Glossary - Napier v2
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General
Yield-bearing Token (YBT) is an umbrella term that refers to any token that generates yield. This is simply referred to as the "Underlying Assets."
Yield Tokenization means splitting a yield-bearing token into its two components: the principal and the yield components.
PT (Principal Token) represents the principal amount.
YT (Yield Token) represents the yield-receivables of the position.
Maturity Date (Maturity) is the date on which the principal amount of a yield-bearing token or other debt instrument becomes due.
User is any individual interacting with the platform for transactions or yield activities.
Curator is a participant who manages and optimizes yield strategies by selecting and maintaining pools.
Delegatee is an individual or entity that holds functions such as emergency pausing and fee receivers, delegated by the curator.
Interface Columns
Net APY is the overall annual percentage yield after considering all yields and any other rewards on yield-bearing tokens.
Fixed (Yield) APY is the guaranteed yield you will receive by holding PT. This value is numerically equivalent to the Implied APY.
Effective Fixed APY is the Fixed APY based on the actual rate that the user used to swap.
Fixed Maturity Profit is the profit at maturity, expressed in the underlying token.
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.
Yield (Point) Leverage is the multiplied exposure on yield or points by holding YT beyond what your principal normally earns.
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.
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.
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.
Effective Implied APY is the APY based on the actual rate that the user used to swap.
Point is an offchain incentive for users.
Rewards are additional tokens or point incentives earned by users for participating in a pool.
Chain (Network) is the specific blockchain network where the protocol or asset operates.
PT and YT TVL is the current value of the total issued amount of a specific PT and YT.
Status is the market states based on curator input
Active: The most common market state.
Matured: The market state after maturity.
Paused: The market state that has been halted by a curator, either temporarily or permanently.
Type is the types of markets, indicated by badges and determined by curator and market permissions.
Verified: Created by a curator who has passed the verification process.
Unverified: Created without verification.
Unstoppable: If the curator renounces all permissions except Fee Collector, the market type that is fully immutable.
Banned: If a market is deemed socially or morally inappropriate, or was created with malicious intent.
Issuance Cap (Limit) is the maximum amount allowed for mints within a specific PT and YT.
Created at is the date a specific market was deployed by a curator.
Roles are the permissions a specific curator retains over a market, including:
Super Admin: Held by Napier Governance, the highest authority and owner of the Napier Protocol and its Treasury.
Treasury: The fee recipient for the Napier Protocol, representing the collective financial resources of Napier Governance.
Napier Developer: A developer multisig managed by Napier Labs.
Fee Distributor: Distributes fees for the Napier Protocol.
Fee Converter: Converts fees within the Napier Protocol.
Protocol Fee Collector: The Napier DAO account responsible for fee collection.
Curator: The owner of a specific PT who manages adding and removing roles.
Fee Manager: An account delegated by a Curator to set PT fees.
Fee Collector: An account delegated by a Curator to collect PT fees.
Fee Receiver: An individual or project delegated by a Curator to receive PT fees.
Protocol Pauser: An account delegated by a Curator to pause a specific PT in emergencies.
Napier Labs itself has no authority over a market. Instead, each PT and YT has a Curator who holds roles such as Fee Manager, Fee Collector, and Protocol Pauser.
Delegation is that a curator delegating partial roles for a specific market to one or more individuals.
Renounce is that curator renouncing all roles for a specific market.
Slippage
Max. Slippage is the maximum percentage deviation allowed between the expected price and the actual price during a swap.
Auto is a feature that automatically sets the slippage tolerance based on market conditions.
Custom allows users to manually specify their preferred slippage tolerance level.
Min. Received is the minimum expected amount a user receives after a swapor any other transactions, factoring in slippage.
Last updated is the timestamp showing when the data or information was most recently refreshed.
Transaction deadline is the time limit within which a transaction must be completed to avoid failure.
Yield-bearing Token (YBT)
Conversion Rate is the ratio at which input tokens are converted into output tokens.
Input Tokens (YBT) are the yield-bearing tokens that users provide for a transaction or swap.
Output Tokens (YBT) are the yield-bearing tokens that users receive after completing a swap or transaction.
Performance
Current AUM is the current value of assets under management by a specific curator.
Cumulative AUM is the historical total value of assets that a curator have been managed since inception.
Cumulative fees earned are the total fees collected by a curator across all transactions over time.
Underlying asset TVL is the total value locked in the underlying assets across the protocol.
Fees
Issuance fee is a fixed fee applied when minting a new PT and YT.
Redemption fee is a fixed fee charged when converting or redeeming a PT and YT back into their underlying assets.
Performance fee (before marurity) is a dynamic fee from all yield accrued (including points) by all YT in existence.
Performance fee (after marurity) is a dynamic fee from all yield accrued (including points) by all yields from the YBTs of matured unredeemed PTs.
Swap fee is the fee imposed on users when swapping tokens within the internal or external protocols.
Fee Distribution Ratio is the distribution ratio of all fees generated on the Napier Protocol between users and curators.
The fee distribution ratio is determined through the Napier DAO governance. Until the formation of the Napier DAO, the ratio between Curator: User is preset at 20%:80%.
Pool
TVL (Total Value Locked) is the total amount of assets currently deposited in the Napier protocol.
Volume is the the number of shares or contracts traded in an asset over a period of time.
Pool Volume is the total amount of trading currently deposited in the Napier protocol.
Pool APY is the overall APY after considering all yields and any other rewards on LP positions.
Pool TVL is the total value locked within a specific liquidity pool.
Gauge is a mechanism that determines and adjusts the distribution of rewards based on user participation in a pool.
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