N-Vaults
How does it work?
N-Vaults are capital pools designed to replicate TradFi structured notes, which typically consist of two key components: a zero-coupon bond and a structured options strategy. The zero-coupon bond ensures principal-protection at maturity, while the structured options strategy offers the potential for enhanced returns.
N-Vault’s zero-coupon bond component is fully on-chain, powered by Pendle Finance’s Principal Tokens (PT), while the options strategy is deployed through CEXs, DEXs, or market makers (MM).

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