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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.

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StripVaults

Each supported asset has its own StripVault. A vault accepts one yield-bearing asset, issues that asset’s Principal Token, and applies the protocol’s yield routing rules. The depositor receives PT equal to the value of the deposit at entry. 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, and half routes to STRIP buyback and burn.

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PT/STRIP pools

Each vault is paired with its own PT/STRIP liquidity pool, weighted 90/10 in favor of PT. The weighting anchors the market around principal value while creating liquidity between the deposited asset’s claim and STRIP. The pool runs through a custom Uniswap v4 hook. The hook implements the weighted curve directly; Uniswap v4 acts as the routing shell, and the 90/10 weight is enforced by the curve math itself, not by active rebalancing. Every trade pays a fixed swap fee, split inside the hook: one portion remains in pool reserves for LPs, one portion routes to STRIP stakers, and one portion routes to operations. See Fees & Allocations for the exact split.

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PoolWrapper and sWLP

Each pool has its own PoolWrapper, which owns that pool’s single canonical liquidity position and issues that pool’s sWLP: the fungible ERC-20 share token LPs hold and stake to earn STRIP emissions and boost. Deposits through a wrapper are proportional to that pool’s current ratio. All liquidity flows through the wrappers. Each hook authorizes only its pool’s wrapper to add or remove liquidity; sWLP is the only LP position that exists on any canonical pool. This is a solvency boundary: the hook keeps its own reserve accounting for the weighted curve, and gating liquidity through one atomic path guarantees that accounting always matches what the pool actually holds. Independent pools can exist elsewhere, but they are not canonical, earn no emissions, and sit outside the protocol’s fee routing. The one protocol-seeded exception is a small STRIP/USDC convenience pool for aggregator routing and price visibility: plain pool, no hook, no fee split, no emissions. See PT/STRIP Liquidity.

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BuybackBurner

The BuybackBurner is the destination for routed value. It redeems harvested yield, swaps it to STRIP, and burns it. It also receives the protocol’s share of swap fees and forwards them to stSTRIP. Vault yield funds the burn; trading fees fund stakers.

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Emissions and Boost

STRIP emissions are allocated in two layers. First, each vault’s productivity, APR × TVL, sets the combined share of emissions its two venues receive, so vaults producing more yield per dollar of capital command larger budgets. Second, that budget splits between the vault’s PT staking pool and its sWLP staking pool following the published policy described in Launch Phases. Split changes execute immediately and are logged onchain, while adding or removing pools is timelock-gated. Lockless Boost modifies distribution, not custody. Users can exit, liquidity can move, and capital is never trapped; boost only changes how efficiently sustained participants compete for STRIP incentives.