly, maintain consistency in seconds-to-year conversion, and unify WAD/decimal precision. * **Intended Usage:**\ In production, this oracle should be used **in conjunction with TWAP-based rate or price oracles** and **risk-control mechanisms**, serving as a **sanity boundary** rather than a standalone pricing source. # Markets - Curve AMM Napier also supports markets built on **Curve’s Two-Crypto-NG AMM**, in addition to the native Napier AMM. The general design of **Markets, Permissionless Creation, Fees, Roles, Market Categories, and Core Interactions** remains as described in the previous section ([Markets - Napier AMM](/learn/protocols/markets-napier-amm)). This page focuses on features unique to Curve AMM–based markets. *** ### Core Concepts * [**Curve Two-Crypto-NG Pool**](https://github.com/curvefi/twocrypto-ng) Instead of Napier’s time-adaptive AMM curve, these pools use Curve’s Two-Crypto-NG invariant. Pools are structured as PT/underlying pairs (e.g., PT-sUSDe / sUSDe). Two-Crypto-NG is designed for pairs that are highly correlated but not perfectly stable, making it well-suited to PT/underlying markets where PT converges to the underlying at maturity. * **Execution System** As with Napier AMM, the unified router atomically handles issuance, redemption, swaps, and liquidity actions in a single transaction. *** ### Key Features * **Adaptive Invariant** Two-Crypto-NG generalizes Curve’s invariant to handle correlated assets with some volatility. This allows efficient swaps even when PT diverges modestly from the underlying, while still converging smoothly toward parity at maturity. * **Simplified Liquidity Provision** Unlike Napier AMM’s yield-band concentration, liquidity in Two-Crypto-NG pools spans the entire range. LPs do not need to configure APY bands, which lowers operational complexity. * **Ecosystem Integration** Pools deployed on Curve AMM can integrate directly with Curve’s existing ecosystem—gauges, rewards, and veCRV incentives—enabling curators to bootstrap liquidity beyond Napier’s native mechanisms. *** ### Differences from Napier AMM | Aspect | Napier AMM (Custom v4 Hook) | Curve AMM (Two-Crypto-NG) | | ----------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Trading curve design | Time-adaptive curve converging toward flatness at maturity | Two-Crypto-NG invariant for correlated but volatile pairs | | Swap Fee |

|

| | IL mitigation | PT appreciation + band concentration | Efficient handling of correlated assets without explicit banding | | LP strategy | Select implied-APY bands for higher efficiency | Provide liquidity across the full curve, simpler UX | | Ecosystem integration | Native to Uniswap v4 Hook–based | Curve-native incentives (gauges, veCRV) | | Rehypothecation support | Supported | Not supported | *** ### Incentives * **For LPs**: Earn fees from PT/underlying trades without needing to actively manage liquidity ranges; potential to stack Curve gauge rewards. * **For Curators**: Configure markets that tap into Curve’s veCRV incentive system, aligning Napier’s yield trading with Curve’s liquidity engine. * **For Traders**: Benefit from deep liquidity and efficient execution even when PT deviates moderately from the underlying, with convergence ensured as maturity approaches. *** ### Example A PT-sUSDe / sUSDe market deployed on Curve AMM uses the Two-Crypto-NG invariant. * LPs deposit liquidity once, without choosing yield bands, and earn both trading fees and potential Curve incentives. * Traders execute PT ↔ sUSDe swaps with low slippage, even if yields shift before maturity. * Curators may direct veCRV incentives toward their market, attracting deeper liquidity from Curve’s ecosystem. *** ### Get Involved Napier Markets are open and composable by design. Choose your path and dive deeper with the dedicated guides: * **For Users** → User Guide: Learn how to trade PT/YT, provide liquidity, and use PT as collateral. * **For Curators** → Curator Guide: Understand how to launch markets, configure parameters, and build your own onchain yield products. * **For Builders** → Developer Guide: Integrate Napier Markets into your protocol with SDKs and APIs. # Products # Connectivity # Glossary {% hint style="info" %} The Glossary is continuously updated based on user questions and feedback. {% endhint %} *** ### General Concepts * **Yield-bearing Asset:**\ Any token that generates yield. Often referred to as the **Underlying Asset**. * **Asset:**\ Base assets used to value the underlying assets (E.g, USDC) * **Yield Tokenization:**\ The process of splitting a yield-bearing token into two parts:\ **PT (Principal Token)** and **YT (Yield Token)**. * **PT (Principal Token):**\ Represents the principal portion of the underlying asset. * **YT (Yield Token):**\ Represents the right to receive yield generated by the underlying asset. * **Maturity Date (Maturity):**\ The date on which the principal of a yield-bearing token or debt instrument becomes due. * **User:**\ Any individual interacting with Napier for trading, yield, or liquidity activities. * **Curator:**\ A participant responsible for managing, optimizing, and maintaining yield markets. *** ### Interface Columns #### Yield * **Net APY:** Overall annualized yield including rewards and yield-bearing tokens. * **Fixed (Yield) APY:** Guaranteed APY from holding PT; equal to **Implied APY**. * **Effective Fixed APY:** The fixed APY based on the actual execution rate after price impact and fees. * **Fixed Maturity Profit:** Profit at maturity, expressed in the underlying token. * **Long (Yield) APY:** Estimated annualized return from holding YT assuming the underlying APY remains constant (can be negative). * **Yield (Point) Leverage:** Amplified exposure to yield or points via YT positions. * **Interest APY:** 7-day moving average yield of the underlying asset. * **Reward APR:** Estimated APR of reward tokens; not auto-compounding. * **Implied APY:** Market’s consensus on the future APY, derived from the YT/PT price ratio.\ Equivalent in value to **Fixed Yield APY**. * **Effective Implied APY:** Implied APY calculated from the user’s actual trade rate. #### Incentives * **Point:** Offchain incentives distributed to users. * **Boost (Multiplier):** A multiplier (e.g., 2x, 5x) that increases point distribution. * **Rewards:** Additional tokens or point incentives for participating in pools. #### Market & Network Info * **Chain (Network):** The blockchain on which a protocol or asset operates. * **PT and YT TVL:** Total value locked in the specific PT or YT. *** ### Builders Attributes * **Builders** are entities like asset issuers and curators, that create Investment packages through Napier’s vertical integration model. * **Markets** refer to the core PT/YT and AMM components of the Napier protocol. * **Investments** are vertically integrated packages that combine the Protocol Layer, Connectivity Layer, and Product Layers around Napier Markets to fit real-world use cases. (E.g. IPOR Fusion PT Looping Vault available on Robinhood) ### Market Attributes #### Status * **Active:** Market currently operating. * **Matured:** Market has reached maturity. * **Paused:** Temporarily or permanently halted by a curator. #### Type * **Verified:** Created by a verified curator. * **Unverified:** Created without verification. * **Unstoppable:** Immutable market (all curator permissions renounced except Fee Collector). * **Banned:** Flagged as inappropriate or malicious. #### Additional Info * **Issuance Cap (Limit):** Maximum mintable amount of a PT/YT pair. * **Created At:** Date when a market was deployed by its curator. * **Status & Roles:** Permissions assigned to manage or control market functions. #### Implied APY Range The **Implied APY Range** is a custom setting defined by curators in Napier AMM.\ By specifying this range, curators can: * **Maximize capital efficiency** by concentrating liquidity around realistic yield expectations. * **Minimize impermanent loss (IL)** by limiting exposure to extreme rate movements. > To learn more about how range concentration works, see: **Concentrated Liquidity** ### Rehypothecation **Rehypothecation** in Napier allows pools to deploy **idle assets** into external yield vaults (e.g., Morpho, Euler, or IPOR Vaults) while keeping those assets **fully available for trading** in the AMM. This design increases capital efficiency by putting unutilized liquidity to work without compromising on-chain liquidity depth. > For detailed mechanics and setup, see: [**Rehypothecation**](/learn/protocols/markets-napier-amm/rehypothecation) ### Resolver A **Resolver** is a contract that returns the **exchange rate** between vault shares and their underlying assets.It is used by the AMM and other modules to accurately value collateral or vault positions in real time. > To learn more about how to set resolvers, see: [**Reslover Selection**](/curate/napier-curation/create-market-napier-amm/resolver-selection) *** *** ### Roles and Permissions | Role | Description | | ------------------------------------------- | ------------------------------------------------------------------------- | | **Super Admin** | Held by Napier Governance; ultimate authority over protocol and treasury. | | **Treasury** | Recipient of Napier Protocol fees. | | **Napier Developer** | Developer multisig managed by Napier Labs. | | **Fee Distributor / Converter / Collector** | Manage, convert, and collect protocol fees. | | **Curator** | Market owner responsible for assigning and managing roles. | | **Fee Manager** | Sets PT fee parameters. | | **Fee Collector / Receiver** | Collects or receives fees. | | **Protocol Pauser** | Can pause a PT in emergencies. | > Napier Labs holds **no authority** over any market.\ > Each PT/YT market is independently managed by its curator. * **Delegation:** A curator assigning specific roles to other accounts. * **Renounce:** A curator permanently giving up all roles in a market. *** ### Fees and Economics | Fee Type | Description | | --------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Issuance Fee** | Percentage fee when minting new PT and YT. | | **Redemption Fee** | Percentage fee when redeeming PT and YT back to underlying assets. | | **Performance Fee (Before Maturity)** | Percentage of yield accrued (including points) from active YTs. Example: 10% of 3% APY ≈ 0.3% of notional. | | **Performance Fee (After Maturity)** | Percentage of yield accrued from unredeemed matured PTs. | | **Swap Fee (Napier AMM)** |

Definition

Fee logic

Who gets the fees?


| | **Fee Switch (Fee Distribution ratio)** |

All fees generated by the Napier Protocol are distributed according to the curator/protocol fee split ratio (splitFeePct), which is governed by Napier Governance.

Currently, the split is set to 100% to curators and 0% to the protocol.

| > During bootstrap: > > * Curator : User = **100% : 0%** > * Napier Points = **20% : 80%** *** ### Pool Metrics * **TVL (Total Value Locked):** Total assets deposited in Napier Protocol. * **Pool TVL:** Liquidity within a specific pool. * **Volume:** Total trading volume over time. * **Pool Volume:** Amount traded within a specific Napier pool. * **Pool APY:** Overall APY on LP positions after all fees and rewards. * **Gauge:** Mechanism that adjusts reward distribution based on participation. *** ### Slippage & Transaction Settings * **Max. Slippage:** Maximum deviation between expected and executed price. * **Auto:** Automatically adjusts slippage tolerance to market conditions. * **Custom:** Lets users manually set slippage tolerance. * **Min. Received:** Minimum expected amount after slippage. * **Transaction Deadline:** Time limit before a transaction expires. * **Last Updated:** Timestamp of the most recent data refresh. *** ### Yield-Bearing Token (YBT) * **Conversion Rate:** Ratio at which input tokens convert to output tokens. *** ### Performance Metrics * **Current AUM:** Current assets under management by a curator. * **Cumulative AUM:** Total historical value managed since inception. * **Cumulative Fees Earned:** Total fees collected across all markets. * **Underlying Asset TVL:** Value locked in underlying assets across the protocol. # Calculation Work-in-Progress This document contains the formulas used to calculate the data like APY, Volume, and TVL for Napier Protocols. ### Annual Percentage Yield (APY) The annual percentage yield (APY) is the interest rate or yield earned on your investment in one year, including compounding interest. A higher APY is better as your return will be higher. #### Net APY[​](https://docs.pendle.finance/ProtocolMechanics/PendleMarketAPYCalculation#underlying-apy) **Net APY** is the overall annual percentage yield after considering all yields and any other rewards on yield-bearing tokens. $$ \text{Net APY} = \text{Interest APY} + \text{Reward APR} $$ Net APY comes in two part, below are how to calculate each of them. #### **Interest APY** **Interest APY** represents the 7-day moving average yield rate of the underlying asset. This approach allows a more accurate indication of the underlying yield over a period of time, which can help traders to better estimate the Future Average Interest APY. $$ \text{Interest APY} = \left(1 + \text{7-day yield}\right)^{365/7} - 1 $$ #### Reward APR **Reward APR** is the estimation of the current APR for the **rewards** of the underlying assets. Rewards = returns in the reward token, and it’s not auto-compounding by default. $$ \text{Reward APR} = \frac{\text{Annualized rewards (in underlying units)}}{\text{Current asset value}} $$ #### **Implied APY** **Implied APY** is the market consensus of the future APY of an asset. This value is calculated based on the ratio of the price of YT to PT and the formula is shown below. When used in conjunction with the Underlying APY, Implied APY can be used to establish the relative valuation of an asset such as YT and PT at their current price, and help traders determine their trading strategies. The value of Implied Yield is numerically equivalent to the to Fixed Yield APY. $$ \text{Implied APY} \= \Bigl(1 + \frac{\text{YT Price}}{\text{PT Price}}\Bigr)^{\frac{365}{\text{Days to Expiry}}} ;-; 1 $$ **PT Price** is how much PT you can get from 1 underlying asset. $$ \text{PT Price} = \frac{\text{PT Amount}}{\text{Underlying Amount}} $$ **YT Price** is derived from PT Price. $$ \text{YT Price} = 1 - \text{PT Price} $$ #### **Effective Implied APY** **Effective Implied APY** is the APY based on the actual rate that the user used to swap. $$ \text{ptExchangeRate} \= 1 + \frac{\text{ptAmount}}{\text{ytAmount}} $$ $$ \text{Effective Implied APY} \= ptExchangeRate^{\frac{365}{\text{Days to Expiry}}} ;-; 1 $$ #### **Fixed APY** **Fixed APY** is the guaranteed yield you will receive by holding PT. This value is numerically equivalent to the Implied APY. $$ \text{Fixed APY} \equiv \text{Implied APY} $$ #### **Effective Fixed APY** **Effective Fixed APY** is the Fixed APY based on the actual rate that the user used to swap. $$ \text{Effective Fixed APY} \equiv \text{Effective Implied APY} $$ #### Fixed Maturity Profit **Fixed Maturity Profit** is the profit at maturity, expressed in the underlying token. $$ \text{Fixed Maturity Yield} = \text{PT Received} - \text{Input Amount (base asset)} $$ #### **Long (Yield)APY** **Long (Yield) APY** is the approximated return (annualized) from buying YT at the current price, assuming underlying APY remains constant at its current value. This value can be negative, meaning that the total value of all the future yield based on the Underlying APY will be less than the cost of buying YT. **Interest Returns:**\ The returns from interest for holding 1 YT until expiry: $$ \text{interestReturns} = \left(1 + \text{underlyingInterestApy}\right)^{\text{yearsToExpiry}} - 1 $$ **Rewards Returns:**\ The returns from rewards (assumed linear over time): $$ \text{rewardsReturns} = \text{underlyingRewardApy} \times \text{yearsToExpiry} $$ **Total YT Returns:**\ The sum of interest and rewards returns: $$ \text{ytReturns} = \text{interestReturns} + \text{rewardsReturns} $$ **YT Returns After Fee:** We have 2 type of performance fees: \ Performance Fee Before Maturity and Performance Fee After Maturity\ \ In this example we just assume all fees already calculated become X % on the YT Yield \ Let say X is 10 % $$ \text{ytReturnsAfterFee} = \text{ytReturns} \times 0.9 $$ **Long Yield APY:**\ If you start with a YT priced at $$\text{ytReturnsAfterFee}$$, then after $$\text{yearsToExpiry}$$ you receive an additional $$\text{ytReturnsAfterFee}$$(in terms of the base asset). The APY is calculated by annualizing the total return: $$ \text{longYieldApy} = \left(\frac{\ \text{ytReturnsAfterFee}}{\text{ytPriceInAsset}}\right)^{\frac{1}{\text{yearsToExpiry}}} - 1 $$ #### **Yield (P**oint) **Leverage** **Yield (Point) Leverage** is the multiplied exposure on yield or points by holding YT beyond what your principal normally earns. $$ \text{Yield (Point) Leverage} = \frac{1}{\text{Yield Price in YBT}} $$ #### Napier Point APY The **Napier Point APY** estimates the annualized yield derived from Napier Point incentives. It reflects the potential return users may receive based on their participation and TVL contribution. The calculation begins with estimating the **total incentive value**, which is 15% of the protocol’s fully diluted valuation (FDV): $$ \text{Total Incentive Value} = 15% \times \text{FDV} $$ This value is then distributed proportionally across all eligible Napier Points, giving us the **point price**: $$ \text{Point Price} = \frac{\text{Total Incentive Value}}{\text{Total Points}} $$ Given the amount of points distributed each week, we can compute the **weekly return** in dollar terms: $$ \text{Weekly Return} = \text{Weekly Point Distribution} \times \text{Point Price} $$ To understand the yield relative to the total capital deployed, we divide the weekly return by the total value locked, resulting in the **weekly APR**: $$ \text{Weekly APR} = \frac{\text{Weekly Return}}{\text{Total TVL}} $$ Finally, the **Napier Point APY** is the annualized projection of this weekly APR, assuming consistent distribution: $$ \text{Napier Point APY} = \text{Weekly APR} \times 52 $$ #### **Pool APY** **Pool APY** is the overall APY from TwoCryptoNG Curve after considering all yields and any other rewards on LP positions. $$ \text{Pool APY} = \text{Net Apy} + \text{PT Fixed Rate APY} + \text{LP Fees APY} $$ ### **Volume** **Volume** is the the number of shares or contracts traded in an asset over a period of time. $$ \text{Volume} = \sum\_{i} \text{Traded Asset}\_i $$ ### Total Value Locked (TVL) #### TVL **TVL (Total Value Locked)** is the total amount of assets currently deposited in the Napier protocol. #### Pool TVL **Pool TVL** is the total value locked within a specific liquidity pool. #### PT and YT TVL **PT and YT TVL** is the current value of the total issued amount of a specific PT and YT. ## AUM #### Current AUM **Current AUM** is the current value of assets under management by a specific curator. $$ \text{Current AUM} = \sum\_{i=1}^{N} \text{TVL}\_{\text{curator}\_i} $$ Where: * $$N$$ is the total number of market curators. * $$\text{TVL}\_{\text{curator}\_i}$$represents the TVL of the $$i^{th}$$market curator. #### Cumulative AUM **Cumulative AUM** is the total historical value of assets that a curator have been managed since inception. $$ \text{Cumulative AUM} = \sum\_{i=1}^{N} \text{TVL}\_{\text{market}\_i} $$ Where: * $$N$$ is the total number created by curator. * $$\text{TVL}\_{\text{market}\_i}$$ represents the TVL of the $$i^{th}$$ created by curator. #### Cumulative Fees Earned **Cumulative fees earned** are the total fees collected by a curator across all transactions over time. $$ \text{Cumulative Fees Earned} = \sum\_{i} \text{Fee Received}\_i $$ #### **Underlying Asset TVL** **Underlying asset TVL** is the total value locked in the underlying assets across the protocol.
# Napier App Guide ### Introduction to Napier App The Napier app is your gateway to the full Napier ecosystem. With it, you can access Napier-native features and combined strategies that integrate other DeFi protocols. Typical use cases include: * Earning **fixed yield** * Taking **leveraged yield** exposure * Providing **liquidity** * Composing **portfolio strategies** across protocols *** ### Where should I start? #### 1) New to Napier? Begin here to understand the concepts, tokens, and mechanics. * **Learn Napier:** Concepts, overview, how napier works #### 2) Ready to browse markets? If you already know the basics, jump straight into Napier market discovery. * [**Explore**](/invest/napier-app-guide/explore)**:** Market list, filters, sorting #### 3) Looking for product-specific guides? If you have a target market in mind and want detailed how-tos, see: * [**Fixed Yield**](/invest/napier-app-guide/fixed-yield-pt) — lock in predictable returns * [**Leveraged Yield**](/invest/napier-app-guide/leveraged-yield-yt) — amplify exposure to variable yield * [**Liquidity**](/invest/napier-app-guide/liquidity-lp) — provide LP to earn fees and incentives #### 4) After advanced strategies? Dive deeper into structured plays, including: * [**Advanced**](/invest/napier-app-guide/advanced)**:** Use Napier PT/LPTs in DeFi such as lending protocols. #### 5) Want the simplest path? If you don’t have time to learn everything (or just prefer one-click flows): * [**Earn**](/invest/napier-app-guide/earn)**:** Curated, simplified vaults and auto-managed strategies #### 6) Where can I view my portfolio? Check your active positions and rewards in the app’s **Portfolio** section. It provides a complete view of your balances, accrued yield, and strategy exposure across all Napier markets and integrations. * [**Portfolio**](/invest/napier-app-guide/portfolio) *** ### Vision - Napier App #### One Interface Does Not Fit All Napier believes that no single interface can serve every type of user.\ The Napier Interface provides one access point to the protocol — but **not the only one**. Users, curators, and developers can choose or build the experience that best matches their needs, risk preferences, and goals. #### Open and Neutral Access The Napier Interface acts as a **neutral network explorer** for all verified markets and strategies within the Napier ecosystem. It is **unopinionated** — showing verified data, trust indicators, and yield management options without bias. * Any page is accessible through a direct link, except where restricted by regulation. * If a user accesses an unverified market, the interface will display a **warning banner**. * All user positions — even those opened through third-party interfaces — are visible in the **Portfolio** tab, with a warning for unverified markets. #### Open, Auditable, and Accessible The Napier Interface and its infrastructure are **fully open-source**, ensuring transparency and composability. * **Auditable:** All contracts, SDKs, and subgraphs are public and verifiable. * **Buildable:** Developers can use Napier’s open SDKs and APIs to create or self-host specialized apps. * **Understandable:** Designed to be clear and consistent, avoiding opinionated UX choices. * **Usable:** Any user can interact directly with all Napier smart contract functionalities. * **Resilient:** Built to minimize trust, security, and liveness assumptions. #### Economic Model & Alignment The **Napier protocol** distributes revenue to curators — those who create and manage markets.\ In contrast, the **Napier Interface** is **non-profit**, maintaining long-term alignment with users and leaving open space for others to build **profitable, branded, or customized products** on top of Napier. #### In short: The Napier Interface is **a neutral, open, and auditable gateway** —\ a shared foundation where anyone can explore, monitor, and build on the Napier ecosystem. # Explore This page is your hub for discovering all yield opportunities across **Napier** and its partner protocols.　Think of it as a marketplace — browse, compare, and enter the yield opportunities you like. ### Table Customize the table to match your preferences. #### Row Each row is a market. Click it to open details. * Market Name & Maturity * Verified Status * Favorite * Pool TVL / Total TVL * 24h Volume * Implied APY * YT Long APY & Price ([Fixed Yield](/invest/napier-app-guide/fixed-yield-pt)) * PT Fixed APY & Price ([Leveraged Yield](/invest/napier-app-guide/leveraged-yield-yt)) * LP Pool APY ([Liquidity](/invest/napier-app-guide/liquidity-lp)) {% hint style="info" %} Markets that have **reached maturity** are highlighted in **yellow**, and **banned markets** are highlighted in **red**. {% endhint %} #### Column header Column headers can be customized to fit your preferences.
#### Sorting Click any column header (e.g., Fixed APY) to sort. #### Searching Find markets quickly using keyword search.
#### Filtering Use filter settings to display only the markets you’re interested in. {% hint style="success" %} By default, all markets displayed on the Napier App are created by **verified curators**. {% endhint %}
#### Favorite Heart ❤️ the markets you want to watch.
# Fixed Yield (PT) A Principal Token (PT) generates a fixed yield by being purchased at a discount to its redemption value at maturity. For example, since 1 PT cUSDO (USDO) is redeemable for 1 USDO at maturity, if you buy 1 PT cUSDO for 0.9 USDO, you will earn a 11.1% fixed yield at maturity. ### **Steps to Fixed Yield** Earn guaranteed returns by holding principal tokens: {% stepper %} {% step %} ### Step 1: Select a Market Make sure you’re on the page of the market where you want to execute your trade.
{% endstep %} {% step %} ### Step 2: Open a "Fixed Yield" Tab When you click the **Fixed Yield** button, available actions will appear.
{% endstep %} {% step %} ### **Step 3:** Select an Action Select the action you wish to perform and follow the corresponding guide below. {% tabs %} {% tab title="Buy" %} #### Flow (Buying PT) **Buying PT through AMM** * PTs are traded through the Napier AMM. * The exchange rate between the PT and the underlying asset is determined by the AMM and displayed on the UI. (e.g., `1 PT-wstETH = 0.97 wstETH`). **Holding PT** * You can sell your PT anytime before maturity through the AMM. * If you hold until maturity, each PT can be redeemed 1:1 for the corresponding underlying asset (e.g., `1 PT-wstETH → 1 ETH`). * PTs can also be used in DeFi protocols (e.g., as collateral in lending markets). {% endtab %} {% tab title="Sell" %} #### Flow (Selling PT) **Selling PT through AMM** * PTs are traded through the Napier AMM. * The exchange rate between the PT and the underlying asset is determined by the AMM and displayed on the UI. (e.g., `1 PT-wstETH = 0.97 wstETH`). **Before selling PT** * PT can be redeemed 1:1 for the corresponding underlying asset if you hold until maturity (e.g., `1 PT-wstETH → 1 ETH`). * PTs can also be used in DeFi protocols (e.g., as collateral in lending markets). {% endtab %} {% tab title="Mint" %} #### Flow (Minting PT and YT) 1. Start with an underlying assets. 2. Deposit → receive **PT** + **YT** in equal notional amounts.\ E.g. ETH → stETH → PT-stETH + YT-stETH 3. PT tracks principal; YT tracks the accrued yield. {% endtab %} {% tab title="Redeem" %} #### Flow (Redeeming PT and YT) Redemption lets you reclaim the **underlying asset** from your PT and/or YT. * Before maturity:\ Redeem with equal amounts of PT and YT → receive the underlying asset.\ *(e.g., 1 PT-wstETH + 1 YT-wstETH → 1 ETH)* * After maturity:\ Redeem with PT only → receive the underlying asset.\ *(e.g., 1 PT-wstETH → 1 ETH)* {% endtab %} {% tab title="Transfer" %} #### Transfer — Coming Soon 1. Select Market A (source). 2. Select Market B (destination). 3. Exit from A: 1. Before maturity: your PT will be sold via the AMM. 2. After maturity: your PT will be redeemed for the accounting asset. 4. Re-enter in B:\ Use the proceeds from Step 3 to buy PT in Market B. {% hint style="info" %} The transfer is executed as a **batch transaction** (a combination of existing actions).\ Execute carefully and monitor the **rate** to **maximize returns** and **minimize price impact**. {% endhint %} {% endtab %} {% tab title="Migrate" %} #### Migrate (Redeem + Buy) — Coming Soon Migrate lets you move A (your existing Pendle position) to B (a Napier market). 1. Select Market A (source). 2. Select Market B (destination). 3. Exit from A: * Before maturity: your PT is sold via the AMM. * After maturity: your PT is redeemed for the accounting asset. > Recommendation: Redeem after maturity when possible. 4. Re-enter in B:\ Use the proceeds from Step 3 to buy PT in Market B. {% endtab %} {% endtabs %} {% endstep %} {% step %} ### **Step 4:** Review and Execute Before executing a transaction, review your **rate** and **costs** carefully. #### Estimate * **Network cost:** Blockchain network fee. * **Fee:** Percentage-based protocol charge. * **Effective fixed APY:** The actual fixed APY you earn from this trade after accounting for price impact and fees. Equivalent to the final execution price or average acquisition price of PT. * **Earned at maturity:** Profit at maturity, expressed in the underlying token. * **Implied APY change:** Variation in implied APY compared to before the trade. * **Min. Received:** The minimum expected amount you’ll receive after a swap or transaction, factoring in slippage. {% hint style="info" %} For more on APY and return calculations, see **Calculation**. {% endhint %} #### Setting Customize the transaction settings to your preferences.
* **Max. Slippage:** The maximum percentage deviation allowed between the expected and actual execution price during a swap. * **Auto:** Automatically sets slippage tolerance based on market conditions. * **Custom:** Allows you to manually define your preferred slippage tolerance. * **Transaction deadline:** The time limit within which the transaction must be completed to avoid failure. * **Aggregators:** Currently, Napier supports 1inch as an external swap aggregator.\ Support for additional aggregators will be expanded in the future. {% endstep %} {% step %} ### Step 5: Check in your portfolio #### Where can I view my portfolio? Check your active positions and rewards in the app’s **Portfolio** section. It provides a complete view of your balances, accrued yield, and strategy exposure across all Napier markets and integrations. #### Further yield opportunities? Dive deeper into structured plays, including: * **Advanced:** PT/LPTs as collateral (lending integrations), and etc {% endstep %} {% endstepper %} # Leveraged Yield (YT) By holding YT, you give up the principal and gain leveraged exposure to both yield and reward points. For example, **1 YT cUSDO (USDO)** entitles you to the yield and points generated by **1 USDO** until maturity (in some cases, the points may be subject to multipliers). {% hint style="info" %} **Long APY represents the cost or payoff until maturity** — essentially, the yield you earn from YT minus the cost of purchasing the YT. If the implied APY exceeds the net APY, your position declines (negative carry); if the implied APY is below the net APY, your position grows (positive carry). {% endhint %} ### **Steps to Leveraged Yield** Get leveraged exposures by holding yield tokens: {% stepper %} {% step %} ### Step 1: Select a Market Make sure you’re on the page of the market where you want to execute your trade.
{% endstep %} {% step %} ### Step 2: Open a "Leveraged Yield" Tab When you click the **Leveraged Yield** button, available actions will appear.
{% endstep %} {% step %} ### **Step 3:** Select an Action Select the action you wish to perform and follow the corresponding guide below. {% tabs %} {% tab title="Buy" %} #### Flow (Buying YT) 1. Buyer sends underlying assets *(e.g, cUSDO)* into the swap contract 2. Contract withdraws more underlying assets from the pool 3. Mint PTs and YTs from all of the underlying assets 4. Send the YTs to the buyer 5. The PTs are sold for underlying assets to return the amount from step 2 {% endtab %} {% tab title="Sell" %} #### Flow (Selling YT) 1. Seller sends YTs into the swap contract 2. Contract borrows an equivalent amount of PTs from the pool 3. The YTs and PTs are used to redeem corresponding underlying assets 4. Underlying assets are sent to the seller 5. A portion of the underlying assets is sold to the pool for PT to return the amount from step 2 {% hint style="info" %} Note that selling your YT means you are giving up the right to claim any future yield associated with that position. {% endhint %} {% endtab %} {% tab title="Mint" %} #### Flow (Minting PT and YT) 1. Start with an underlying assets. 2. Deposit → receive **PT** + **YT** in equal notional amounts.\ E.g. ETH → stETH → PT-stETH + YT-stETH 3. PT tracks principal; YT tracks the accrued yield. {% endtab %} {% tab title="Redeem" %} #### Flow (Redeeming PT and YT) Redemption lets you reclaim the **underlying asset** from your PT and/or YT. * Before maturity:\ Redeem with equal amounts of PT and YT → receive the underlying asset.\ *(e.g., 1 PT-wstETH + 1 YT-wstETH → 1 ETH)* * After maturity:\ Redeem with PT only → receive the underlying asset.\ *(e.g., 1 PT-wstETH → 1 ETH)* {% endtab %} {% tab title="Claim" %} #### Flow (Claiming Yield on YT) Claiming yield lets you collect the **accrued variable yield** generated before maturity. **Before Maturity** * You can **claim yield anytime** from your YT position. * The claimed amount reflects the yield accumulated since your last claim. {% hint style="info" %} Note that a **percentage-based performance fee** is applied to the yield accumulated on your YT holdings. Example: `1 YT-stETH → claim 0.02 stETH (minus performance fee)` {% endhint %} **After Maturity** * **No further yield** accrues after the market reaches maturity. * You can still **claim any yield accumulated before maturity** at any time after maturity. {% endtab %} {% endtabs %} {% endstep %} {% step %} ### **Step 4:** Review and Execute Before executing a transaction, review your **rate** and **costs** carefully. #### Estimate * **Network cost:** Blockchain network fee. * **Fee:** Percentage-based protocol charge. * **Effective implied APY:** APY based on the actual rate that the user used to swap. * **Earned at maturity:** Profit at maturity, expressed in the underlying token. * **Implied APY change:** Variation in implied APY compared to before the trade. * **Min. Received:** The minimum expected amount you’ll receive after a swap or transaction, factoring in slippage. {% hint style="info" %} For more on APY and return calculations, see **Calculation**. {% endhint %} #### Setting Customize the transaction settings to your preferences.
* **Max. Slippage:** The maximum percentage deviation allowed between the expected and actual execution price during a swap. * **Auto:** Automatically sets slippage tolerance based on market conditions. * **Custom:** Allows you to manually define your preferred slippage tolerance. * **Transaction deadline:** The time limit within which the transaction must be completed to avoid failure. * **Aggregators:** Currently, Napier supports 1inch as an external swap aggregator.\ Support for additional aggregators will be expanded in the future. {% endstep %} {% step %} ### Step 5: Check in your portfolio #### Where can I view my portfolio? Check your active positions and rewards in the app’s **Portfolio** section. It provides a complete view of your balances, accrued yield, and strategy exposure across all Napier markets and integrations. {% endstep %} {% endstepper %} # Liquidity (LP) ### Why You Want to LP on Napier Providing liquidity on Napier is one of the best choices in DeFi. {% hint style="success" %} #### One LP, Six Sources of Yield By providing liquidity to Napier yield markets, you can earn 6 sources of yield: * **PT Fixed Yield:** Earned by holding PT. * **Underlying Asset Yield and Rewards:** Earned by holding the underlying assets. * **Swap Fees:** Derived from PT and YT swaps, with yield automatically compounded. * **Rehypothecation Yield**: Earned by deploying idle LP funds. * **Napier Point:** See the Napier Point guide for details. * (Points from partners projects) {% endhint %} {% hint style="success" %} #### Greater Capital Efficiency * **Concentrated Liquidity:** Liquidity is allocated within a curator-defined implied APY range, improving capital utilization and increasing LP returns. * **Rehypothecation:** When idle, a portion of LP funds is lent to vaults according to the curator’s settings, generating additional yield. * **Unified Pool:** PT and YT are traded within a single pool, allowing LPs to earn fees from both swap directions, effectively expanding their fee sources. {% endhint %} {% hint style="success" %} #### Minimal Impermanent Loss (IL) Napier AMM design ensures that IL is a negligible concern. Napier AMM accounts for PT’s natural price appreciation by shifting the AMM curve to push PT price towards its underlying value as time passes, mitigating time-dependent IL (No IL at maturity). On top of that, IL from swaps is also mitigated as both assets LP’ed are very highly correlated against one another (e.g. PT-cUSDO / cUSDO). If liquidity is provided until maturity, an LP’s position will be equivalent to fully holding the underlying asset since PT essentially appreciates towards the underlying asset. In most cases prior to maturity, PT trades within a yield range and does not fluctuate as much as an asset’s spot price. For example, it’s rational to assume that Aave’s USDC lending rate fluctuates between 0%-15% for a reasonable timeframe (and PT accordingly trades within that yield range). This premise ensures a low IL at any given time as PT price will not deviate too far from the time of liquidity provision. {% endhint %} {% hint style="success" %} #### LVR Minimization via Time-Adaptive Curve In a static curve AMM, the fair PT price rises deterministically as time passes (the discount shrinks), so arbitrage trades are needed to keep up—creating continuous rebalancing costs (LVR). Napier’s time-adaptive curve internalizes this time decay, reducing the rebalancing costs that would otherwise occur on the path to maturity. As a result, residual LVR primarily comes from non-deterministic shocks—changes in the market discount rate or PT/YT demand shifts—rather than from the mere passage of time. {% endhint %} ### **Steps to LPing** Earn yield and points by providing liquidity to yield markets: {% stepper %} {% step %} ### Step 1: Select a Market Make sure you’re on the page of the market where you want to execute your trade.
{% endstep %} {% step %} ### Step 2: Open a "Liquidity" tab When you click the **Liquidity** button, available actions will appear.
{% endstep %} {% step %} ### **Step 3:** Select an Action Select the action you perform and follow the corresponding guide below: {% tabs %} {% tab title="Deposit (Mint & LP)" %} #### Deposit (Mint & LP) Provide liquidity **without IL** by holding a **YT component alongside your LP tokens.** 1. Your deposit is converted into the required assets 2. A portion of the underlying is minted into PT and YT 3. LP: PTs are paired with the underlying to supply liquidity 4. You retain the LP tokens and the YT in your hand {% hint style="info" %} **Tips**: When the pool is small, this path helps avoid the price impact you might see with Deposit (Swap & LP). {% endhint %} {% endtab %} {% tab title="Deposit (Swap & LP)" %} #### Deposit (Swap & LP) To hold **LP tokens only**, sell the **YT component** on the market. 1. Your deposit is converted into the required assets. 2. A portion of the underlying is minted into PT and YT. 3. Sell YT → PT: The minted YTs are sold for PT in the market. 4. LP: PTs are paired with the underlying to supply liquidity. {% hint style="info" %} **Tips**: This approach lets you keep only LP by accepting the price impact from selling YT. {% endhint %} {% endtab %} {% tab title="Transfer" %} #### Transfer (Withdraw + LP)— Coming Soon 1. Select Market A (source). 2. Select Market B (destination). 3. Exit from A: 1. Before maturity: your LP will be XXX 2. After maturity: your LP will be redeemed for the accounting asset. 4. Re-enter in B:\ Use the proceeds from Step 3 to LP into Market B. {% hint style="info" %} The transfer is executed as a **batch transaction** (a combination of existing actions).\ Execute carefully and monitor the **rate** to **maximize returns** and **minimize price impact**. {% endhint %} {% endtab %} {% tab title="Migrate" %} #### Migrate (Withdraw + LP) — Coming Soon Migrate lets you move A (your existing Pendle position) to B (a Napier market). 1. Select Market A (source). 2. Select Market B (destination). 3. Exit from A: * Before maturity: your LP is XXX * After maturity: your LP is redeemed for the accounting asset. > Recommendation: Redeem after maturity when possible. 4. Re-enter in B:\ Use the proceeds from Step 3 to LP into Market B. {% endtab %} {% tab title="Withdraw (Exit)" %} #### Withdraw (Exit) Withdraw (Exit) lets you reclaim the **underlying asset and PTs** from your LP tokens. 1. Redeem LP tokens at the pool’s current ratio. 2. Receive **PTs** and **underlying assets** {% endtab %} {% tab title="Withdraw (Swap & Exit)" %} #### Withdraw (Swap & Exit) Withdraw (Swap & Exit) lets you reclaim the **only underlying asset** from your LP tokens. * Before maturity:\ Redeem LP tokens at the pool’s current ratio → receive PTs and underlying assets (→ sell PTs for underlying assets in the market) * After maturity:\ Redeem LP tokens at the pool’s current ratio.s → receive PTs and underlying assets → reclaim the **underlying asset** from PTs {% hint style="info" %} **Tips**: If you perform this action **before maturity**, it means accepting the **price impact** that occurs when selling PT. {% endhint %} {% endtab %} {% endtabs %} {% endstep %} {% step %} ### **Step 4:** Review and Execute Before executing a transaction, review your **rate** and **costs** carefully. #### Estimate * **Network cost:** Blockchain network fee. * **Fee:** Percentage-based protocol charge. * **Pool Share**: Your share of the pool’s liquidity * **Implied APY change:** Variation in implied APY compared to before the trade. * **Min. Received:** The minimum expected amount you’ll receive after a swap or transaction, factoring in slippage. {% hint style="info" %} For more on APY and return calculations, see **Calculation**. {% endhint %} #### Setting Customize the transaction settings to your preferences.
* **Max. Slippage:** The maximum percentage deviation allowed between the expected and actual execution price during a swap. * **Auto:** Automatically sets slippage tolerance based on market conditions. * **Custom:** Allows you to manually define your preferred slippage tolerance. * **Transaction deadline:** The time limit within which the transaction must be completed to avoid failure. * **Aggregators:** Currently, Napier supports 1inch as an external swap aggregator.\ Support for additional aggregators will be expanded in the future. {% endstep %} {% step %} ### Step 5: Check in your portfolio #### Where can I view my portfolio? Check your active positions and rewards in the app’s **Portfolio** section. It provides a complete view of your balances, accrued yield, and strategy exposure across all Napier markets and integrations. {% endstep %} {% endstepper %} # Advanced Coming Soon # Earn Coming soon. # Portfolio Coming soon. # Points Points were introduced in the DeFi world to provide users with more flexible and diverse incentives. Here, we describe various types of points available on Napier platform. * [Napier Points](/invest/points/napier-point): \ Napier Points are rewards that users and curators can earn through various activities within the Napier v2 protocol. * [Point Integrations](/curate/napier-curation/manage-market/partner-points-integration): \ Point Integration helps display Napier Point in your project's UI and assist users in accurately tracking distributions within your points program * [Refrerral System](/invest/points/referral-system)\ A referral system through which users can earn Napier Points # Napier Point {% hint style="success" %} This article was last updated on 2025 October 15 at 9:00 AM GMT. {% endhint %} *** ### TL;DR * The program fuels Napier and community growth. * Napier Points = **15% of NPR total supply** at TGE. * Earn points by participating in Napier activities: * Liquidity provision * Holding YT * Curating Napier markets * Future actions *** ### Purpose The Napier Points Program incentivizes participation in Napier and the broader Napier ecosystem. Napier Points are distributed to users and curators for various actions, representing 15% of the NPR token FDV at the time of the Token Generation Event (TGE). *** ### What Are Napier Points? **Definition:** Napier Points are rewards granted for user and curator activities in Napier. Napier aims to become a **community-owned platform**, where both users and curators are rewarded for their roles, enhancing platform value and participation. *** ### Calculation Model Napier Points are determined by three main components: | Factor | Description | | ----------------- | ------------------------------------------------------------------ | | **Base Weight** | Reflects the USD value and duration of eligible actions. | | **Market Weight** | The total Base Weight of all participants in a given market. | | **Boost** | A multiplier applied to Base or Market Weight, amplifying rewards. | > Points are calculated weekly (off-chain) and distributed once per week. *** ### Distribution Mechanism * A **fixed weekly pool** of Napier Points is allocated across all **verified or unstoppable markets**. * Each market’s share depends on its **Market Weight**. * Distribution split: * **20% → Curators** * **100% → Users** * Within each market, user allocations are determined by **Base Weight**. #### Example * Weekly total: **27,182,818,284** Napier Points * Market (e.g., stETH by Vitalik Finance, maturing Dec 20, 2025): **1,325,310,593 Points** * Curator: **20% (0.265B)** * Users: **80% (1.06B)** distributed proportionally by Base Weight * Curators can earn points **as both curators and users** if they participate in their own pools. *** ### Eligible Actions * Creating a PT/YT market as a verified curator * Providing liquidity and holding LP tokens * Purchasing or minting YT and holding it > More actions will be added over time as new integrations go live. *** ### Why Collect Napier Points? * Napier Points convert into **NPR tokens** at TGE (15% of FDV). * Enable participation in **Napier DAO governance** * Represent tangible economic and governance power within Napier ecosystem. *** ### Historical Distribution Events | Event | Description | Total Points | | ------------------------------ | ------------------------------------- | ---------------------------------------------------------------------------------------------- | | **Llama Quest – Home, Ch.1** | SNS engagement & referrals | 37,668,615 | | **Llama Quest – Ch.2** | LST liquidity campaign | 208,512,952 | | **Llama Quest – Ch.3** | LRT & Point Casino | 386,691 | | **Curve Ecosystem Airdrop** | Snapshot (Mar 26, 2023) | 8,377,700 | | **Liquid (Re)Staking Airdrop** | LST/LRT projects (Block #19989136) | 21,328,000 | | **Curve Governance Voting** | Incentives for Curve proposal voters | Pending | | **Napier v2 Weekly Points** | Activities within Napier v2 pritocols | See past distribution [app.napier.finance](#llama-race-dashboard-app.napier.finance-llamarace) | *** ### Llama Race Dashboard (app.napier.finance/llamarace) A gamified dashboard that visualizes community contributions: * Higher Napier Points = Higher ranks = Rarer llama avatars. * Relaunched with **Napier v2**. *** ### Important Notes * Fraudulent or automated actions may result in **point revocation**. * If **Napier DAO** earns Napier Points through eligible activities, those points will be **burned** at the end of the program. * Transparency ensured through **weekly off-chain distributions** and on-chain verification snapshots. *** ### Frequently Asked Questions **Q1. Where can I check my Napier Points?**\ → On the **Napier Interface** after v2 launch (with API access for partner UIs). **Q2. What can I do with Napier Points?**\ → They convert to **NPR tokens** at TGE and can be used in **governance**. **Q3. Can I sell or transfer Napier Points?**\ → Not currently; transfer/sale is disabled. **Q4. Can I lose my Napier Points?**\ → Only if fraudulent activity is detected. **Q5. How do I earn more?**\ → Participate in Napier v2 activities: liquidity, YT/curation, and integrations. *** # Referral System The Napier Interface now features a referral system! Any user can generate and share an 8-character alphanumeric referral code directly from the interface. When someone enters that code and begins using Napier, the referrer will earn Napier Points based on the referee’s activity. This system is designed to encourage users to organically create educational content and promote Napier in a more community-driven way. Here’s a full guide to get started: {% stepper %} {% step %} Go to Napier Interface (app.napier.finance)
{% endstep %} {% step %} Open the sidebar On the Napier Interface, you’ll see a button in the top right displaying either your wallet address or ENS. Open the sidebar by clicking the button in the top right displaying either your wallet address or ENS. {% endstep %} {% step %} Clicking the gift button will trigger a popup to appear Among the four buttons in the top right of the sidebar, the third one from the right is the gift button. {% endstep %} {% step %} Share the 8-character referral code shown in the popup on social media.
{% endstep %} {% step %} You can also view stats related to your referral activity directly in the popup You’ll receive 10% of the Napier Points earned by the person you invited during a given cycle, based on their Base Weight and Multiplier. You can track your referral stats in the popup under **“Number of invites”** and **“Points earned from invites.”** Referral rewards are distributed weekly. {% endstep %} {% endstepper %} {% hint style="danger" %} **Note:** This referral program is not intended for abuse or malicious activity, including self-referrals.\ Please be aware that the Napier team — and the systems it provides — reserve the right to take appropriate action at their sole discretion in response to any such behavior. {% endhint %} # Napier Curation {% hint style="info" %} This page serves as a guide for **Curators** who manage markets and the vertically integrated products built around them within Napier. It provides essential information for creating, managing, integrating, and optimizing markets. {% endhint %} ### Introduction to Curation The “curator” concept was first introduced by Morpho as a new type of actor in the DeFi ecosystem. In the Morpho ecosystem, curators play a key intermediary role between vault suppliers and Morpho Markets. Napier is slightly different. At Napier, a curator is not just a market deployer but an **orchestrator** between the fast-evolving, fragmented world of DeFi and end users. Curators translate fragmented DeFi modules into **financial packages (**[**Investments**](#investment-and-unit-economics)**)** with **transparent, stable yield** and a **simple entry point**, enabling safe on-chain participation for users, fintechs, and financial institutions. Examples of curator platforms by function (DeFi modules): * **Vaults:** abstract DeFi complexity and provide a capital entry point (e.g., Veda, IPOR Fusion, Mellow Core Vault, Morpho v2 Basic Vault, Euler Earn, Upshift) * **Lending Markets:** borrowing/lending backbone (e.g., Morpho, Euler, Aave v4) * **Yield Markets:** yield generation, tokenization, and trading (e.g., Napier) *** ### Curator Responsibilities Professional curators are emerging in this role. They stand at the intersection of: * **Risk management:** design appropriate parameters (maturity, fees, thresholds, etc.) and monitor continuously; throttle, pause, or migrate when needed. * **Packaging:** recompose abstract DeFi modules into **clear, disclosed product packages** with yield and risk discipline. * **Distribution:** drive effective distribution through existing business-line channels. * **Entry point:** provide **transparent, stable yield** with a **simple on-ramp** to support safe participation by users/fintechs/financial institutions. * **Relationship network:** communicate in the language of specific sectors (consumer apps, neobanks, family offices, DAOs, etc.). They launch vaults, spin up lending markets and yield primitives, curate collateral, and communicate in terms end users can understand. #### Investment and Unit Economics At Napier, fragmented DeFi modules spanning multiple curator platforms are recomposed into a **single financial package** called an **Investment**. An Investment is the **smallest growth unit** of the curator-platform ecosystem. By vertically bundling modules, it simultaneously lifts **turnover (Vol/TVL)**, **effective fee rate**, and **retention**. As a result, **per-channel revenue efficiency** for curators improves, and **end-user benefits** also expand. See [*Understanding Napier Growth Economics*](/npr/napier-economics) for details. *** ### Operational Requirements * **Market curation:** centralized creation, listing, and updates. * **Capital efficiency:** optimize via range settings and **rehypothecation** policy. * **Performance monitoring:** compare effective yield to internal metrics and benchmarks. * **Health management:** monitor rehypothecation thresholds and throttle when necessary. * **Risk assessment:** asset due diligence, liquidity, and alignment of the **resolver/oracle**. * **DeFi integrations:** assess PT/LP collateral, set up oracles, and design LTVs. * **Role design:** separated roles and secure role management (admin/operator/pauser). * **Fees & incentives:** adjust fee rates and integrate on-/off-chain incentives. *** ### Key Differentiations * **Optimized capital efficiency:** rebalance logic and implied APY range tuning raise turnover, reduce idle capital, and sustain competitive pricing. * **Fine-grained risk management:** operate with accurate market parameters. * **Non-custodial security:** ensure transparent operations. * **Vertical stack readiness:** a single path into major modules (lending/vaults, etc.). * **Flexible customization:** tune parameters to diverse market needs. * **Distribution:** leverage existing business-line channels for effective reach. *** ### **Get Started** To become a Curator on Napier, follow these steps in order. Account verification is required before creating any Market. 1. [**Verify Account**](/curate/napier-curation/verify-curator-account)\ *Confirm your address and enable curator privileges.* 2. [**Create Market**](/curate/napier-curation/create-market-napier-amm)\ *Set parameters, deploy your Market, a*llocate LP funds to a vault a*nd start curating.* Once your Market is live, you can: * [**Manage Market**](/curate/napier-curation/manage-market) — Adjust rehypothecations, roles, fees, incentives, and monitor performance. * [**Stack with Lending Market**](/curate/napier-curation/stack-with-lending-markets) — Collateralize PT or LP tokens to achieve greater capital efficiency. * [**Stack with GP Vaults**](/curate/napier-curation/stack-with-gp-vaults) — *Transform into a simple, user-friendly financial package.* {% hint style="info" %} This guide is continuously updated, and not all DeFi integrations may be covered here. If you have any questions about specific integrations, please contact the team for assistance. {% endhint %} # Verify Curator Account Becoming a **verified curator** increases the visibility of your markets in the Napier interface. {% hint style="danger" %} To ensure user safety and transparency, the Napier App classifies each market based on its **permission level** and **verification status**. By default, markets created by **unverified curators** are **not displayed** on the Napier interface. For more details, see [Market Types](/learn/protocols/markets-napier-amm#market-types). {% endhint %} Follow the steps below to complete the verification process. ### **Verification Steps** {% stepper %} {% step %} ### Step 1: Open the Curator Dashboard * Go to the Curator Dashboard and click **Verify**
{% endstep %} {% step %} ### **Step 2:** Enter Details * Fill in all required boxes and complete all required fields. {% endstep %} {% step %} ### **Step 3:** Submit * Click **Apply** to submit your profile and wait for the review notification. * Note: Reviews typically take 2–3 business days. {% endstep %} {% endstepper %} # Create Market - Napier AMM This page explains how to create a new PT (Principal Token) / YT (Yield Token) and corresponding pool (Napier AMM) on Napier. Follow the steps below to configure and deploy your market. {% hint style="info" %} Napier Markets curator is supposed to be a knowledgeable DeFi user, as monitoring liquidity on Napier requires skills, and has some risks. {% endhint %} ### Using the Curator App Follow the steps below to launch a new market. {% hint style="info" %} In the Curator App, **“Create New PT & YT”** and **“Create Market”** are integrated into a single workflow. {% endhint %} {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification on the **Verify Your Account**. * Click **Create Market** to begin. {% hint style="success" %} #### Tips: How to Get Partner Points for Your Markets When the **underlying asset** has its own points program, you’ll need to coordinate with the **asset issuer** so your users can receive those points. **Your responsibilities** * **Negotiate** the point allocation your market’s users will receive. * **Coordinate a simple integration** with the issuer so points can be credited. **Simple integration (typical flow)** 1. **Contact the issuer** and agree on point rules (who earns, how much, when). 2. Ask the issuer to **run a short integration script** (or provide an API key/endpoint). 3. **Verify** that points are tracked and credited as expected. > For implementation details, see [**Point Integration**.](/curate/napier-curation/manage-market/partner-points-integration) > {% endhint %} > {% endstep %} {% step %} ### Step 2: Pool Setting (Napier AMM) #### Select an Underlying Asset
* Choose the underlying asset from the selector at the top (e.g., *cUSDO*). * Click **Change** to switch to another underlying asset if needed. #### Select a Pool * Choose between Napier AMM and Curve AMM. * If you choose Curve AMM, please follow the guide on [Create Market - Curve AMM](/curate/napier-curation/create-market-napier-amm/create-market-curve-amm). #### Set the Implied APY Range
Implied APY Range defines where liquidity is concentrated within the pool. * Adjust the graph to define the expected yield range within the pool: * **Low Implied APY**：Lower bound of the targeted liquidity range * **Initial Implied APY**：Implied APY at deployment * **High Implied APY**：Upper bound of the targeted liquidity range * This setting determines where liquidity will concentrate within the pool. * Note: The Implied APY Band is set at deployment and cannot be changed afterward.
Advanced: Configuring the Implied APY Range Napier provides reference materials created by the community that aggregate historical data from Pendle markets, including **Liquidity Yield Ranges (Implied APY Ranges)** and **AMM Fee structures**. Reference: [Pendle Data (Notion)](https://napier-labs.notion.site/241282f38e9680c69cc2f92afdf666d3?v=241282f38e968057a0f2000c788c0bf2) In addition, a concise framework outlining the conceptual approach to setting the **Implied APY Range** is available. Reference: [Computing Implied APY Range (Notion)](https://napier-labs.notion.site/Computing-Implied-APY-Range-249282f38e9680d0b627e19d2e44de5b) By referring to these data sets and methodologies, Curators have an idea to design more accurate and consistent market parameters by considering the following aspects: 1. **Setting Rational Ranges**\ Reviewing historical trading data helps identify ranges with the highest trading activity, allowing Curators to avoid unrealistic configurations and build more stable markets. 2. **Optimizing Fees**\ Understanding the relationship between Implied APY volatility and fee structure (Performance Fee / Swap Fee) enables more efficient fee models that benefit both liquidity providers and traders. 3. **Positioning Through Market Comparison**\ Comparing parameter ranges across existing markets and Curators helps determine where a new market should be positioned within the broader ecosystem. While this data is based on Pendle’s historical performance, it is important to note that Napier AMM supports Rehypothecation and that the Napier Points Program provides incentives for YT purchases. Therefore, Curators are encouraged not to replicate these parameters directly, but to redesign them based on each market’s asset characteristics, liquidity scale, and strategic objectives.
{% endstep %} {% step %} ### **Step 3:** PT/YT Setting In this step, define the issuance parameters for PT and YT. * **Market name:** Example: “Napier DAO npETH” * **Market description:** A short description displayed to users. * **Maturity date:** Set the maturity period (e.g., 1 year / 6 months / 3 months). * **Issuance cap:** The maximum amount of PT/YT that can be minted. * **Resolver:** The contract that retrieves the exchange rate between vault shares and the underlying asset. * Specify it using **“Select a resolver.”** If the underlying assets follow the ERC-4626 standard, use the **ERC-4626 Resolver.** For details, see [**Resolver Selection**](/curate/napier-curation/create-market-napier-amm/resolver-selection)**.**
{% endstep %} {% step %} ### **Step 4:** Fee Structure Setting Configure all fees related to issuance, redemption, yield, and swaps. * **Issuance fee** is a fixed-percentage fee applied to the underlying when minting new PT and YT. * **Redemption fee** is a fixed-percentage fee applied when converting PT (and any associated YT, if applicable) back to the underlying. * **Performance fee (before maturity)** is a dynamic percentage applied to all yield accrued (including points) by all outstanding YT.　*Example:* 10% on 3% APY ≈ 0.3% of notional. * **Performance fee (after maturity)** is a dynamic percentage applied to yield generated by the YBTs backing matured, unredeemed PTs. *Example:* 10% on 3% APY ≈ 0.3% of notional. * **Swap fee is a** dynamic percentage swap fee applied to every swap in the unit of underlying token. {% hint style="info" %} #### Swap Fee — Napier AMM **Definition** * The **swap fee** is a **dynamic percentage** applied to each swap, denominated in the **underlying token**. **Fee logic** * Fees are charged on the **yield-receivable portion** of PT. * This makes fees scale fairly across maturities: * **Longer to maturity →** larger yield receivable → **higher fee** * **Shorter to maturity →** smaller yield receivable → **lower fee** **Who gets the fees?** * At pool creation, the curator sets **`reserveFeePct`** = LP share vs Curator/Protocol share. * **LPs** receive their portion **pro-rata** to their liquidity. * The Curator/Protocol split (**`splitFeePct`**) is governed by **Napier Governance** * Currently: **100% Curator** (Protocol 0%). * Curators should tune shares to balance **their revenue** and **LP attractiveness** for sustainable growth. {% endhint %} {% endstep %} {% step %} ### **Step 5:** Initial deposit amount In this step, allocate the **initial liquidity** to be deployed with the pool. Specify the underlying asset (e.g., *cUSDO*) and deposit amount. When you deposit the underlying as Mint & LP, the asset and its corresponding PT pair are supplied to the pool based on the Initial Implied APY. After the deposit, you retain the **YT** and **LP tokens**. {% hint style="info" %} There is no minimum initial deposit requirement in Napier AMM. {% endhint %} | | | | -------------------------- | --------------------------------------------------------------------------- | | **Initial deposit amount** | An initial deposit amount required to launch the pool. | | **Deposit (Mint & LP)** | Follow the guide of[ Liquidity (LP)](/invest/napier-app-guide/liquidity-lp) | | {% endstep %} | | {% step %} ### **Step 7: Review Summery** Review all configuration details in the **Summary Panel** on the right: * **Pool** * **Rehypothecation** * **PT & YT** * **Fee structure** * **Output** {% hint style="info" %} Actions such as **Delegate** and **Renounce** can only be performed after market creation. {% endhint %} #### Three-Dot Menu (⋯) Click the **three-dot icon** in the upper-right corner to access the following functions: * **Simulation**: Simulate trading behavior using the initial liquidity settings * **Save Draft**: Save the current market configuration as a draft for later editing * **Share Draft**: Generate a shareable link for team review or collaboration {% endstep %} {% step %} ### Step 8: Deploy Once all settings are complete, click **Create** in the bottom right corner and approve the transaction to deploy your new market. {% endstep %} {% endstepper %} ### **Related Documents** #### Protocols * [**PT & YT — Tokenized Yield**](/learn/protocols/pt-and-yt-tokenized-yield)**:** *Overview of yield tokenization* * [**Markets — Napier AMM**](/learn/protocols/markets-napier-amm)**:** *Pool design, implied APY, rehypothecation, fees, and deployment.* * [**Markets — Curve AMM**](/learn/protocols/markets-curve-amm)**:** *Pool presets, minimum liquidity, fee behavior, and deployment flow.* #### Curation * [**Verify Curator Account**](/curate/napier-curation/verify-curator-account)**:** Account verification steps before creating or managing markets. * [**Create Market — Curve AMM**](/curate/napier-curation/create-market-napier-amm/create-market-curve-amm)**:** End-to-end guide to deploy a market using Curve AMM. * [**Resolver Selection**](/curate/napier-curation/create-market-napier-amm/resolver-selection): How to choose and configure the right **resolver** for your underlying asset. Once your Market is live, you can: * [**Manage Market**](/curate/napier-curation/manage-market) — *Adjust rehypothecations, roles, fees, incentives, and monitor performance.* * [**Set Rehypothecations**](/curate/napier-curation/manage-market/set-rehypothecation) * [**Deploy Oracles**](/curate/napier-curation/manage-market/deploy-oracles) * [**Stack with Lending**](/curate/napier-curation/stack-with-lending-markets)— *Collateralize PT or LP tokens to achieve greater capital efficiency.* * [**Stack with GP Vaults**](/curate/napier-curation/stack-with-gp-vaults) — *Transform into a simple, user-friendly financial package.* *** ### Future Implementation {% hint style="success" %} ### Future Implementation: Orderbook / Limit Order Napier is developing a native Orderbook system to complement its AMM-based markets and enable more precise price discovery for PT/YT trading. Curators will be able to operate arbitrage bots to help maintain pricing efficiency. Reference implementations of these arbitrage bots will be open-sourced. The Orderbook is currently under development and will be introduced in a future release. {% endhint %} # Create Market - Curve AMM This page explains how to create a new **PT (Principal Token) / YT (Yield Token)** and the corresponding **Curve AMM pool**. Follow the steps below to configure and deploy your market. {% hint style="info" %} Napier Markets curator is supposed to be a knowledgeable DeFi user, as monitoring liquidity on Napier requires skills, and has some risks. {% endhint %} ### Using the Curator App Follow the steps below to launch a new market. {% hint style="info" %} In the Curator App, **“Create New PT & YT”** and **“Create Market”** are integrated into a single workflow. {% endhint %} {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification on the **Verify Your Account**. * Click **Create Market** to begin. {% hint style="success" %} #### Tips: How to Get Partner Points for Your Markets When the **underlying asset** has its own points program, you’ll need to coordinate with the **asset issuer** so your users can receive those points. **Your responsibilities** * **Negotiate** the point allocation your market’s users will receive. * **Coordinate a simple integration** with the issuer so points can be credited. **Simple integration (typical flow)** 1. **Contact the issuer** and agree on point rules (who earns, how much, when). 2. Ask the issuer to **run a short integration script** (or provide an API key/endpoint). 3. **Verify** that points are tracked and credited as expected. > For implementation details, see [**Point Integration**.](/curate/napier-curation/manage-market/partner-points-integration) > {% endhint %} > {% endstep %} {% step %} ### **Step 2: Pool Setting (Curve AMM)** > Implied APY Range defines where liquidity is concentrated within the pool. #### Select a Underlying Asset * Choose the underlying asset from the selector at the top (e.g., *cUSDO*). * Click **Change** to switch to another underlying asset if needed. #### Select a Pool * Choose between Napier AMM and Curve AMM. * If you choose Napier AMM, please follow the guide on [Create Market - Napier AMM](/curate/napier-curation/create-market-napier-amm). #### **Choose a Pool Parameter Preset** * **Choose a preset:** Pick one of five parameter presets matching the asset’s expected yield volatility. * **Set initial implied APY (%):** Provide your estimate; this sets the initial **PT : underlying** ratio at deployment. * **Review & confirm:** Verify preset, liquidity, and implied APY → initial ratio, then proceed.
Curve Finance Pool Advanced (Optional) {% hint style="success" %} Setting advanced parameters helps optimize the market for specific use cases, but it is optional. You can easily deploy a market by selecting from five preset pool parameters based on yield volatility and setting the **Initial Implied APY** according to the average yield of the underlying asset. Also, note that the size of the initial liquidity will impact user trade sizes. {% endhint %} * Advanced (Curve Finance Pool) (Optional) * M**id fee (0.005 - 3%)** is the fee charged when pool is perfectly balanced (minimum possible fee). * **Out fee (0.005% - 3%)** is the fee charged when pools is completely imbalanced (maximum possible fee). * **A (4,000 - 40,000,000)** is the concentration of liquidity at the core of the bonding curve * **Gamma (0.00000001 - 0.199)** is the overall breadth of the curve * **Allowed extra profit (0 - 0.01)** is the excess profit required to allow price re-pegging. * **Fee gamma (0 - 1)** is the speed at which the fee increases when the pool becomes imbalanced. A low value leads to a more rapid fee increase, while a high value causes the fee to rise more gradually. * **Adjustment step (0 - 1)** is the minimum size of price scale adjustments * **Moving average time (60 - 604800)** is the duration of the EMA price oracle

For further reference on the other parameters of the Curve Pool, please refer to the Curve Finance documentation | Crypto Pool. Please note that we offer five parameter presets for curators to streamline this process, so configuring these advanced parameters is not always necessary.

{% endstep %} {% step %} ### **Step 3:** PT/YT Setting In this step, define the issuance parameters for PT and YT. * **Market name:** Example: “Napier DAO npETH” * **Market description:** A short description displayed to users. * **Maturity date:** Set the maturity period (e.g., 1 year / 6 months / 3 months). * **Issuance cap:** The maximum amount of PT/YT that can be minted. * **Resolver:** The contract that retrieves the exchange rate between vault shares and the underlying asset. * Specify it using **“Select a resolver.”** If the underlying assets follow the ERC-4626 standard, use the **ERC-4626 Resolver.** For details, see [**Resolver Selection**](/curate/napier-curation/create-market-napier-amm/resolver-selection)**.** {% endstep %} {% step %} ### **Step 4:** Fee Structure Setting Configure all fees related to issuance, redemption, yield, and swaps. * **Issuance fee** is a fixed-percentage fee applied to the underlying when minting new PT and YT. * **Redemption fee** is a fixed-percentage fee applied when converting PT (and any associated YT, if applicable) back to the underlying. * **Performance fee (before maturity)** is a dynamic percentage applied to all yield accrued (including points) by all outstanding YT.　*Example:* 10% on 3% APY ≈ 0.3% of notional. * **Performance fee (after maturity)** is a dynamic percentage applied to yield generated by the YBTs backing matured, unredeemed PTs. *Example:* 10% on 3% APY ≈ 0.3% of notional. {% endstep %} {% step %} ### **Step 5:** Initial deposit amount In this step, allocate the **initial liquidity** to be deployed with the pool. Specify the underlying asset (e.g., *cUSDO*) and deposit amount. When you deposit the underlying as Mint & LP, the asset and its corresponding PT pair are supplied to the pool based on the Initial Implied APY. After the deposit, you retain the **YT and LP tokens**. {% hint style="danger" %} **Note:** Since we use Curve pools as its trading engine, **any markets require a minimum initial liquidity of 0.2** in the respective asset’s unit (e.g., **0.2 BTC, 0.2 ETH, 0.2 BNB and 0.2 NPR**) **to function properly**. This ensures that the total liquidity value (D) within the Curve pool is sufficient to maintain stability. If D is too low, even small trades can cause significant price distortions, making the pool inefficient. {% endhint %} | | | | -------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Initial deposit amount** | An initial deposit amount required to launch the pool. | | **Deposit (Mint & LP)** |

Deposit (Mint & LP)

  1. Your underlying assets are converted to the required assets
  2. Some of the underlying assets are minted into PT and YT
  3. PTs are paired with underlying assets to provide liquidity
  4. YTs and LP tokens remain in your hand
| | {% endstep %} | | {% step %} ### **Step 7: Review Summery** Review all configuration details in the **Summary Panel** on the right: * Pool * Preset * PT & YT * Fee structure * Output {% hint style="info" %} Actions such as **Delegate** and **Renounce** can only be performed after market creation. {% endhint %} #### Three-Dot Menu (⋯) Click the **three-dot icon** in the upper-right corner to access the following functions: * **Simulation**: Simulate trading behavior using the initial liquidity settings * **Save Draft**: Save the current market configuration as a draft for later editing * **Share Draft**: Generate a shareable link for team review or collaboration {% endstep %} {% step %} ### Step 8: Deploy Once all settings are complete, click **Create** in the bottom right corner and approve the transaction to deploy your new market. {% endstep %} {% endstepper %} ### Recommended Steps Once your Market is live, you can: * [**Manage Market**](/curate/napier-curation/manage-market) — *Adjust rehypothecations, roles, fees, incentives, and monitor performance.* * [**Stack with Lending**](/curate/napier-curation/stack-with-lending-markets)— *Collateralize PT or LP tokens to achieve greater capital efficiency.* * [**Stack with GP Vaults**](/curate/napier-curation/stack-with-gp-vaults) — *Transform into a simple, user-friendly financial package.* ### **Related Documents** #### Protocols * [**PT & YT — Tokenized Yield**](/learn/protocols/pt-and-yt-tokenized-yield)**:** *Overview of yield tokenization* * [**Markets — Napier AMM**](/learn/protocols/markets-napier-amm)**:** *Pool design, implied APY, rehypothecation, fees, and deployment.* * [**Markets — Curve AMM**](/learn/protocols/markets-curve-amm)**:** *Pool presets, minimum liquidity, fee behavior, and deployment flow.* #### Curation * [**Verify Curator Account**](/curate/napier-curation/verify-curator-account)**:** Account verification steps before creating or managing markets. * [**Create Market — Napier AMM**](/curate/napier-curation/create-market-napier-amm)**:** End-to-end guide to deploy a market using Napier AMM. * [**Resolver Selection**](/curate/napier-curation/create-market-napier-amm/resolver-selection): How to choose and configure the right **resolver** for your underlying asset. Once your Market is live, you can: * [**Manage Market**](/curate/napier-curation/manage-market) — *Adjust rehypothecations, roles, fees, incentives, and monitor performance.* * [**Stack with Lending**](/curate/napier-curation/stack-with-lending-markets)— *Collateralize PT or LP tokens to achieve greater capital efficiency.* * [**Stack with GP Vaults**](/curate/napier-curation/stack-with-gp-vaults) — *Transform into a simple, user-friendly financial package.* # Resolver Selection A resolver is a code template that supports \~99.9% of underlying yield-bearing assets and enables the **permissionless** creation of Napier Markets. All resolvers solve the same problem: > **Convert shares (underlying) into assets (value unit).** They differ only in **where the conversion logic comes from** and **how explicit that logic must be**. This section is organized to highlight **what stays the same** and **where each resolver diverges**.
Here we visualize which resolver to choose based on the underlying asset

Here we visualize which resolver to choose based on the underlying asset

### Base Case (A): ERC-4626 Resolver This is the **reference model**. All other resolvers diverge from this baseline in specific ways. #### What A assumes * The underlying is a **standard ERC-4626 vault** * The vault itself defines: * the asset * the share-to-asset conversion logic #### Inputs * **Vault address** #### Conversion logic ``` assetAmount = convertToAssets(shareAmount) ``` This is the **most standardized and constrained** resolver. *** ### Variant (B): Share Price Resolver **B matches A conceptually, but drops standardization.** #### What B shares with A * Conversion is still **share-based** * A clear concept of **share price** exists * Asset value is derived by multiplication #### Where B diverges from A * ❌ Not ERC-4626 * ❌ No standardized interface * ✅ Share price is exposed via a custom function #### Additional inputs (compared to A) * **Function name** (e.g. `exchangeRate()`, `sharePrice()`) * **Asset address** (explicitly specified) #### Conversion logic ``` assetAmount = shareAmount × sharePrice ``` **Key difference from A:** > A standardizes *how* the share price is retrieved. > > B requires you to explicitly specify *where* the share price comes from. *** ### Variant (C): Custom Conversion Resolver **C diverges earlier by abandoning the share price model entirely.** #### What C shares with A and B * The goal is still **share → asset conversion** * Conversion logic remains on-chain #### Where C diverges from A and B * ❌ No share price * ❌ No multiplication model * ✅ Direct **amount-in → amount-out** conversion #### Inputs * **Vault address** * **Function name** (conversion function) * **Asset address**: base asset address #### Conversion logic ``` assetAmount = conversionFunction(shareAmount) ``` **Key difference from B:** > B returns a *price per share*. > > C returns the *asset amount directly*. *** ### Variant (D): External Price Oracle **D abandons native conversion logic and relies on external pricing.** This category applies only when the underlying token provides **neither**\ a conversion function nor a share price function. #### What D shares with A–C * Asset value is still derived from a share amount #### Where D diverges * ❌ No native conversion or pricing logic * ✅ Value is inferred from an external oracle #### Variant (D1): Price Oracle Feed (ChainlinkPriceResolver) Use when the price feed is compatible with\ `AggregatorV3Interface`. #### Inputs * `vault`: underlying token address * `asset`: base asset address * `oracle`: price feed from Chainlink/Redstone/etc.. *** ### Edge Case (E): Fixed (Constant) Price Resolver **E removes pricing dynamics completely.** #### What E shares with others * A direct mapping from share to asset #### Where E diverges * ❌ No function * ❌ No oracle * ❌ No variability #### Inputs * **Asset address only** #### Conversion logic ``` assetAmount = shareAmount ``` *** ### Edge Case (F): Rebasing Tokens If the underlying token is **rebasing** (wallet balances change automatically): * ❌ **Not supported natively** (Use a non-rebasing wrapper or contact the team.) *** ### Wrapped Native Asset Requirement Resolvers only support **ERC-20 tokens**. If the underlying uses a native token (ETH, AVAX, etc.), you must set `asset` to the **wrapped ERC-20 version** of that token. * Native tokens **cannot** be used directly * Always use the **canonical wrapped token** on the chain (e.g. WETH) #### Examples * **Ethereum**: WETH `0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2` * **Optimism**: WETH `0x4200000000000000000000000000000000000006` * **BSC**: WBNB `0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c` * **Polygon**: WMATIC `0x0d500B1d8E8eF31E21C99d1Db9A6444d3ADf1270` * **Sonic**: WS\_SONIC `0x039e2fB66102314Ce7b64Ce5Ce3E5183bc94aD38` * **Fraxtal**: WFRXETH `0xFC00000000000000000000000000000000000006` * **HyperLiquid**: WHYPE `0x5555555555555555555555555555555555555555` * **Mantle**: WMNT `0x78c1b0C915c4FAA5FffA6CAbf0219DA63d7f4cb8` * **Base**: WETH `0x4200000000000000000000000000000000000006` * **Arbitrum**: WETH `0x82aF49447D8a07e3bd95BD0d56f35241523fBab1` * **Avalanche**: WAVAX `0xB31f66AA3C1e785363F0875A1B74E27b85FD66c7` *** ### Additional Requirements and Safety Notes Resolvers and the underlying conversion/price sources are treated as **trusted inputs**. * The resolver **does not validate freshness/staleness** of any conversion rate or oracle price. * A resolver **cannot be upgraded or modified after deployment**. * The resolver assumes conversion/price functions: * **always return valid, up-to-date values** * **never revert** * match the expected **function signature and return types exactly** {% hint style="danger" %} **IMPORTANT:** A small mismatch in signature/decimals can break pricing/accounting. Always verify against the resolver specification before deployment. {% endhint %} *** ### Final Pre-Deployment Checklist Before deploying a market: 1. Confirm the token is **not rebasing**. 2. Confirm resolver selection via the flow: * ERC-4626 → Custom Conversion → Share Price → Oracle (Chainlink/External) → Constant 3. Verify: * function signature matches exactly * return type and scaling/decimals match expectations * function never reverts 4. Treat the chosen conversion/price source as **immutable trusted infrastructure**. # Manage Market Once your Market is live, you can: * [**Edit Market**](/curate/napier-curation/manage-market/edit-market) — Update metadata/settings * [**Claim Fee**](/curate/napier-curation/manage-market/claim-fees) — Collect curator earnings * [Set rehypothecation](/curate/napier-curation/manage-market/set-rehypothecation) - Supply LP funds into any vaults * [**Role Allocation**](/curate/napier-curation/manage-market/role-allocation) — Assign team roles (e.g., Fee Collector). * [**Points Program**](/curate/napier-curation/manage-market/partner-points-program) — Configure point accrual. * [**Rewards Program**](/curate/napier-curation/manage-market/rewards-program) — Set incentives and schedules. * [**Pause**](/curate/napier-curation/manage-market/pause-market) — Temporarily halt the market. If not, you can proceed to: * [**Verify Curator Account**](/curate/napier-curation/verify-curator-account)**:** Account verification steps before creating or managing markets. * [**Create Market — Napier AMM**](/curate/napier-curation/create-market-napier-amm)**:** End-to-end guide to deploy a market using Napier AMM. * [**Create Market — Curve AMM**](/curate/napier-curation/create-market-napier-amm/create-market-curve-amm)**:** End-to-end guide to deploy a market using Curve AMM. * [**Resolver Selection**](/curate/napier-curation/create-market-napier-amm/resolver-selection): How to choose and configure the right **resolver** for your underlying asset. # Edit Market Curators can edit markets via the Curator Dashboard. ### Using the Curator App Follow the steps below to edit markets {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Your Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**](/curate/napier-curation/create-market-napier-amm). {% endstep %} {% step %} ### **Step 2: Edit Market** * Click edit markets and **Save** to finalize.
{% endstep %} {% endstepper %} # Claim Fees Curators can claim fees earned from their markets via the Curator Dashboard. ### Using the Curator App Follow the steps below to claim fees. {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under **Verify Your Account**. * If you haven’t created a market yet, follow the steps in **Create Market**. * If you haven’t assigned **Fee Collector**, follow the **Role Allocation** guide to assign the role. {% endstep %} {% step %} ### **Step 2: Claim Curator Fees** * Click claim fees * Select one, multiple, or **all** fee items to claim. * **Review your selections** to ensure accuracy. * **Click *****Claim selected*** and confirm the transaction in your wallet.
{% endstep %} {% endstepper %} # Set Rehypothecation Curators can change the rehypothecation setting of their markets via the Curator Dashboard. ### Using the Curator App Follow the steps below to change the rehypothecation settings: {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Your Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**.](/curate/napier-curation/create-market-napier-amm) * If you haven’t assigned a Developer role yet, follow the steps in[ **Role Allocation**](/curate/napier-curation/manage-market/role-allocation) {% endstep %} {% step %} ### **Step 2: Learn How it Works** * If you’re not yet familiar with how rehypothecation works, see [*How Rehypothecation Works*](/learn/protocols/markets-napier-amm/rehypothecation). {% endstep %} {% step %} ### **Step 3: Prepare supported vaults** * Before enabling rehypothecation, ensure that a vault is configured to receive both the PT and the underlying deposit. * You may also create your own rehypothecation vault on supported platforms such as Morpho, Euler, or Gearbox. * Curators can add rehypothecation vaults permissionlessly. However, the following constraints apply. Please note that this action may significantly alter the user’s risk profile. {% hint style="info" %} #### **For Curators: Rehypothecation Vault Criteria** The target vault must satisfy the following conditions: * Compliant with the **ERC4626** standard. * Withdrawals must be permitted at any time (no lock-up mechanisms or pause functionality). * No flat fees on deposits or withdrawals. * Dynamic deposit or withdrawal fees are strongly discouraged. {% endhint %} {% endstep %} {% step %} ### **Step 4: Enable the** Rehypothecation
Napier AMM consists of the underlying asset and its PT, so you must decide **which vaults** to allocate them to and **how much percentage** of each to allocate. #### Set an allocation Ratio * Use the **“Allocate % of PT-cUSDO to a vault”** slider to set what percentage of the pool’s total assets will be rehypothecated into an external vault. * **Min (ϕmin)** – The minimum percentage of total assets that must be rehypothecated. * **Max (ϕmax)** – The maximum percentage of total assets that can be rehypothecated. * **Target (ϕtarget)** – The desired percentage of total assets to be rehypothecated. * If you are **not using rehypothecation**, you can simply set **Min**, **Max**, and **Target** all to **100%**. {% hint style="danger" %} #### **For Curators: Rehypothecation Behavior & Risks** When you assign tokens to **rehypothecation**, any trade that needs that liquidity will **atomically withdraw → use → resupply** those tokens. **What this means for you (and your users):** * **Higher gas for traders/LPers** due to the extra withdraw/resupply steps. * **Revert risk** if tokens can’t be withdrawn at the moment of execution. * **Bad-debt/insolvency risk** if withdrawals fail or liquidity is otherwise unavailable. **Operational guidance:** * Set prudent **caps** and maintain **liquidity buffers**. * Monitor **utilization** and configure **pause/guardrails** for stress scenarios. * Prefer **reliable vaults** for rehypothecation allocations. * Communicate these trade-offs clearly to market participants. {% endhint %} #### **Select a Vault** * Click **Select a vault** to choose the destination vault (e.g., *MEV Capital USDC*). #### **Lock Settings** * Enabling **Lock rehypothecation settings** prevents any further changes to vault selection or allocation ratios. {% hint style="info" %} This lock can also be activated after the market has been deployed. This design ensures transparency for liquidity providers while improving operational efficiency for advanced use cases such as **PT looping**. {% endhint %} {% endstep %} {% endstepper %} # Role Allocation Curators can allocate a role of their markets to one or multiple addresses via the Curator Dashboard. ### Using the Curator App Follow the steps below to pause their markets: {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under **Verify Your Account**. * If you haven’t created a market yet, follow the steps in **Create Market**. {% endstep %} {% step %} ### **Step 2: Allocate a Role**
Select one role from the options below. * Owner * Fee Collector * Protocol pauser * Protocol unpauser * Rehypothecation manager * **Developer** * Renounce all {% hint style="info" %} ### **Market Types** Yield markets differ by underlying asset and use case. Depending on whether the underlying is actively governed or immutable, **selective governance** may be required. Napier classifies markets as follows: * **Verified** — Created by a verified curator. * **Unverified** — Created without verification. * **Unstoppable** — Immutable market (all curator permissions renounced except Fee Collector). * **Banned** — **F**lagged as inappropriate or malicious. {% endhint %} {% hint style="info" %} You can assign one or more roles to one or more addresses. {% endhint %} {% hint style="danger" %} **Renounce** with care: it permanently relinquishes your curator (owner) rights, and afterward no one—including you and Napier core team—can take any action on the market. {% endhint %} {% endstep %} {% endstepper %} # Pause Market {% hint style="danger" %} Pausing a market takes effect immediately for users. Because it can impact trading behavior and price formation, carefully confirm that this action is necessary before proceeding. {% endhint %} Curators can pause their markets via the Curator Dashboard. An emergency pause disables specific functions of a given market, helping reduce the risk of funds flowing out from deposits in that market. ### Using the Curator App Follow the steps below to pause their markets: {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under **Verify Your Account**. * If you haven’t created a market yet, follow the steps in **Create Market**. * Your address is assigned as **Protocol Pauser**. If not, follow the **Role Allocation** guide to assign the role. {% endstep %} {% step %} ### **Step 2: Pause a Market** * **Select your market** and click **Pause.** * **Review the impact** and confirm this action is necessary. * Click **Pause** the market with a caution.
{% endstep %} {% endstepper %} # Partner Points Integration {% hint style="info" %} This guide explains how to calculate a position’s exposure for points programs in Napier markets. I**f you’re a curator:** you can share this guide directly with asset issuers. {% endhint %} Follow the steps below to integrate Napier tokens with your point system. {% stepper %} {% step %} ### Step 1: Preparation #### Before the integration * Access the **Curator Dashboard**. * If your account is not verified, complete verification under **Verify Your Account**. * If you haven’t created a market yet, follow the steps in **Create Market**. #### Start the integration Measure each user’s **underlying token exposure** to run points, airdrops, or rewards. {% hint style="info" %} **Tokens:** * **PT (principal):** holds the underlying; **no points** by itself. * **YT (yield):** points come from your share of the **underlying held in PT**. * **LP (AMM liquidity):** there are two possible cases - points can be earned either from the **entire LP** or only from the **portion of the LP excluding PT**. **Note:** Whether points are earned from the entire LP or only from the portion excluding PT depends on the program operator’s policy. Make sure to confirm this before proceeding. {% endhint %} Go to the point integration example ([Github)](https://github.com/napierfi/point-integration-example) and install the dependency ```bash git clone cd point-integration-example pnpm install ``` {% endstep %} {% step %} ### Step 2: Configuration #### Edit `src/configuration.ts`: ```tsx export const configuration = { chainId: 1, markets: ['0x8eb9f9e97d6a63aab7572ad0d96fa3f09255cce9'], blockNumber: 22160745, }; ``` * Use **PT addresses** (not LP or YT). * Find your market’s PT on app.napier.finance. * Double-check `chainId` and the snapshot `blockNumber`. {% endstep %} {% step %} ### Step 3: Execution #### Run the Script ```tsx pnpm start ``` This creates: * `user_balances_yt.csv` — exposure from YT * `user_balances_lp.csv` — exposure from LP (non-PT portion of LP) Each CSV row: ```tsx address,balances 0x1234...abcd, 3524219 // LP (non-PT portion of LP) 0xabcd...5678, 1980132 // YT ``` \= user address and their total **underlying exposure** at the snapshot block. {% endstep %} {% step %} ### Step 4: Verification Verify a user's calculated exposure manually: * **YT exposure:** `underlying.balanceOf(PT) × yt.balanceOf(user) ÷ yt.totalSupply()` * **LP exposure:** `underlying.balanceOf(pool) × lp.balanceOf(user) ÷ lp.totalSupply()` {% hint style="info" %} **Quick Etherscan check** 1. Open the PT address (e.g ) 2. Read the underlying holding of PT contract. 3. See the user’s share under **Holders** (e.g ) 4. Apply the formula. {% endhint %} {% hint style="info" %} **After maturity:** YT stops accruing yield → **stop points tracking** for that market. {% endhint %} {% endstep %} {% step %} ### Step 5: Notify Users Go back to the [Partner Points Program](/curate/napier-curation/manage-market/partner-points-program), display the points program in the UI, and notify users. {% endstep %} {% endstepper %} # Partner Points Program {% hint style="danger" %} The configured points incentives will be visible to users immediately after setup. Because these incentives can influence trading behavior and price formation within the market, carefully review all details before publishing. {% endhint %} Curators can add point incentives to their markets via the Curator Dashboard. ### Using the Curator App Follow the steps below to pause their markets: {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under **Verify Your Account**. * If you haven’t created a market yet, follow the steps in **Create Market**. {% hint style="success" %} #### Tips: How to Get Partner Points for Your Markets When the **underlying asset** has its own points program, you’ll need to coordinate with the **asset issuer** so your users can receive those points. **Your responsibilities** * **Negotiate** the point allocation your market’s users will receive. * **Coordinate a simple integration** with the issuer so points can be credited. **Simple integration (typical flow)** 1. **Contact the issuer** and agree on point rules (who earns, how much, when). 2. Ask the issuer to **run a short integration script** (or provide an API key/endpoint). 3. **Verify** that points are tracked and credited as expected. > For implementation details, see [**Point Integration**.](/curate/napier-curation/manage-market/partner-points-integration) > {% endhint %} > {% endstep %} {% step %} ### **Step 2: Integrate a Point Program with Napier** * If you haven’t completed the Points Program integration yet, see [**Points Program Integration**.](/curate/napier-curation/manage-market/partner-points-integration) {% endstep %} {% step %} ### **Step 3: Add a Point Program** * Click **Add** to create a new points incentive. * Fill in the form (program name, allocation, duration, multiplier, etc.). * Once saved, the configured incentive is **immediately reflected** in the user interface.
{% endstep %} {% endstepper %} # Rewards Program {% hint style="danger" %} The configured reward incentives will be visible to users immediately after setup. Because these incentives can influence trading behavior and price formation within the market, carefully review all details before publishing. {% endhint %} Curators can add a **Reward Proxy** to enable users to claim rewards based on their **LP token** holdings. ### Using the Curator App Follow the steps below to add a **Reward Proxy to** a market: {% stepper %} {% step %} ### Step 1: Preparation * Access the **Curator Dashboard**. * If your account is not verified, complete verification under **Verify Your Account**. * If you haven’t created a market yet, follow the steps in **Create Market**. {% endstep %} {% step %} ### **Step 2: Confirm a Reward Proxy Support** Use the checklist below to quickly figure out Rewards Proxy support. | Distribution style | Underlying token | Support | What to do | | --------------------- | ---------------- | --------------- | ---------------------------------------------------------------------------------------------------------------- | | **Linearly streamed** | **Non-rebasing** | ✅ Supported | Use a custom reward proxy (e.g., Morpho, Covex) | | **Linearly streamed** | **Rebasing** | ❌ Not supported | — | | **Airdrop-style** | **Non-rebasing** | ⚠️ Indirect | Rewards accrue to the treasury and are then redistributed by the Napier DAO via Merkle campaigns (Pendle-style). | | **Airdrop-style** | **Rebasing** | ⚠️ Indirect | Rewards accrue to the treasury and are then redistributed by the Napier DAO via Merkle campaigns (Pendle-style). | | {% endstep %} | | | | {% step %} ### **Step 3: Add a Reward Proxy**
#### Select a Provider * Choose based on the reward distribution mechanism. | Types | | | ------------------------------ | -------- | | **Morpho** | `Morpho` | | **Euler, Aave, Compound Blue** | `Merkl` | | **Convex** | `Convex` | #### Add a reward token address(es) * Click **Reward Program** * Paste **ERC-20** reward token address (es) * If Merkl distributes COMP: `COMP: 0xc00e94Cb662C3520282E6f5717214004A7f26888` * If Euler distributes EUL via Merkl: `EUL: 0xd9fcd98c322942075a5c3860693e9f4f03aae07b` * Add multiple tokens if the protocol pays more than one (e.g., AAVE / COMP / EUL). #### Save a configuration * Click **Save** to finalize. {% hint style="info" %} The Rewards Proxy automatically distributes rewards to YT, allowing YT holders to claim them just like yield. However, if rewards are paid to the underlying in an airdrop-style distribution, the curator claims them first and they accrue to the treasury. The Napier DAO will then redistribute those rewards later via a Merkle campaign. {% endhint %} {% endstep %} {% endstepper %} # Deploy Oracles Curators can deploy a Napier Oracle from their markets via the Curator Dashboard. ### What You'll Find Here We assume you want to integrate PT and LP oracles into your system. In this guide, you will: * Configure the **PT and LP oracles**. * Choose, per your use case, a price oracle for **any market’s PT or LP**. * Set an appropriate **TWAP duration**. * **Deploy** the oracle and obtain its feed/endpoint. * **Validate** the oracle to ensure it’s working correctly. *** ### Using the Napier Oracle Follow the steps below to deploy a Napier Oracle. {% stepper %} {% step %} ### Step 1: Preparation Before Configuring the oracle, you will prepare: #### Before Configuring the Oracle * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Curator Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**](/curate/napier-curation/create-market-napier-amm). * Once you finish creating a market, it will appear in your Curator Dashboard. #### **C**larify the prerequisites * If you haven’t learned how Napier market work, start with [Markets - Napier AMM](/learn/protocols/markets-napier-amm). * If you haven’t learned how Napier’s oracles work, start with Napier Oracles (Github) {% endstep %} {% step %} ### **Step 2: Scoping** Select the following parameters（[Github](https://github.com/napierfi/napier-v2/blob/d9648b23e337322defedf95b282d3c4bbacd294e/test/lens/uniswap/TokiLinearChainlinkOracle.t.sol#L39-L40)）
#### **Chose a Market** * Select the market from which you want to source the oracle. #### **Chose an Oracle Type** When deploying the oracle, specify the type: * **TWAP** or **Deterministic Oracles**; if you select the latter, follow [Deploy Deterministic Oracles](/curate/napier-curation/manage-market/deploy-oracles/deploy-deterministic-oracles). * **Quote unit**: **Underlying asset** or **Asset** (i.e., price of PT in the underlying unit vs. in the asset unit) {% hint style="success" %} #### **Recommendation:** Price PT **against Underlying Assets** rather than against the **Asset**. * **Why:** Many underlying assets (yield-bearing tokens) represent “assets staked in a specific protocol,” so the Asset price of that underlying is not strictly well-defined (redeemability, slashing risk, etc.). Therefore, a “perfect” **PT→Asset** price cannot be provided. * **Example (PT-sUSDe / sUSDe, Asset = USDe):** Napier can guarantee that **1 PT-sUSDe** can be exchanged for **X sUSDe**, so a **PT→Underlying Assets** price exists natively.\ By contrast, sUSDe→USDe redemption is not guaranteed; sUSDe’s “Asset” is actually **USDe staked in Ethena**, making the Asset-denominated price of the underlying not strictly well-defined. * **Depeg behavior:** Even if **sUSDe depegs from USDe**, the **PT→sUSDe** conversion remains correct, since it relies on the Underlying assets side, not on external redeemability. {% endhint %} {% endstep %} {% step %} ### Step 3: Price Retrieval Finally, deploy it and fetch the oracle. #### Deploy the Oracle Deploy and initialize the oracle here. ([Github](https://github.com/napierfi/napier-v2/blob/d9648b23e337322defedf95b282d3c4bbacd294e/test/lens/ChainlinkOracleFactory.t.sol#L43-L59)) ``` function clone(address implementation, bytes calldata args, bytes calldata initializationData) ``` #### Call the Oracle Price can be obtained simply by calling the `latestRoundData()` function. ([Github](https://github.com/napierfi/napier-v2/blob/d9648b23e337322defedf95b282d3c4bbacd294e/src/oracles/chainlink/TokiTWAPChainlinkOracle.sol#L76)) {% endstep %} {% step %} ### Step 4: Sanity Checks After integrating an oracle for PT price , do these steps to check the oracle's correctness: #### **PT Oracle Sanity Check** 1. Fetch the **PT price** from your deployed oracle. 2. On the relevant PT market in Napier, open the **Price** tab and note the **PT/Underlying** price. 3. Multiply the price from step 2 by the **Underlying asset’s price** to convert it to **PT/Stable** terms. 4. Compare step 1 vs. step 3. If the deviation exceeds **0.2%**, investigate (and consider contacting the Napier team). #### **Liquidity & Volatility Checks** * **Price volatility:** On the market page, review **PT/Underlying** volatility, then use it to infer an estimate of **PT/Stable** volatility. * **Liquidity:** In the same tab, run **trading simulations** (buy/sell PT against the underlying) and check **price impact** for different order sizes in both directions. {% endstep %} {% endstepper %} # Deploy Deterministic Oracles Curators can deploy a Napier Deterministic Oracles from their markets via the Curator Dashboard. ### What You'll Find Here We assume you want to integrate PT and LP oracles into your system. In this guide, you will: * Configure the **PT and LP oracles**. * Choose, per your use case, a price oracle for **any market’s PT or LP**. * Set an appropriate **Discount factor**. * **Deploy** the oracle and obtain its feed/endpoint. * **Validate** the oracle to ensure it’s working correctly. *** ### Using the Napier Oracle Follow the steps below to deploy a Napier Oracle. {% stepper %} {% step %} ### Step 1: Preparation Before Configuring the oracle, you will prepare: #### Before Configuring the Oracle * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Curator Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**](/curate/napier-curation/create-market-napier-amm). * Once you finish creating a market, it will appear in your Curator Dashboard. #### **C**larify the prerequisites * If you haven’t learned how Napier market work, start with [**Markets - Napier AMM**](/learn/protocols/markets-napier-amm)**.** * If you haven’t learned how Napier’s oracles work, start with Napier Oracles (Github) {% endstep %} {% step %} ### **Step 2: Scoping** Select the following parameters ([Github](https://github.com/napierfi/napier-v2/blob/d9648b23e337322defedf95b282d3c4bbacd294e/test/lens/uniswap/TokiLinearChainlinkOracle.t.sol#L39-L40))
#### **Chose a Market** * Select the market from which you want to source the oracle. #### **Chose an Oracle Type** When deploying the oracle, specify the type: * **TWAP** or **Deterministic Oracles** * if you select the latter, follow [Deploy Deterministic Oracles](/curate/napier-curation/manage-market/deploy-oracles/deploy-deterministic-oracles). * **Quote unit**: **Underlying asset** or **Asset** * i.e., price of PT in the underlying unit vs. in the asset unit {% hint style="success" %} #### **Recommendation:** Price PT **against Underlying Assets** rather than against the **Asset**. * **Why:** Many underlying assets (yield-bearing tokens) represent “assets staked in a specific protocol,” so the Asset price of that underlying is not strictly well-defined (redeemability, slashing risk, etc.). Therefore, a “perfect” **PT→Asset** price cannot be provided. * **Example (PT-sUSDe / sUSDe, Asset = USDe):** Napier can guarantee that **1 PT-sUSDe** can be exchanged for **X sUSDe**, so a **PT→Underlying Assets** price exists natively.\ By contrast, sUSDe→USDe redemption is not guaranteed; sUSDe’s “Asset” is actually **USDe staked in Ethena**, making the Asset-denominated price of the underlying not strictly well-defined. * **Depeg behavior:** Even if **sUSDe depegs from USDe**, the **PT→sUSDe** conversion remains correct, since it relies on the Underlying assets side, not on external redeemability. {% endhint %} #### **Set a Discount Factor** Set the **discount factor** (`rateBps`) that determines the annualized linear slope until maturity. {% hint style="info" %} `rateBps` represents the annual slope, where 1 bps = 0.01%. Therefore, 10,000 bps = 100% per year. * Example: `100 bps` → 1% annual discount rate {% endhint %} {% endstep %} {% step %} ### Step 3: Price Retrieval Finally, deploy it and fetch the oracle. #### Deploy the Oracle Deploy the oracle here ([Github](https://github.com/napierfi/napier-v2/blob/d9648b23e337322defedf95b282d3c4bbacd294e/test/lens/uniswap/TokiLinearChainlinkOracle.t.sol#L20C4-L41C6)) #### Call the Oracle Price can be obtained simply by calling the `latestRoundData()` function. ([Github](https://github.com/napierfi/napier-v2/blob/d9648b23e337322defedf95b282d3c4bbacd294e/src/oracles/chainlink/TokiTWAPChainlinkOracle.sol#L76)) {% endstep %} {% endstepper %} # Pool Gauge - Curve AMM
# Stack with Lending Markets ### **Overview** Napier’s Principal Token (PT) represents a fixed-income position (Tokenized Yield) on a yield-bearing asset. By integrating PTs into lending markets such as Morpho or Euler, these fixed-rate positions can be reused as collateral, unlocking a new level of capital efficiency and utility within DeFi. #### Lending Market and Oracle To integrate PTs into lending markets, a price oracle is required. In Napier, the Napier AMM functions as this oracle, providing deterministic price data for PTs. For more details, see Deploy Oracles. #### Lending Supply via Rehypothecation The Napier AMM also features a built-in Rehypothecation mechanism, which allows idle LP funds—when not actively used for trading—to be supplied to any vault while remaining fully available for swaps. As a result, Napier AMM liquidity can be supplied to lending vaults such as those on Morpho or Euler, earning lending yields on top of trading fees. Through this Rehypothecation, Napier AMM liquidity forms a unified liquidity cycle that seamlessly integrates trading and lending. *** ### Integration Flow 1. [**Create a Napier Market**](broken://pages/Vu2pxoJIwVENzrvPOWpq)**:** Deploy a PT and YT market on Napier 2. [**Manage Napier Market**](/curate/napier-curation/manage-market): 1. [**Deploy Napier Oracles**](/curate/napier-curation/manage-market/deploy-oracles)**:** Deploy the PT price oracle on Napier 2. [**Set Rehypothecation**](/curate/napier-curation/manage-market/set-rehypothecation)**:** Deploy idle LP funds from Napier AMM into vaults 3. **Deploy Lending Markets:** Enable PTs to be used as collateral within lending protocols *** ### **Deploy Lending Markets** To integrate PTs with Lending Market: * [**Stack with Lending — Euler**](/curate/napier-curation/stack-with-lending-markets/stack-with-lending-euler) * [**Stack with Lending — Morpho**](/curate/napier-curation/stack-with-lending-markets/stack-with-lending-morpho) # Stack with Lending — Euler Curators can integrate a market’s PT and LP into lending protocols so users can use them as collateral. ### Using the Euler UI {% stepper %} {% step %} ### Step 1: Preparation Before deploying to Euler, make sure your Napier market and oracle are properly set up. #### Before deploying lending markets * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Curator Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**](/curate/napier-curation/create-market-napier-amm). * Once you finish creating a market, it will appear in your Curator Dashboard. * If you haven’t deployed an oracle, follow the steps in [**Deploy Oracles**](broken://pages/OrZ9rLjvfkZRIokAbPN8) #### **C**larify the prerequisites * If you haven’t learned how Napier market work, start with [Markets - Napier AMM](/learn/protocols/markets-napier-amm). * If you haven’t learned how Napier’s oracles work, start with Napier Oracles (Github) * If you haven’t learned Euler, start with [Euler Docs](https://docs.euler.finance/creator-tools) {% endstep %} {% step %} ### **Step 2: Using Euler UI** Once your oracle and market are ready, set up the lending side in Euler. #### **Choose your UI** * [**Euler Creator UI** ](https://create.euler.finance/oracle)— streamlined flow guided by *Euler Docs:* [*Using the Creator UI*](https://docs.euler.finance/creator-tools/vaults/evk/creator-ui). * [**Objective Labs Edge UI**](https://app.objectivelabs.io/oracles) — a streamlined interface to build and deploy immutable lending vaults (Edge Markets) on Euler; see *Euler Docs:* [*Using the Objective Labs Edge UI*.](https://docs.euler.finance/creator-tools/vaults/evk/edge-ui) #### **Create a Vault (EVK)** Follow the official steps in your chosen UI to plan your vault architecture and collateral relationships: {% embed url="" %} #### **Deploy & Configure the Oracle Router** Oracle Router is required for any vault: it’s the hub that sources correct on-chain prices for the underlying and accepted collateral. {% embed url="" %} #### **Set** Interest Rate Models (IRMs) The IRM ensures that supply and borrow rates adjust appropriately as pool utilization changes. Follow the official steps in your chosen UI. {% embed url="" %} {% endstep %} {% endstepper %} # Stack with Lending — Morpho Curators can integrate a market’s PT and LP into lending protocols so users can use them as collateral. ### Using the Morpho UI {% stepper %} {% step %} ### Step 1: Preparation Before deploying to Morpho, make sure your Napier market and oracle are properly set up. #### Before deploying lending markets * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Curator Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**](/curate/napier-curation/create-market-napier-amm). * Once you finish creating a market, it will appear in your Curator Dashboard. * If you haven’t deployed an oracle, follow the steps in [**Deploy Oracles**](broken://pages/OrZ9rLjvfkZRIokAbPN8) #### **C**larify the prerequisites * If you haven’t learned how Napier market work, start with [Markets - Napier AMM](/learn/protocols/markets-napier-amm). * If you haven’t learned how Napier’s oracles work, start with Napier Oracles (Github) * If you haven’t learned Morpho, start with [Morpho Docs](https://docs.morpho.org/) {% endstep %} {% step %} ### **Step 2: Using Morpho UI** Once your oracle and market are ready, set up the lending side in Morpho. #### **Create a Vault** Follow the official steps to plan your vault architecture: {% embed url="" %} #### **Deploy an Oracle** Oracle Router is required for any market: Follow the official steps to depoy an oracle: {% embed url="" %} {% embed url="" %} #### **Create a Market** Follow the official steps to create and configure a market in your Morpho vault: {% embed url="" %} {% hint style="info" %} You have to carefully validate the oracle configuration you expect to use for the market you intend to deploy. {% endhint %} {% endstep %} {% endstepper %} # Stack with GP Vaults ### **Overview** The Principal Token (PT) represents a tokenized fixed-income position on a yield-bearing asset.\ By combining PTs and Napier LPs within general-purpose (GP) vaults, curators can enhance APY, trading volume, and liquidity—and ultimately improve curator profitability—while keeping the end-user experience simple and seamless. #### Vaults, Earn Products, and Investment Packages A Vault (also referred to as an Earn Product or Investment Package) represents a general-purpose vault framework designed to encapsulate all underlying complexities — such as advanced DeFi strategies, payment integrations, and regulatory or compliance requirements for real-world use — within the vault itself, delivering a simple and seamless experience to end users. * From the vault deployer’s perspective, it functions as an on-chain Fund of Funds (FoF). * From the end user’s perspective, it serves as a passive and intuitive investment package. Representative Implementations include: * Morpho v2 Basic Vault * Euler Earn * Veda Boring Vault * Mellow Core Vault * IPOR Fusion * Gauntlet Aera * Upshift ### **GP (General-Purpose) Vaults and Napier** Combine Napier PTs and LPs inside GP vaults to stack APY, volume, and liquidity while keeping the end-user flow simple. Example Vault Packages includes * **Automated PT Looping Vault:** Build looping positions on a given PT with lending to target higher fixed yields passively, without rollover at maturity. * **Leveraged Auto-Compounded LP Vault:** Auto-compound YT yield back into the LP and use LP tokens as collateral in lending to target passive high returns and points exposure. * **Dollar-Based PT Best Rate Basket Vault:** Continuously rebalance into the highest-return PTs to target passive, high yields without rollover at maturity. And, extend to Payments: * **Vault-Backed Credit/Debit Card:** A payments vault that enables instant settlement: the vault maintains a secured loan position, borrowing settlement currency against crypto collateral to fund card transactions. *** ### Integration Flow 1. [**Create a Napier Market**](broken://pages/Vu2pxoJIwVENzrvPOWpq)**:** Deploy a PT and YT market on Napier 2. [**Manage Napier Market**](/curate/napier-curation/manage-market): 1. [**Deploy Napier Oracles**](/curate/napier-curation/manage-market/deploy-oracles)**:** Deploy the PT price oracle on Napier 2. [**Set Rehypothecation**](/curate/napier-curation/manage-market/set-rehypothecation)**:** Deploy idle LP funds from Napier AMM into vaults 3. [**Deploy Lending Markets**](/curate/napier-curation/stack-with-lending-markets)**:** Enable PTs to be used as collateral within lending protocols 4. **Deploy GP Vaults:** Bring all complexities together into one. {% hint style="info" %} Napier recognizes the challenge of having to navigate different interfaces and interact with various backends across curator-based platforms. We’re developing a product that delivers a unified user experience across all curator-based platforms within the Napier ecosystem. Follow us on Twitter (X) to stay tuned for updates. {% endhint %} *** ### **Deploy GP Vaults** To integrate PTs with GP Vaults: * [**Stack with GP Vaults - IPOR Fusion**](/curate/napier-curation/stack-with-gp-vaults/stack-with-gp-vaults-ipor-fusion) {% hint style="info" %} To enable the use of Napier PTs and LP tokens within GP Vaults, dedicated integrations with each GP Vault provider are required. Napier plans to support all the representative implementations listed above progressively over time. {% endhint %} # Stack with GP Vaults - IPOR Fusion Curators integrate PTs, LPs, and their lending positions into GP Vaults, enabling users to access attractive yield opportunities through a simple, unified experience. ### Using the Fusion UI {% stepper %} {% step %} ### Step 1: Preparation Before deploying to IPOR Fusion, ensure that your Napier market, oracle, and all related DeFi integrations are properly configured and verified. #### Before deploying lending markets * Access the **Curator Dashboard**. * If your account is not verified, complete verification under [**Verify Curator Account**](/curate/napier-curation/verify-curator-account). * If you haven’t created a market yet, follow the steps in [**Create Market**](/curate/napier-curation/create-market-napier-amm). * Once you finish creating a market, it will appear in your Curator Dashboard. * If you haven’t deployed an oracle, follow the steps in [**Deploy Oracles**](broken://pages/OrZ9rLjvfkZRIokAbPN8) * If you need a lending integration, follow the steps in [**Stack with Lending Markets**](/curate/napier-curation/stack-with-lending-markets) #### **C**larify the prerequisites * If you haven’t learned how Napier market work, start with [**Markets - Napier AMM**](/learn/protocols/markets-napier-amm)**.** * If you haven’t learned how Napier’s oracles work, start with Napier Oracles (Github) * If you haven’t learned Fusion by IPOR, start with [**IPOR Fusion Docs**](https://docs.ipor.io/developers-docs/fusion) {% endstep %} {% step %} ### **Step 2: Using Fusion UI** Once your oracle, market, and related DeFi integrations are ready, proceed to configure the GP Vault side on IPOR Fusion. #### **Define a Napier Strategy** Example Napier strategy includes: * **Automated PT Looping Vault:** Build looping positions on a given PT with lending to target higher fixed yields passively, without rollover at maturity. * **Leveraged Auto-Compounded LP Vault:** Auto-compound YT yield back into the LP and use LP tokens as collateral in lending to target passive high returns and points exposure. * **Dollar-Based PT Best Rate Basket Vault:** Continuously rebalance into the highest-return PTs to target passive, high yields without rollover at maturity. #### **Create a Vault (Fusion)** Follow the official steps to plan your vault architectures: {% embed url="" %} {% embed url="" %} #### **Configure a Napier Fuse** To configure and run strategies on IPOR Fusion using Napier Markets, PTs, or LPs, you’ll need to use custom Fuses. You can find the list of Napier Fuses here ([GitHub)](https://github.com/IPOR-Labs/ipor-fusion/tree/main/contracts/fuses). {% hint style="warning" %} Napier Fuses are currently under development. {% endhint %} Follow the official steps below to plan your Fuse configurations: {% embed url="" %} {% endstep %} {% endstepper %} # Developer Guide Napier protocol is released under the `BUSL` license. All code is open source and available at: [github.com/napierfi/napier-v2-public](https://github.com/napierfi). Once deployed, the protocol is designed to operate **indefinitely**, contingent on the continued existence of the Ethereum blockchain. The Napier Stack provides tools and interfaces for users, developers, and researchers to: * Build on top of the Napier protocol * Access on-chain and protocol data * Integrate markets, strategies, and analytics ### Offchain
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Napier API

Access data on Napier users, markets and more.

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Napier SDK (Soon)

A suite of tool to interact with the Napier ecocystem

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Napier Subgraphs (Soon)

Retrieve onchain data from Napier contract

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### Onchain
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Deployment

All deployed Napier contracts.

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# Napier API The **Napier API** is the data infrastructure layer of the Napier Protocol ecosystem. It aggregates, processes, and serves data from both on-chain and off-chain sources to support market analytics, token information, and integrated services. {% embed url="" %} #### Core Functions * **Data Aggregation:** Combines information from subgraphs, RPCs, and off-chain sources. * **Caching & Snapshots:** Uses Redis caching and periodic snapshots for faster queries and historical analysis. * **Multi-Chain Queries:** Provides a unified interface to query data across multiple blockchains. * **Off-Chain Storage:** Manages persistent application data and metadata using PostgreSQL and AWS S3. * **Subgraph Proxying:** Enhances subgraph queries with additional metadata and fallback mechanisms. * **Administrative Tools:** Supports Slack bot operations, curator management, and reward point systems. #### Infrastructure * **Authentication:** SIWE (Sign-In with Ethereum) using JWT. * **Storage & Database:** PostgreSQL with TypeORM and AWS S3. * **Monitoring:** Health checks, Sentry integration, and alerting tools. * **Performance:** Redis caching, query optimization, and rate limiting. #### Developer Experience * Auto-generated Swagger/OpenAPI documentation. * Multi-environment support (development, staging, production). * Migration tools and schema versioning. * Comprehensive test and build scripts. #### Technology Stack NestJS (TypeScript), PostgreSQL, Redis, JWT (SIWE), AWS S3, Viem (Ethereum), Sentry, Swagger/OpenAPI. #### Authentication Endpoints * **Initialize SIWE:** `POST /v1/auth/siwe/init` * **Sign In:** `POST /v1/auth/siwe/signin` * **Get Profile:** `GET /v1/auth/me` #### Core Endpoints * **Markets:** `/v1/market/*` — Yield tokenization data and analytics * **Users:** `/v1/user/*` — Portfolio and account data * **Points:** `/v1/point/*` — Reward system * **Curators:** `/v1/curator/*` — Curator operations * **Tokens:** `/v1/token/*` — Token metadata * **Health:** `/v1/health` — System status #### Security * Authenticated endpoints with SIWE/JWT * Input validation and SQL injection prevention * Rate limiting and caching against abuse * Secure file uploads via pre-signed URLs #### Getting Started 1. Clone the repo and install dependencies with `pnpm install`. 2. Configure environment variables (`.env`). 3. Start PostgreSQL and Redis (`docker-compose up -d`). 4. Run migrations: `pnpm run migration:run`. 5. Start the server: `pnpm run start:dev`.\ API available at `http://localhost:3000` with docs at `/docs`. # Deployment All deployed Napier smart contracts are verified on their respective block explorers, and the codebase is provided under the `Business Source License (BUSL)`. {% tabs %} {% tab title="Ethereum" %} ### Core | Contract Name | Contract Address | | ------------------------------ | -------------------------------------------- | | Factory | `0x0000001afbCA1E8CF82fe458B33C9954A65b987B` | | Factory Impl | `0xB65cc31E0daA89e271d3B71aa731FBDB86C74868` | | Access Manager | `0x000000C196dBD8c8b737F95507C2C39271CdcC99` | | Access Manager Impl | `0x1775eb30212734a02B4C6709C98eBdC88Be26cb8` | | Access Manager Impl Deprecated | `0xc5408eCcbb5386C75B2080e70c31Cf9054D97485` | | PT Blueprint | `0xd504C5c66ffd1cA0a58a2E17f147552808c07d77` | | YT Blueprint | `0x0FB7CeF75D5a93ddb19b38c998835008c2681B31` | ### Module Implementations | Contract Name | Contract Address | | -------------------------------- | -------------------------------------------- | | Constant Fee Module Impl | `0xB6A7f2ff3AA790A15841E8D785f5828952ead723` | | Deposit Cap Verifier Module Impl | `0x51BaAD1B2eacd0E8D666328BfDe71Cb5bF6037C5` | | Merkl Reward Proxy Impl | `0xe1d1D132456D3815Aa8A8AF116a407FFf139e942` | | Silo Reward Proxy Impl | `0x7A43635f92b9d4dD01555E3Da04D5284c9B85A88` | ### Resolver Blueprints | Contract Name | Contract Address | | ------------------------------------ | -------------------------------------------- | | ERC4626 Resolver Blueprint | `0x067eEfB72007dde6F87514D061889D411648Aa78` | | Share Price Resolver Blueprint | `0x49d107784Ac90735fD8c45273Cd8b310b87Ad53a` | | Constant Price Resolver Blueprint | `0xAE23318d6998972dB04dD4209e55e2Fb32df5aA7` | | Custom Conversion Resolver Blueprint | `0x8a48b9878A8076Eb8cF4Ed1eFa12806E34492a35` | | External Price Resolver Blueprint | `0x393b7dae9977fB2fCeF4F6a6aA0170F153fa44d5` | | Chainlink Resolver Blueprint | `0xE3685D742F6713f35a92bf5938abE7BFBC162218` | | TwoCrypto Deployer | `0x34F6f5365c1b0830da9310A1d1F1b380a75ec5C8` | ### Periphery | Contract Name | Contract Address | | --------------------------- | -------------------------------------------- | | Default Connector Factory | `0x294E046bE5678e680c1eB229e9fdf6653d862efC` | | Vault Connector Registry | `0xE7144d85fe12b13243A7e7843e4Fc4BEbF9Feafb` | | Aggregation Router | `0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB` | | TwoCryptoZap | `0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234` | | Quoter | `0x0000006182e8f8B89419159efe131ed65764bCbd` | | Quoter Impl | `0x46d5957A90d13B7b5f931c7A32d2a58c04ca286f` | | Lens | `0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F` | | Lens Impl | `0xbee550C0432C3eB0E0dcC741B788Ce704a4dAd0f` | | Lens Impl Deprecated | `0x2869e00e6cbf369f9ed4a280a4fb44ccaa7f44df` | | Wrapper Connector Impl | `0xB8B8dBB89740a1A705540FA0b832f7ed97b4109A` | | Wrapper Factory | `0x44445C34Daf19cF0D7721Ecf4be42F2538ac00c8` | | Price Provider | `0x000000bA92d1f66c46722F0f4c035515d2b006A3` | | Price Provider Impl | `0x5eC99BD8541f0A7E1AD9ce07B858013BaCD622cD` | | Principal Token Quoter | `0x0000003db4b656AbDEB9860a924AC59459ECFB41` | | Principal Token Quoter Impl | `0x9d8F09D0B1D90a154DB613Aa5c6905E82832606f` | ### V4 | Contract Name | Contract Address | | -------------------- | -------------------------------------------- | | Pool Fee Module Impl | `0xB8483Da9476864f0aB04622E93A008062a4874C5` | | Toki Pool Deployer | `0x3333fa2BEd91533D8Fe0F1B641582343A8529469` | | Toki Pool Token Impl | `0xcdE671cee0A17cb4c5c5d546B8724Cbac7d87A1D` | | Toki Hook | `0xB046529771F5D01974913056843f1F0F77D81888` | ### V4 Periphery | Contract Name | Contract Address | | -------------------- | -------------------------------------------- | | V4 Router | `0x000000d8B6Fb27de7229923DB7649e50DC5937e8` | | State View | `0x2D3ABe6bb0bd600d8465805455e8AF5AB571AdD8` | | Toki Quoter | `0x0000005148D4f02f9B788938dD8f96582F15aBeb` | | Toki Quoter Impl | `0x18CFc0D5DD3e016b39D0EB2e43290485395a6332` | | Toki Lens | `0x000000896D3C2837797e9f334b4Cf366Bf645fdF` | | Toki Lens Impl | `0x71C3423E4CD1a1bd74288d90214F09d1Ad13EfbE` | | Toki Swap Bin Search | `0xB771B4bD483aC08be458Ae5353966115b39c6B7e` | | Toki Oracle | `0xe9aa72336E86Abcf572356823b4db70e26539fe8` | | Toki Oracle Impl | `0x2ce0B7C92896CD83d6046b127f788B65A4a91424` | ### Oracle | Contract Name | Contract Address | | ------------------------------ | -------------------------------------------- | | Chainlink Compt Oracle Factory | `0x00000013f81B2e719d7183CFDd9f0e46CFbC8564` | | Toki Linear Price Oracle Impl | `0x104B27980bD285Bf918c0EbA6d07513f1401edfE` | | Toki TWAP Oracle Impl | `0x61C93F072cba6228c166d0eaAa443066f02e5Bb0` | ### Wrapper Implementations | Contract Name | Contract Address | | ------------------- | -------------------------------------------- | | AToken Wrapper Impl | `0xeB528A9e6ff1b6C23Ab286BF7c064cCc4CAC8087` | ### External Contracts | Contract Name | Contract Address | | ----------------------- | -------------------------------------------- | | Wrapped Native | `0x82aF49447D8a07e3bd95BD0d56f35241523fBab1` | | Pendle Router | `0x888888888889758F76e7103c6CbF23ABbF58F946` | | Multicaller | `0x0000000000002Bdbf1Bf3279983603Ec279CC6dF` | | Multicaller With Sender | `0x00000000002Fd5Aeb385D324B580FCa7c83823A0` | | Multicaller With Signer | `0x000000000000D9ECebf3C23529de49815Dac1c4c` | | {% endtab %} | | {% tab title="Arbitrum" %} ### Core | Contract Name | Contract Address | | ------------------------------ | -------------------------------------------- | | Factory | `0x0000001afbCA1E8CF82fe458B33C9954A65b987B` | | Factory Impl | `0xB65cc31E0daA89e271d3B71aa731FBDB86C74868` | | Access Manager | `0x000000C196dBD8c8b737F95507C2C39271CdcC99` | | Access Manager Impl | `0x1775eb30212734a02B4C6709C98eBdC88Be26cb8` | | Access Manager Impl Deprecated | `0xc5408eCcbb5386C75B2080e70c31Cf9054D97485` | | PT Blueprint | `0xd504C5c66ffd1cA0a58a2E17f147552808c07d77` | | YT Blueprint | `0x0FB7CeF75D5a93ddb19b38c998835008c2681B31` | ### Module Implementations | Contract Name | Contract Address | | -------------------------------- | -------------------------------------------- | | Constant Fee Module Impl | `0xB6A7f2ff3AA790A15841E8D785f5828952ead723` | | Deposit Cap Verifier Module Impl | `0x51BaAD1B2eacd0E8D666328BfDe71Cb5bF6037C5` | | Merkl Reward Proxy Impl | `0xe1d1D132456D3815Aa8A8AF116a407FFf139e942` | | Silo Reward Proxy Impl | `0x7A43635f92b9d4dD01555E3Da04D5284c9B85A88` | ### Resolver Blueprints | Contract Name | Contract Address | | ------------------------------------ | -------------------------------------------- | | ERC4626 Resolver Blueprint | `0x067eEfB72007dde6F87514D061889D411648Aa78` | | Share Price Resolver Blueprint | `0x49d107784Ac90735fD8c45273Cd8b310b87Ad53a` | | Constant Price Resolver Blueprint | `0xAE23318d6998972dB04dD4209e55e2Fb32df5aA7` | | Custom Conversion Resolver Blueprint | `0x8a48b9878A8076Eb8cF4Ed1eFa12806E34492a35` | | External Price Resolver Blueprint | `0x393b7dae9977fB2fCeF4F6a6aA0170F153fa44d5` | | Chainlink Resolver Blueprint | `0xE3685D742F6713f35a92bf5938abE7BFBC162218` | | TwoCrypto Deployer | `0x34F6f5365c1b0830da9310A1d1F1b380a75ec5C8` | ### Periphery | Contract Name | Contract Address | | --------------------------- | -------------------------------------------- | | Default Connector Factory | `0x294E046bE5678e680c1eB229e9fdf6653d862efC` | | Vault Connector Registry | `0xE7144d85fe12b13243A7e7843e4Fc4BEbF9Feafb` | | Aggregation Router | `0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB` | | TwoCryptoZap | `0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234` | | Quoter | `0x0000006182e8f8B89419159efe131ed65764bCbd` | | Quoter Impl | `0x46d5957A90d13B7b5f931c7A32d2a58c04ca286f` | | Lens | `0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F` | | Lens Impl | `0xbee550C0432C3eB0E0dcC741B788Ce704a4dAd0f` | | Lens Impl Deprecated | `0x2869e00e6cbf369f9ed4a280a4fb44ccaa7f44df` | | Wrapper Connector Impl | `0xB8B8dBB89740a1A705540FA0b832f7ed97b4109A` | | Wrapper Factory | `0x44445C34Daf19cF0D7721Ecf4be42F2538ac00c8` | | Price Provider | `0x000000bA92d1f66c46722F0f4c035515d2b006A3` | | Price Provider Impl | `0x5eC99BD8541f0A7E1AD9ce07B858013BaCD622cD` | | Principal Token Quoter | `0x0000003db4b656AbDEB9860a924AC59459ECFB41` | | Principal Token Quoter Impl | `0x9d8F09D0B1D90a154DB613Aa5c6905E82832606f` | ### V4 | Contract Name | Contract Address | | -------------------- | -------------------------------------------- | | Pool Fee Module Impl | `0xB8483Da9476864f0aB04622E93A008062a4874C5` | | Toki Pool Deployer | `0x3333fa2BEd91533D8Fe0F1B641582343A8529469` | | Toki Pool Token Impl | `0xcdE671cee0A17cb4c5c5d546B8724Cbac7d87A1D` | | Toki Hook | `0xB046529771F5D01974913056843f1F0F77D81888` | ### V4 Periphery | Contract Name | Contract Address | | -------------------- | -------------------------------------------- | | V4 Router | `0x000000d8B6Fb27de7229923DB7649e50DC5937e8` | | State View | `0x2D3ABe6bb0bd600d8465805455e8AF5AB571AdD8` | | Toki Quoter | `0x0000005148D4f02f9B788938dD8f96582F15aBeb` | | Toki Quoter Impl | `0x18CFc0D5DD3e016b39D0EB2e43290485395a6332` | | Toki Lens | `0x000000896D3C2837797e9f334b4Cf366Bf645fdF` | | Toki Lens Impl | `0x71C3423E4CD1a1bd74288d90214F09d1Ad13EfbE` | | Toki Swap Bin Search | `0xB771B4bD483aC08be458Ae5353966115b39c6B7e` | | Toki Oracle | `0xe9aa72336E86Abcf572356823b4db70e26539fe8` | | Toki Oracle Impl | `0x2ce0B7C92896CD83d6046b127f788B65A4a91424` | ### Oracle | Contract Name | Contract Address | | ------------------------------ | -------------------------------------------- | | Chainlink Compt Oracle Factory | `0x00000013f81B2e719d7183CFDd9f0e46CFbC8564` | | Toki Linear Price Oracle Impl | `0x104B27980bD285Bf918c0EbA6d07513f1401edfE` | | Toki TWAP Oracle Impl | `0x61C93F072cba6228c166d0eaAa443066f02e5Bb0` | ### Wrapper Implementations | Contract Name | Contract Address | | ------------------- | -------------------------------------------- | | AToken Wrapper Impl | `0xeB528A9e6ff1b6C23Ab286BF7c064cCc4CAC8087` | ### External Contracts | Contract Name | Contract Address | | ----------------------- | -------------------------------------------- | | Wrapped Native | `0x82aF49447D8a07e3bd95BD0d56f35241523fBab1` | | Pendle Router | `0x888888888889758F76e7103c6CbF23ABbF58F946` | | Multicaller | `0x0000000000002Bdbf1Bf3279983603Ec279CC6dF` | | Multicaller With Sender | `0x00000000002Fd5Aeb385D324B580FCa7c83823A0` | | Multicaller With Signer | `0x000000000000D9ECebf3C23529de49815Dac1c4c` | | {% endtab %} | | {% tab title="Base" %}
Contract NameContract Address
Factory0x0000001afbCA1E8CF82fe458B33C9954A65b987B
Access Manager0x000000C196dBD8c8b737F95507C2C39271CdcC99
Aggregation Router0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB
Quoter0x0000006182e8f8B89419159efe131ed65764bCbd
Lens0x0000006178ee874e0ae58b131b8a5fcbe78cab2f
TwoCryptoZap0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234
PT Blueprint0x208CD7DC528BD3069f09daCE8abfD548d1326a25
YT Blueprint0x39719d3c7dFA07de67E421b5110eF171Fa6608d1
ERC4626 Resolver Blueprint0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443
SharePrice Resolver Blueprint0x0cfD2bE0749b824e7884c8fA06929816Fb407186
ConstantPrice Resolver Blueprint0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a
CustomConversion Resolver Blueprint0x5e6cec1D20e079bf824C249f821d5E0684Df47d6
ExternalPrice Resolver Blueprint0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9
{% endtab %} {% tab title="BNB Chain" %}
Contract NameContract Address
Factory0x0000001afbCA1E8CF82fe458B33C9954A65b987B
Access Manager0x000000C196dBD8c8b737F95507C2C39271CdcC99
Aggregation Router0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB
Quoter0x0000006182e8f8B89419159efe131ed65764bCbd
Lens0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F
TwoCryptoZap0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234
PT Blueprint0x208CD7DC528BD3069f09daCE8abfD548d1326a25
YT Blueprint0x39719d3c7dFA07de67E421b5110eF171Fa6608d1
ERC4626 Resolver Blueprint0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443
SharePrice Resolver Blueprint0x0cfD2bE0749b824e7884c8fA06929816Fb407186
ConstantPrice Resolver Blueprint0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a
CustomConversion Resolver Blueprint0x5e6cec1D20e079bf824C249f821d5E0684Df47d6
ExternalPrice Resolver Blueprint0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9
{% endtab %} {% tab title="Avalance" %}
Contract NameContract Address
Factory0x0000001afbCA1E8CF82fe458B33C9954A65b987B
Access Manager0x000000C196dBD8c8b737F95507C2C39271CdcC99
Aggregation Router0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB
Quoter0x0000006182e8f8B89419159efe131ed65764bCbd
Lens0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F
TwoCryptoZap0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234
PT Blueprint0x208CD7DC528BD3069f09daCE8abfD548d1326a25
YT Blueprint0x39719d3c7dFA07de67E421b5110eF171Fa6608d1
ERC4626 Resolver Blueprint0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443
SharePrice Resolver Blueprint0x0cfD2bE0749b824e7884c8fA06929816Fb407186
ConstantPrice Resolver Blueprint0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a
CustomConversion Resolver Blueprint0x5e6cec1D20e079bf824C249f821d5E0684Df47d6
ExternalPrice Resolver Blueprint0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9
{% endtab %} {% tab title="Frax" %} | Contract Name | Contract Address | | ----------------------------------- | ------------------------------------------ | | Factory | 0x0000001afbCA1E8CF82fe458B33C9954A65b987B | | Access Manager | 0x000000C196dBD8c8b737F95507C2C39271CdcC99 | | Aggregation Router | 0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB | | Quoter | 0x0000006182e8f8B89419159efe131ed65764bCbd | | Lens | 0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F | | TwoCryptoZap | 0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234 | | PT Blueprint | 0x39719d3c7dFA07de67E421b5110eF171Fa6608d1 | | YT Blueprint | 0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443 | | ERC4626 Resolver Blueprint | 0x0cfD2bE0749b824e7884c8fA06929816Fb407186 | | SharePrice Resolver Blueprint | 0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a | | ConstantPrice Resolver Blueprint | 0x5e6cec1D20e079bf824C249f821d5E0684Df47d6 | | CustomConversion Resolver Blueprint | 0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9 | | ExternalPrice Resolver Blueprint | 0xF3e3Aa61dFfA1e069FD27202Cc8845aF05170D2A | {% endtab %} {% tab title="Hyper" %}
Contract NameContract Address
Factory0x000000488f0fB672CEc8ec4B90980e7C6E492E22
Access Manager0x000000352a416d3dF450602527A5c50F1f67882A
Aggregation Router0x000000da6c2B49F5cf8003C511488E8f84dE29d4
Quoter0x000000a060EEA80ed4a8E4d32B18cC9eB71d868a
Lens0x00000059Dbde885CF1F25b58b77e4cEa773ac887
TwoCryptoZap0x00000000E6B7EF2dbd507EBD55Be2bd33aC7fE9a
PT Blueprint0xF2E29696005CE9CC1F8cbe547ec4B7F99844CAeA
YT Blueprint0x916cb9d3b946131ea8eD54B7D6981637798d36F7
ERC4626 Resolver Blueprint0x310B3431154DA64d17Ef31237ad31c0808EefD03
SharePrice Resolver Blueprint0x7a26D88Efc36c2De3C0bae5e8E3D1f650a28bc97
ConstantPrice Resolver Blueprint0xa733D5c3938A9Cd78e65171F534954830CB5c215
CustomConversion Resolver Blueprint0xEC4bdEad0717b9383B1a9B2b2f3A9b832ee81D4B
ExternalPrice Resolver Blueprint0x58e575f710d87D1F946E70703397fFC9f9c08131
{% endtab %} {% tab title="Mantle" %} | Contract Name | Contract Address | | ----------------------------------- | ------------------------------------------ | | Factory | 0x0000001afbCA1E8CF82fe458B33C9954A65b987B | | Access Manager | 0x000000C196dBD8c8b737F95507C2C39271CdcC99 | | Aggregation Router | 0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB | | Quoter | 0x0000006182e8f8B89419159efe131ed65764bCbd | | Lens | 0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F | | TwoCryptoZap | 0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234 | | PT Blueprint | 0x208CD7DC528BD3069f09daCE8abfD548d1326a25 | | YT Blueprint | 0x39719d3c7dFA07de67E421b5110eF171Fa6608d1 | | ERC4626 Resolver Blueprint | 0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443 | | SharePrice Resolver Blueprint | 0x0cfD2bE0749b824e7884c8fA06929816Fb407186 | | ConstantPrice Resolver Blueprint | 0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a | | CustomConversion Resolver Blueprint | 0x5e6cec1D20e079bf824C249f821d5E0684Df47d6 | | ExternalPrice Resolver Blueprint | 0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9 | {% endtab %} {% tab title="Optimism" %} | Contract Name | Contract Address | | ----------------------------------- | ------------------------------------------ | | Factory | 0x0000001afbCA1E8CF82fe458B33C9954A65b987B | | Access Manager | 0x000000C196dBD8c8b737F95507C2C39271CdcC99 | | Aggregation Router | 0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB | | Quoter | 0x0000006182e8f8B89419159efe131ed65764bCbd | | Lens | 0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F | | TwoCryptoZap | 0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234 | | PT Blueprint | 0x208CD7DC528BD3069f09daCE8abfD548d1326a25 | | YT Blueprint | 0x39719d3c7dFA07de67E421b5110eF171Fa6608d1 | | ERC4626 Resolver Blueprint | 0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443 | | SharePrice Resolver Blueprint | 0x0cfD2bE0749b824e7884c8fA06929816Fb407186 | | ConstantPrice Resolver Blueprint | 0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a | | CustomConversion Resolver Blueprint | 0x5e6cec1D20e079bf824C249f821d5E0684Df47d6 | | ExternalPrice Resolver Blueprint | 0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9 | {% endtab %} {% tab title="Polygon" %} | Contract Name | Contract Address | | ----------------------------------- | ------------------------------------------ | | Factory | 0x0000001afbCA1E8CF82fe458B33C9954A65b987B | | Acess Manager | 0x000000C196dBD8c8b737F95507C2C39271CdcC99 | | Aggregation Router | 0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB | | Quoter | 0x0000006182e8f8B89419159efe131ed65764bCbd | | Lens | 0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F | | TwoCryptoZap | 0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234 | | PT Blueprint | 0x208CD7DC528BD3069f09daCE8abfD548d1326a25 | | YT Blueprint | 0x39719d3c7dFA07de67E421b5110eF171Fa6608d1 | | ERC4626 Resolver Blueprint | 0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443 | | SharePrice Resolver Blueprint | 0x0cfD2bE0749b824e7884c8fA06929816Fb407186 | | ConstantPrice Resolver Blueprint | 0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a | | CustomConversion Resolver Blueprint | 0x5e6cec1D20e079bf824C249f821d5E0684Df47d6 | | ExternalPrice Resolver Blueprint | 0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9 | {% endtab %} {% tab title="Sonic" %} | Contract Name | Contract Address | | ----------------------------------- | ------------------------------------------ | | Factory | 0x0000001afbCA1E8CF82fe458B33C9954A65b987B | | Access Manager | 0x000000C196dBD8c8b737F95507C2C39271CdcC99 | | Aggregation Router | 0x000000371a8d1064AAAFC4DCad3a5ec91f8858DB | | Quoter | 0x0000006182e8f8B89419159efe131ed65764bCbd | | Lens | 0x0000006178Ee874E0AE58B131B8A5FcBe78cab2F | | TwoCryptoZap | 0x0000001d41857cb60F6BE0C9Fe74B9e69E1e5234 | | PT Blueprint | 0xCd10974c9F2CBBF02d7537D107BDD282DF6Bd443 | | YT Blueprint | 0x0cfD2bE0749b824e7884c8fA06929816Fb407186 | | ERC4626 Resolver Blueprint | 0xb01D378CAeB7CD5F84221A250F2DE0bE302c0c4a | | SharePrice Resolver Blueprint | 0x5e6cec1D20e079bf824C249f821d5E0684Df47d6 | | ConstantPrice Resolver Blueprint | 0x50f1D68CF2C61bFCBc2E8EB2c8f1fB1EC03688f9 | | CustomConversion Resolver Blueprint | 0xF3e3Aa61dFfA1e069FD27202Cc8845aF05170D2A | | ExternalPrice Resolver Blueprint | 0x913a977eCb5780de7a6e1c074D9Be427C7B7CcE0 | {% endtab %} {% endtabs %} # NPR Work in Progress NPR, with a maximum total supply of `27,182,818` (in homage to Napier number), serves as the governance token of the Napier protocol. It empowers DAO community members to oversee key protocol operations and shape the strategic direction of both the Napier ecosystem and its long-term growth. All NPR tokens are minted upon the deployment of the token contract. As a portion of protocol-generated fees is allocated to the DAO treasury, NPR plays a crucial role in managing and governing this treasury, as well as determining the protocol’s future trajectory. NPR token holders can participate in governance by voting on key protocol changes and improvements, including: * Major protocol upgrades * Various initiatives to grow the Napier protocol; * Strategic distribution of incentives * Allocation of fees designated to the protocol * Changes to key economic parameters, such as fees designated to the protocol * Software development contributor permissions * Treasury diversification activities Other use cases may arise in the future. # Governance **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. # Napier DAO Work-in-progress
# Napier Foundation The Napier Foundation is a Panama-registerd nonprofit entity grouping the main contributors and users of the Napier protocol. Its aim is to develop the Napier protocol by funding contributors, or by facilitating access to the protocol for users and developers. In practice, the foundation: * Hosts a front end to the protocol to facilitate the access of new users to Napier: napier.finance * Hosts technical documentation to facilitate the work of new Napier developers: docs.napier.finance * Holds the intellectual property of open-source codebases such as napier-v2 and hosts it on the napierfi GitHub under a BUSL license. The foundation does not research or develop Napier software, contributors such as Napier Labs do. # Napier Labs Napier Labs is a core contributor to the Napier protocol. The company researches and develops new protocols to improve Napier. Additionally, it creates various tools to enhance the functionality and capabilities of Napier. For example, the company: * Researches, formalizes, and proves advanced decentralized financial mechanisms. * Develops, tests, and secures the formally described protocols. * Develops the necessary tooling, e.g., to host a front end or to format protocol data. * Holds code being developed for Napier in a private repositories until it is finished. Upon completion, ownership of the code is transferred to the Napier Foundation under BUSL license. * Does not host any front end to the Napier protocol. # Multisigs & Addresses Work-in-progress # Napier Economics {% hint style="info" %} Minimizing governance and distributing ownership let the network run more autonomously and scale better. That’s why we publish Napier’s growth mechanics—to enable contributors to act on their own. {% endhint %} This framework defines the overall growth model of Napier. It helps to understand Napier’s structural growth logic and to estimate the return on investment (ROI) by identifying which initiatives should receive resources or funding depending on the situation and phase. First, we organize the target market scale under Market Opportunity, explain Napier’s positioning and approach under Market Positioning, show the structural strength of the B2B2C model under Business Models, describe the relationship between Unit Economics and overall growth, and finally, present concrete examples of initiatives. ### Definitions * **Napier Markets** refer to the core PT/YT and AMM components of the Napier protocol. * **Investments** are vertically integrated packages that combine the Protocol Layer, Connectivity Layer, and Product Layers around Napier Markets to fit real-world use cases. (E.g. IPOR Fusion PT Looping Vault available on Robinhood) * **Builders** are entities like asset issuers and curators, that create Investment packages through Napier’s vertical integration model. * **Protocol Layers** are financial engine layers that governs how capital moves and accrues yield. (e.g. AMM, Vault, PT/YT, Lending and etc.) * **Product Layers** are user-facing layer that combines protocol components into concrete financial products (e.g. User / Curator apps, Wallet, Mini-App, payment rails and etc) * **Connectivity Laters** are infrastructure layer that connects Napier products and protocols to the outside world. (e.g. Zap / Batch Call, APIs, SDKs, Webhooks, Widget and etc) *** ### Market Opportunity Here, we define the size of the markets Napier aims to capture. Napier targets three concentric markets — from existing markets to potential ones: * **$10B Tokenized Yield Rails (SOM)** A massive market for providing yield as “tokenized infrastructure.” * **$200B On-Chain Yield Assets (SAM)** Stablecoins, RWAs, and DeFi yield assets — markets projected to reach trillions of dollars. * **$2.75T Global Retail Banking (TAM)** Interest, savings, and payments — areas of daily financial interaction. **Current vs. Target Share** * **99% Pendle Share of SOM** Today: Pendle has captured the first share of SOM. The competition starts here. * **Short-term Napier Target** Based on the market share ratio of Euler ($3B) + Morpho ($12B) vs. Aave ($75B), Napier’s near-term target is about **20% of Pendle’s market ($2B)**. *** ### Market Positioning Napier’s “Investments” package is strategically sound for two reasons: * **Short-term**: It provides a different value axis than existing competitors like Pendle, enabling market share capture. (I.e Pendle as mall, Napier as white-label) * **Long-term**: It builds integration pathways for builders such as fintechs and traditional financial institutions. In short, Napier’s short-term and long-term approaches align concentrically. *** ### Business Model Napier follows a **B2B2C model**, similar to Shopify. Just as Shopify grew by enabling merchants to succeed (rather than selling directly), Napier grows by helping **Investments** (products built by Builders) become more profitable, scalable, and sustainable. | Shopify | Napier | | -------------------- | -------------------------------- | | Platform = Shopify | Platform = Napier | | Merchant | Investment (Curated by Builders) | | Consumer | User | | Maximize LTV | Efficiency | | Minimize CAC | Reach | | Strengthen Retention | Resilience | When Merchants or Builders succeed, Consumers or Users naturally follow — creating both network effects and CAC efficiency. * Shopify: Merchant success → Consumers follow * Napier: Investment success → Users follow *** ### Unit Economics and Growth Drivers By evaluating the health of an **Investment** (Napier’s smallest growth unit), we can assess the soundness of Napier’s overall growth model. In other words, measuring **how strong one Investment is** helps predict **how Napier scales as multiple Investments accumulate.** #### Unit Economics (Micro Perspective) **Napier Investment Unit Economics = Efficiency × Reach × Resilience** * **Efficiency**: How efficiently an Investment generates revenue at low cost. * **Reach**: How widely it is adopted by users or capital. * **Resilience**: How well it maintains value and competitiveness over time. #### Growth (Macro Perspective) **Growth = Number of Investments × Investment LTV × Retention Coefficient – CAC Compression** * **Number of Investments**: Quantitative expansion * **Investment LTV**: Sum of quality (Efficiency × Reach × Resilience) * **Retention Coefficient**: The rate at which capital and users circulate within Napier (rollovers, internal transfers, etc.) * **CAC Compression**: Reduced acquisition cost per unit as Napier scales #### Relationship Between the Two * **Unit Economics Formula** → Defines the quality of one Investment * **Growth Formula** → Defines total growth when multiple Investments accumulate *** ### Insights Each layer’s initiatives differ in scope and timing. Rather than chasing short-term improvements, focus on which levers drive Napier’s compounding structure. * **Product Layer → Immediate efficiency lever** UX and functionality optimization reduce friction in liquidity and user flow. → Impacts Efficiency / Retention * **Economics Layer → Improves Investment quality** Incentive and reward optimization aligns Builder and Curator behavior. → Impacts Efficiency / Resilience * **Distribution Layer → Expands reach and network effects** Integrations with wallets, fintechs, and apps accelerate adoption. → Impacts Reach / CAC Compression * **Governance Layer → Ensures systemic stability** Token design, fee switch, and curator evaluation enable self-balancing mechanisms. → Impacts Resilience / Trust *** ### Example Initiatives #### **Product Layer — Improve functionality and UX** Goal: Reduce user/builder friction while enhancing efficiency, reach, and retention. * Liquidity efficiency improvements (e.g., AMM) * Cross-Investment UX optimization (by maturity, asset, strategy, curator platform, or chain) → Impacts Efficiency / Retention #### **Economics Layer — Optimize reward and distribution structures** Goal: Align incentives to improve Investment sustainability and quality. * Incentive/Integration layering (Lending, Vault integrations) * Per-Investment optimization of Curator Fee Rate and Points Multiplier → Impacts Efficiency / Resilience #### **Distribution Layer — Expand access and connectivity** Goal: Broaden adoption and accelerate network effects. * Wallet / Fintech / App integrations (SDK, API) * External routing optimization * Curator platform integrations * Asset expansion * Builder-led go-to-market strategies → Impacts Reach / CAC Compression #### **Governance Layer — Optimize macro-level structure and rules** Goal: Improve systemic relationships and allocation mechanisms. * Napier Points adjustment, Fee Switch, Buyback Engine * Curator evaluation model design → Impacts Resilience / Institutional Trust ### Summary Napier Economics is not a checklist of actions, but a **blueprint** for identifying which structural levers drive which types of growth. The four layers — **Product / Economics / Distribution / Governance** — function as independent growth levers while collectively forming Napier’s compounding structure. By understanding this system, teams can align product development, economic design, partnership expansion, and governance operations under one coherent growth equation. # Securing Napier Security has been a top priority at every stage of building **Napier v2**. To date, Napier has invested **over $1 million** into ensuring the security of the protocol. The vision for transforming Napier into a **modular protocol** began in early 2024. Since then, multiple code designs were explored as proofs of concept — even before the official launch of Napier v1. Unlike the conventional approach where a protocol is built first and only later reviewed by auditors, Napier v2’s development integrated security considerations from the ground up, across every layer. * [**Technical partners**](/security/securing-napier/technical-partners)**:** Industry-leading security team and individuals contributed as hands-on partners to stress-test and refine the codebase. * [**Bug bounty**](/security/securing-napier/bug-bounty)**:** Coming soon — a public program to incentivize responsible disclosure. * [**Risk documentation**](/security/securing-napier/risk-documentation)**:** Clear, accessible explanations of potential risks when using the Napier Protocol and its interfaces. # Technical Partners Napier v2 runs on purpose-built contracts. We treat security as a product feature and brought in top builders and reviewers to protect user funds. ### Commitment to Security * We consulted Erik Arfvidson and Kasper Pawlowski — key operators behind Euler’s daily security opeerations. They oversaw a \~$4M security budget for Euler v2 and coordinated external partners across audits and response workflows. * Architecture & gas efficiency: We engaged vectorized.eth (creator of Solady) to harden core architecture and improve gas efficiency. ### Code Audit and Review We commissioned multiple rounds of code reviews, security audits, formal verification, and code competitions with industry leaders including Cantina, Spearbit (Cmichel, Kurt), Sherlock, Pashov Audit Group, Winney and yAudit. For an in-depth look at these audits, please see below.
DateFindingsScopeSecurity firmURL
Nov 2024

Critical: 0

High: Non

Medium: None

Low: 12

Code reviews, Security auditsyAudit
(panda, adriro)		Electisec Napier V2 Review
Dec 2024

Critical: 0

High: 3

Medium: None

Low: 3

Code reviews, Security auditsWinnieNapier v2 Audit Report
Jan 2025-Code reviews
, Gas optimization		Vectorized.eth
Feb 2025

Critical: 0

High: 1

Medium: 2

Low: 4

Security auditsSpearbit (Cmichel, Kurt)Sperabit Napier Protocol
Feb 2025

Critical: 0

High: 1

Medium: 2

Low: 4

Security auditsCantinanapier-v2 competitions
Sep 2025

Critical: 0

High: 0

Medium: 0

Low: 11

Security auditsSherlockSherlock Napier v2 Napier AMM
Oct 2025

Critical: 0

High: 0

Medium: 1

Low: 18

Security auditsPashov Audit GroupPashov Napier v2 Napier AMM
Feb 2026

Critical: 0

High: 0

Medium: 0

Low: 5

Security auditsPashov Audit GroupPashov Napier v2 Napier AMM
### Incident Readiness & Runtime Controls We partner with specialized security vendors to prepare for edge cases—e.g., third-party asset depegs or malicious-transaction scenarios: * **Tenderly:** Transaction simulation, debugging, and monitoring for rapid incident triage. * **HyperNative:** Real-time risk signals and policy actions for market management (see: *How to Use HyperNative for Your Market Management*). # Bug Bounty Napier is huge believers in the power of the open source. We have plans to offer bug bounties to the community and software development community at large. # Risk Documentation By using the **Napier Protocol** and **Napier App**, you acknowledge and accept the associated risks.\ This section outlines the main categories of potential risks; however, it is **not exhaustive**. You may encounter risks that are not described below. ### Risk Categories #### 1. Smart Contract Risk Napier undergoes rigorous security processes, but as it is built on smart contracts, there remains a possibility of **unauthorized access or loss of funds** due to unforeseen bugs or vulnerabilities exploited by malicious actors. #### 2. Market Risk The prices of Yield Tokens (YT) and Principal Tokens (PT) are influenced by market demand and broader crypto market trends. Consequently, the **value of your holdings may fluctuate**, and returns are not guaranteed. #### 3. Liquidity Risk Low demand for certain tokens or liquidity pools may lead to **difficulty executing trades at desired prices**, resulting in delays or losses when selling assets. #### 4. Technical / Operational Risk Napier is a complex protocol. **User error or insufficient understanding** of yield tokenization or trading mechanics may result in **unexpected losses**. Proper understanding of the system is essential before interacting with it. #### 5. Regulatory Risk Cryptocurrency regulations differ across jurisdictions and may change over time. Future regulatory developments could **restrict the use of Napier Finance or its associated tokens** in certain regions. #### 6. Counterparty Risk Napier interacts with **third-party curators, protocols, and smart contracts**. Any vulnerabilities or exploits in these external systems could lead to losses. Napier is **not responsible** for losses originating from third-party protocol failures. #### 7. Interface Risk The Napier App (app.napier.finance) displays data retrieved from the Napier Protocol. While carefully managed, **bugs, code vulnerabilities, or human errors** could result in **incorrect information** or **malicious links** being shown due to external attacks. *** ### Before You Use Napier To mitigate potential risks, users are encouraged to: * Review the official documentation and risk disclosures * Test with small amounts before committing larger positions * Verify contract addresses via official repositories * Understand the risks of any third-party integrations * Stay informed on applicable regulations and tax obligations > This section is for informational purposes only and does not constitute financial advice.\ > All users interact with the Napier Protocol **at their own risk**. # The Supreme Law of Napier Things we know to be true. ### Vision * To be the best way to access open financial networks with one effortless click. ### Mission * **Product Mission** ‘drives us to establish open and resilient financial systems that empower individuals worldwide’. * **Economic Mission** ‘manages our ecosystem for sustainable financial growth.’. * **Social Mission** ‘compels us to use our ecosystem in distributed technologies to make the world a better place’. ### Value 1. **Partnership:** We prioritize collaboration and believe in the strength of the collective, creating a culture that fosters teamwork and belonging in the pursuit of professional and personal growth. 2. **Excellence:** To continually challenge the status quo and build excellence within the workplace and team. We believe in consistently evaluating both current and past solutions, relentlessly pursuing improvement. We invest resources generously to strengthen the framework that supports these efforts, fostering an environment where everyone can achieve their best results. 3. **Leadership:** To enlighten others with an inspiring vision and clear direction, demonstrating the ideal future of an open financial system. To act as the guiding North Star for this industry. 4. **Integrity:** To act ethically and transparently in all business dealings, always prioritizing doing the right thing over personal gain. We take responsibility in our work and remain steadfast in our decisions. 5. **Compassion:** To avoid assumptions and instead, seek to understand and empathize with the experiences and challenges of others. We foster a supportive atmosphere where listening, offering help, and celebrating success together are paramount. 6. **Commitment:** To effort, or energy in achieving the organization's goals. We believe the big picture is the result of daily efforts and are dedicated to going the extra mile to achieve the goal, no matter the size.