Market-Based Governance
On the Napier platform, anyone (curator) can flexibly assign various roles related to PT and YT assets to one or more individuals or entities. This unlocks flexibility in governance authority and execution processes, enabling individuals and projects building with Napier to achieve quick and non-arbitrary decision-making processes.
Roles
In Napier v2, the following roles exist:
Super Admin : the highest authority held by Napier Governance, owner of Napier Protocol and Treasury.
Treasury: a fee receiver of Napier Protocol, a collective financial resources of the Napier Governance
Napier Developer: a developer multisig at Napier Labs.
Fee Distributor: a fee distributer of Napier Protocol.
Fee Converter: a fee converter of Napier Protocol.
Protocol Fee Collector: the Napier DAO account for fee collection.
Curator: the owner of the specific PT who manages the addition and removal of roles.
Fee Manager: an account for setting the fees of PT delegated by a Curator
Fee Collector: an account for setting the fees of PT delegated by a Curator
Fee Receiver: an individual or a project for receiving fees of PT delegated by a Curator
Protocol Pauser: an account for emergency pausing of a specific PT delegated by a Curator
Napier Labs has no authority over individual PT and YT. Instead, each PT and YT has a curator, and each curator holds roles such as:
Fee Manager
Fee Collector
Protocol Pauser
Curators will assign these various roles to one or more individuals or entities, such as the following examples:
Curve Labs, as a curator, has curated PT and YT with a maturity date of September 9, 2025, using scrvUSD as the underlying asset. The Fee Manager and Fee Collector roles have been assigned the Curve DAO address, and the Protocol Pauser role has been assigned the Napier Labs address.
SBI Holdings, as a curator, has curated PT and YT with a maturity date of November 10, 2026, using wstETH as the underlying asset. The Fee Manager and Fee Collector roles have been assigned its own address, and for the Protocol Pauser role, its own address, the Napier Labs address, and addresses of several cybersecurity companies have been set.
Ether.fi, as a curator, has curated PT and YT with a maturity date of April 30, 2025, using eBTC (etherfi) as the underlying asset. The Fee Manager and Fee Collector roles have been assigned its own address, while the Protocol Pauser role has been set to the MEV Capital address, outsourcing the protocol emergency stop. Additionally, MEV Capital deployed a lending vault utilizing the PT-eBTC in their strategy on Euler Finance to expand the utility.
Yearn, as a curator, has curated PT and YT with a maturity date of July 14, 2025, using yETH (yearn) as the underlying asset. The Fee Manager role has been assigned the Yearn developers' multisig address, and the Fee Collector role has been set to the Yearn DAO address. For the Protocol Pauser role, the Yearn developers' multisig address, the Napier Labs address, and addresses of several cybersecurity companies have been assigned. Shortly after, one of these cybersecurity companies went bankrupt, so the Protocol Pauser role was removed from them.
Dinero, as a curator, has curated PT and YT with a maturity date of August 21, 2025, using ipxETH as the underlying asset. The Fee Manager and Fee Collector roles have been assigned the Dinero DAO address, and for the Protocol Pauser role, its own address, the Napier Labs address, the LaserDigital address, and the Galaxy Digital address have been assigned.
There are even more possibilities for scenarios. Join our Discord and get in touch with us!