The Road to NPR Tokens: Renewal of Napier Points

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January 29, 2025

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The Road to NPR Tokens: Renewal of Napier Points

Napier is back. Napier v2 will go live on most EVM chains in February. Nearly all assets, including stablecoins, BTCfi, LRTfi, and staking derivatives of major tokens, are expected to be ready from day one—at least all assets already available with competitors. Managing numerous yield-bearing assets across dozens of blockchains would typically be a challenging thing for a small team like ours. However, it’s Napier v2’s architecture that makes this possible.

Introduction

The Napier Points Program has been upgraded with the goal of advancing Napier v2 and the broader Napier ecosystem. In addition to the Napier Points that have already been allocated, Napier Points will be granted to users and curators of Napier v2 for various activities. The conditions for these Napier points have been significantly upgraded, now equivalent to 15% of the FDV (Fully Diluted Valuation) of the NPR tokens at the time of the TGE (Token Generating Event), scheduled for Q2 2025.

If you are not fully familiar with Napier v2, we recommend reading the Napier v2 overview article first.

TL;DR

  • The Napier Points Program has been revamped to foster the development of Napier v2 and the Napier ecosystem.
  • The original rule, where Napier points were equivalent to 3% of the total NPR supply, has been revised upward to 15% of the total NPR tokens supply.
  • Points distributed up to Napier v1 remain valid and will be earned after the launch of Napier v2.
  • Napier Points can be obtained by engaging in various activities on Napier v2, including curation job around PT (Principal Tokens) and YT (Yield Tokens), liquidity provision, yield trading and other possible future additions.

This article was last updated on January 29 at 9:00 AM GMT. Users are encouraged to carefully check for the most up-to-date information.

1. What Are Napier Points?

1-1. Definition

Napier Points are reward points granted based on user activities within the Napier v2 protocol (such as holding positions, curation, yield trading, and other DeFi operations like lending).

  • Napier v2 aspires to be more than a simple yield trading platform; it aims to build a community-owned open financial network.
  • It features an incentive design that grants points not only to users but also to curators, allowing them to deliver efficient and feature-rich products to users.
  • This mechanism is expected to enhance the value of the Napier platform and encourage broader community participation and growth.

1-2. Base Weight / Market Weight / Boost

Three key factors are used to calculate Napier Points:

  1. Base Weight: A weight reflecting the USD value and duration of a user’s "Eligible Actions”.
  2. Market Weight: A total sum of Base Weights in a specific market.
  3. Boost: A multiplier applied to Base Weight that amplifies it.

Using these elements, a total Napier point amount is calculated for each user on a weekly basis. Napier Points are then awarded once a week.

1-3. How Napier Points Are Distributed

Napier Points are calculated as off-chain data and allocated weekly to all markets created by verified curators as follows:

  1. Napier sets a fixed weekly amount of Napier Points to be distributed all markets created by verified curators.
  2. Each market’s share of these points is determined by its total Market Weight.
  3. Of the points allocated to each market, a certain percentage (20%) goes to the curators, and the remaining (80%) is distributed among users.
  4. Finally, individual user allocations are determined based on each user’s Base Weight.

Example

  • Suppose 27,182,818,284 Napier Points are set to be distributed from March 3 to March 10.
  • A specific market—for instance, one with the underlying asset stETH, curated by Vitalik Finance, with a maturity date of December 20, 2025—receives 1,325,310,593 points.
  • Of this total, 20% goes to the curator and 80% to users.
  • The users’ portion is then further allocated among individual users based on each user’s Base Weight.
  • Curators who perform eligible actions within the pools they create will earn points both as curators and as users.

1-4. Eligible Actions

As of the publication date of this article (January 29), eligible actions for Napier Points include:

  • Becoming a curator and creating a PT and YT market on Napier v2.
  • Providing liquidity to a Pool and holding the LP tokens.
  • Purchasing or minting YT in a Pool and holding it.

Actions such as supplying PT to lending protocols will be added in future updates.

1-5. Why You Should Collect Napier Points

Napier v2 aims to create an ecosystem optimized for incentives through community-driven initiatives, benefiting users, curators, and builders alike. This ecosystem seeks to enhance overall value and enable sustainable growth for all participants. Napier Points will be converted into a value equivalent to 15% of the NPR token’s FDV during the TGE, scheduled for Q2 2025. By actively participating in Napier v2 and accumulating Napier Points, participants will gain the opportunity to earn additional rewards and fees using NPR tokens in the future. Moreover, Napier Points can be utilized in Napier DAO governance, influencing economic parameters within the protocol (such as fee distribution between users and curators), fee allocations, and other critical decisions. As a result, Napier Points hold significant value for all participants in the Napier ecosystem.

...Additional Information

That's not all. You also have an opportunities to earn Napier Points by sharing knowledge and contributing to the community. The end date for** "The Return of John Napier" **campaign, which started on January 17th, 10:00 (UTC), has been extended to **February 28th, 10:00 (UTC). **You will have a chance to earn Napier points by creating threads or content for "The Return of John Napier" campaign and earning a Discord role. The details can be found in this thread.

2. Overview of the NPR Airdrop

  • The airdrop is scheduled for Q2 2025, after the bootstrap phase of Napier v2.
  • Users will receive NPR tokens based on the number of Napier Points they have accumulated during the program period.
  • Napier Points will be converted into a value equivalent to 15% of the NPR token’s FDV during the TGE.

3. Past Napier Points Distributions

For the sake of transparency with the Napier community, the section below summarizes the events and programs that have distributed Napier Points so far.

Note that points distribution was temporarily paused on September 16, 2023, and all points accumulated before that date remain valid after the release of Napier v2.

3-1. What Is the Llama Race Program?

Llama Race is a gamified dashboard that visualizes community contributions within the Napier ecosystem through a ranks-based system. This Llama Race dashboard will be renewed alongside the launch of Napier v2.

  • The platform features a rank system illustrated by llamas: higher accumulated points lead to higher ranks and rarer llama illustrations.
  • Points have been distributed through multiple events, including various Quests (Llama Quest) and airdrops.

3-2. Key Distribution Events

  1. Llama Quest – Home, Chapter 1
    1. Points were awarded based on user engagement on SNS (X/Twitter).
    2. Quest Home: 1,722,915 points
    3. Referrer/Referee: 19,318,500 points
    4. Quest1 (retweet): 16,627,200 points
  2. Llama Quest – Chapter 2
    1. A chapter focused on LST (Liquid Staking Tokens). Users earned points by providing liquidity to the 3 PT-LST Napier Pool.
    2. Total: 208,512,952 points
  3. Llama Quest – Chapter 3
    1. Focused on LRT and the point-trading platform “Point Casinos,” where users could trade points or yields and provide liquidity.
    2. Total: 386,691 points
  4. Napier Points Airdrop – Curve Ecosystem
    1. An airdrop for participants in the Curve ecosystem. Points were distributed based on a snapshot taken on March 26, 2023, at 10:00 UTC.
    2. Total: 8,377,700 points
  5. Napier Points Airdrop – Liquid (Re)Staking
    1. An airdrop for LST/LRT projects. Distribution was based on a snapshot at Ethereum block height 19989136.
    2. Total: 21,328,000 points
  6. Napier Points Voting – Curve Governance
    1. Point Incentives for those voting in Curve governance (e.g., adding a gauge for the Napier LST 3 Pool: Proposal #777 on crvhub.com).
    2. This distribution is not yet and will be announced in due course.

4. Other Important Information

  • To prevent fraudulent acquisition of points through illegitimate wallet operations, Napier reserves the right to detect suspicious activity, conduct reviews, and revoke points if necessary.
  • If Napier DAO earns Napier Points through curation or other eligible activities on Napier v2, all of those points will be burned at the conclusion of the program.

5. Frequently Asked Questions (FAQ)

Q1. Where can I check my Napier Points?

A. Once Napier v2 goes live, you will be able to view your Napier Points on the Napier Interface. Even after the v2 launch, the interface will be updated, and an API will be provided so partner UIs can also display Napier Points.

Q2. What can I do with Napier Points?

A. Napier Points will represent an equivalent value of NPR tokens at TGE. They are also expected to be used in community governance and other expanding use cases within the Napier v2 ecosystem.

Q3. Can I sell or transfer Napier Points?

A. Currently, Napier Points cannot be transferred to other addresses or bought/sold in any market.

Q4. Is there a risk of losing Napier Points?

A. In principle, no. However, points may be revoked if fraudulent activities are discovered.

Q5. How do I earn more Napier Points?

A. You can accumulate points by engaging in various DeFi integrations, providing liquidity, holding YT, curating, and taking other actions within Napier v2.

6. For Projects Interested in Integrating Napier Points

  • Any market created by a verified curator will distribute Napier Points.
  • After the launch of Napier v2, verification can be done easily through the Napier Interface by submitting the required information.
  • If you are considering integrating the Napier Points Program into your own community or project, please feel free to contact our team.
  • An API will be provided so that partner projects can track Napier Points balances in their own user interfaces.

Conclusion

The Napier Points Program is a core incentive framework designed to support the growth and expansion of the Napier v2 ecosystem. By rewarding users, curators, and the broader community, the program aims to make Napier a sustainably growing platform. All points accumulated from Napier v1 are still valid and can be remained moving forward, so we encourage everyone to continue enjoying Napier v2. Please follow our official announcements, documentation, and social media channels for future updates. We invite you to join our community so you never miss important information about upcoming features and developments of Napier v2.

Napier v2 is expected to launch in February, enabling anyone to freely build yield derivative products on almost all yield-bearing assets across nearly all EVM chains, from day one. Stay tuned.

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