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Strip separates principal from yield, then routes each through its own path. Principal is represented by Principal Tokens. Yield is harvested, split, and routed. The architecture exists to keep those flows distinct while connecting them through STRIP. Each supported asset has its own StripVault. A StripVault accepts one yield-bearing asset, issues Principal Tokens, and applies the protocol’s yield routing rules. The depositor receives PT equal to the value of the deposit at entry. PT can be held, staked, or supplied as liquidity in the corresponding PT/STRIP pool. The Principal Token is the user’s claim. The yield is the system’s input. As yield accrues, the vault harvests it and routes it through two fixed flows. Half compounds back into the vault, increasing the productive base for future cycles. Half is routed into STRIP buyback and burn, removing STRIP from circulation. Each vault is paired with its own PT/STRIP liquidity pool. The pool is weighted 90/10 in favor of PT, anchoring the market around principal value while creating liquidity between the deposited asset’s claim and STRIP. The PT/STRIP pool runs through a custom Uniswap v4 hook. The hook implements the weighted curve, with Uniswap v4 acting as the routing shell. The 90/10 weight is enforced by the curve math itself, not by active rebalancing. A separate PoolWrapper owns the canonical LP position and issues sWLP shares. sWLP is the fungible wrapper token LPs hold and stake to earn STRIP emissions and boost. Deposits through the PoolWrapper are proportional to the current pool ratio. The wrapper exists to make the canonical liquidity path fungible, stakeable, and easy to route through incentives. Direct LPs can still interact with the underlying Uniswap pools. They may provide liquidity at their own weighting, in or out of the canonical 90/10 ratio. They receive their share of pool fees like any other LP, but they do not receive sWLP and do not earn STRIP emissions unless they use the wrapper path. The pool charges a fixed swap fee on each trade. Fees are split inside the hook: one portion remains in pool reserves for LPs, one portion routes to STRIP buybacks, and one portion routes to operations. Every swap can therefore contribute to the market around PT and STRIP while also feeding the buyback path. Vaults compete for emissions based on productivity. Allocation is driven by APR × TVL, so vaults producing more yield per dollar of capital receive a larger share. As vaults grow, their allocation scales. As APRs shift, allocation adjusts. Lockless Boost modifies distribution, not custody. Users can exit. Liquidity can move. Capital is not trapped to preserve alignment. The boost only changes how efficiently sustained participants compete for STRIP incentives. The core components are:
  • StripVaults hold supported collateral and manage yield routing.
  • Principal Tokens represent notional deposited value.
  • PT/STRIP pools provide liquidity and price discovery around principal claims and STRIP.
  • The Uniswap v4 hook enforces the weighted curve and fee routing.
  • PoolWrapper issues sWLP for canonical, stakeable liquidity.
  • BuybackBurner routes harvested yield and fees into STRIP burn.
  • Emission routing allocates STRIP across vaults based on APR × TVL.
  • Lockless Boost adjusts reward share based on sustained alignment.