# Enter Nirvana
Source: https://docs.nirvana.finance/s1-overview/p1-introduction



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  Nirvana is a new structure for capital markets that enables assets with permanent value, using verifiable math and immutable code. In Nirvana, value is not arbitrary; it's programmed.

  <div />

  <Columns>
    <Card title="What is Nirvana?" href="/s3-nirvana/p1-what-is-nirvana" />

    <Card title="What is Samsara?" href="/s4-samsara/p1-what-is-samsara" />
  </Columns>

  <Columns>
    <Card title="About ANA" href="/s3-nirvana/p4-ana-the-native-asset" />

    <Card title="Community" href="/s7-resources/p5-links" />
  </Columns>
</div>


# The Problem
Source: https://docs.nirvana.finance/s2-background-and-concepts/p1-the-problem



<div />

Crypto set out to replace trust with code, but most markets remain fragile and extractive today. Projects depend on external providers for liquidity – players who can withdraw at any time, draining markets when they’re needed most.

Liquidations are brutal. Borrowing systems built on volatile assets trigger cascading sell-offs during downturns, wiping out value instead of preserving it. Meanwhile, tokens rise and fall on hype and narrative rather than lasting foundations, leaving investors exposed to volatility without protection.

This dynamic has given rise to an extraction meta. Yield farming, airdrop hunting, and short-term incentives reward opportunistic behavior over sustainable growth.

The result is a system that collapses when stability is needed most. Liquidity vanishes in a downturn, and the “fair, open financial system” remains elusive.


# The Design
Source: https://docs.nirvana.finance/s2-background-and-concepts/p2-the-design



<div />

Nirvana is built for permanent value storage.

Its architecture preserves value with mathematical certainty, no matter the amount of market stress. Each component is engineered with purpose, create a robust anti-fragile system with incentives aligned around one principle:

Value should be enforced by math and code, not belief.

### **Programmatic Liquidity**

Liquidity in Nirvana is not outsourced. It is protocol-owned and always available.

Every token created through Nirvana’s [AVM](s3-nirvana/p3-the-assured-value-machine) is backed by reserves, held inside an immutable market that manages supply, redemption, and floor price.

### **An Impenetrable Floor**

The floor price never falls.

Protocol fees are used to raise the minimum redeemable price, permanently. The floor is enforced on-chain through an immutable bid capable of buying back every token in supply.

When the floor rises, that new minimum price is locked in forever.

<Columns>
  <Card title="How the floor works" href="/s3-nirvana/p3-the-floor" />
</Columns>

### **No Insider Allocations**

Every token is created the same way: reserves are deposited, and a new asset is minted.

No team allocations, airdops, or presales. It's a truly fair system where everyone plays by the same rules.

### **Transparent Governance**

Nirvana evolves through on-chain votes via [prANA](s5-revenue-sharing/p1-prana).

All changes to fees, thresholds, or parameters follow public proposals, with time delays and strict constraints. This ensures governance cannot compromise the core design.

<Columns>
  <Card title="How governance works" href="/s6-governance/p2-process" />
</Columns>

### **Sustainability by Design**

Nirvana is an economic system engineered to always be verifiably solvent and liquid. That means the floor doesn't budge, even if every single token is redeemed at once. And so Nirvana assets have structural price asymmetry: mathematically limited downside risk, and unlimited upside potential.

No matter how bad sentiment gets, downside is protected, and the system remains fully solvent, functional, and capable of growing again.


# What is Nirvana?
Source: https://docs.nirvana.finance/s3-nirvana/p1-what-is-nirvana



<video />

Nirvana is a new structure for financial markets that enables assets with permanent value, using verifiable math and immutable code. In Nirvana, liquidity and value are permanently embedded into assets, providing them with a minimum redeemable price that can only rise.

<Columns>
  <Card title="The AVM" href="/s3-nirvana/p2-the-assured-value-machine" />

  <Card title="ANA" href="/s3-nirvana/p4-ana-the-native-asset" />
</Columns>

<Columns>
  <Card title="The Floor" href="/s3-nirvana/p3-the-floor" />

  <Card title="NIRV" href="/s3-nirvana/p5-nirv-credit-on-the-floor" />
</Columns>


# The Assured Value Machine (AVM)
Source: https://docs.nirvana.finance/s3-nirvana/p2-the-assured-value-machine



<div />

The AVM is Nirvana’s core on-chain market engine that powers Assured Value Assets (AVAs), which includes both ANA and navTokens. It governs how tokens are minted, redeemed, and priced. It is deterministic, meaning its logic is encoded in math, not managed by humans. It's a self-contained system with no market makers or oracles.

Depositing USDC into the AVM mints [ANA](/s3-nirvana/p4-ana-the-native-asset), which can be redeemed for USDC.

The AVM assures that every Assured Value Asset is backed by reserves by enforcing a minimum redeemable price that can only rise. When reserves grow, the AVM recalibrates the floor higher, locking in a higher minimum price permanently.

This system ensures that liquidity is programmatic, value is structural, and redemption is always available, independent of sentiment or secondary markets.

The AVM transforms volatility into permanent value capture.

## Minting on demand

Each AVA is powered by its own AVM, which mints AVAs in exchange for a corresponding reserve asset. For example, navETH is minted with ETH. An AVA’s supply begins at zero and grows only through purchases from the AVM. The exchanged reserve asset is deposited directly into the AVM’s reserves, where it becomes immutable, protocol-owned exit liquidity for AVA sellers. When AVAs are sold back to the AVM (redeemed), they’re burned, and sellers receive the reserve asset.

This mint-on-demand model ensures that every AVA in existence was purchased fairly and that all tokens are backed by immutable, protocol-owned liquidity. There are no insider allocations.

## Price curve

The AVM sets each AVA's market price through a deterministic price curve:

* Buys push the price upward.
* Sells push the price downward, but never below the floor.

The price curve is designed for sustainability and scalable liquidity depth. At higher prices, more capital is required to move the market, making AVAs progressively more resistant to volatility.

The AVM's price curve has three sections ( *floor*, *shoulder*, and *main curve*):

<img alt="AVMgraph.png" />

This curve is determined mathematically using a continuous, piecewise linear function of supply:

<img alt="Price Curve Equasion Pn" title="Price Curve Equasion Pn" />

**Where:**

* $P$ is market price
* $f$ is the floor price
* $S$ is current supply
* $S_1$ and $S_2$ are the supply thresholds where each section meets

What this means: The market price of an AVA is determined by inputting the current supply into the above function.

* If supply is between 0 and the first supply threshold (s1), market price = floor price.
* If the supply is in between the thresholds (s1 and s2), market price is calculated from the shoulder slope equation
* If the supply is greater than the second threshold (s2), market price is calculated using the main curve slope equation

This function is continuous, meaning the market price can be determined given any supply input. 

Due to the geometry required to enable floor raising, the slope of the shoulder (m1) must be steeper than the main curve (m2). The shoulder always maintains a slope 2.5x steeper than the adjacent section to its right. 

When an AVA is sold into the floor, the first supply threshold (s1) adjusts to the current supply, meaning any buys at the floor price will immediately push the price into the shoulder, creating positive price impact, and supporting an asymmetric setup.

## Adaptive price curve

Samsara markets have been upgraded to use an adaptive price curve. This change will also be applied to Nirvana soon.

**How It Works:** Previously, price impact from minting would follow either the shoulder or the main curve, depending on the current supply level. With the new adaptive price curve, price impact for minting always follows the main curve slope, never the shoulder.

**What This Means:** When an AVA is sold into the shoulder region, it resets the geometry of the curve required to raise the floor, so the trigger price drops.

**The key benefit:** the floor can now rebalance higher without requiring new all-time highs after a selloff into the shoulder.

## Solvency invariant

The AVM must be able to buy back every token in supply at the curve’s bids using its protocol-owned liquidity.

That means the reserves ***R*** equal the area under the price curve up to the current supply ***S*** :

$$
R = \int_{0}^{S} P(s)\,ds
$$

When someone sells, they’re paid along the curve (the integral between the old and new supply). Therefore, whenever the curve is recalibrated to raise the floor, the area under the curve, and thus the reserves it represents, must stay the same. And so the price curve and the bids it represents are always a direct product of the AVM's protocol-owned liquidity. That’s the solvency invariant.

Live interactive AVM Demo: [https://avm.nirvana.finance/](https://avm.nirvana.finance/)


# The Floor
Source: https://docs.nirvana.finance/s3-nirvana/p3-the-floor



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### Floor price

The floor price is an AVA's mathematically provable minimum value, denominated in its reserve asset. The AVM provides a bid large enough to buy back 100% of the supply at the floor price. It’s effectively an infinite on-chain buy wall. As a matter of mathematical certainty, the floor price can never fall, only rise.

<img alt="Rising Floor With Labels1 Gi" title="Rising Floor With Labels1 Gi" />

<div />

### How the floor rises

The floor price rises through two primary mechanisms: protocol fees and recalibration. All floor raises are permanent.

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### Raising the floor price with protocol fees

A portion of fees from each market will be invested directly into raising its AVA's floor price, increasing the floor steadily with every transaction. In practice, the protocol distributes fees to the floor every five minutes.

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### Raising the floor price with recalibration

The [Assured Value Machine (AVM)](/s3-nirvana/p2-the-assured-value-machine) recalibrates the price curve while preserving the total area beneath it (the area equals the reserve liquidity). This reallocates liquidity from above the floor, into the floor region, raising the floor price higher.

The AVM performs a floor raise recalibration automatically once two conditions are satisfied:

1. **Trigger Price:** The AVA's price must reach the *trigger price*, a threshold that indicates there's sufficient liquidity above the floor to support a raise while preserving the curve’s slopes.
2. **Cooldown timer:** The floor will not rise if it has risen in the previous five minutes. Each raise resets the five-minute cooldown timer. 

The floor always rises by exactly 0.1% of its current value per recalibration.

When the floor price rises from recalibration, the horizontal “floor region” moves higher. To keep the total area unchanged, the AVM shifts area from the positively sloped parts of the curve to the floor region. Importantly, it does this without changing the slopes (price-impact coefficients) of those rising segments. Concretely, the slopes stay fixed while only the intercepts are adjusted. Net effect: same slopes as before, a permanently higher provable minimum price, and no creation or destruction of value, just a reallocation of area that preserves solvency.

### Governable price curve

The slope of the price curve is a governable parameter. When governance votes to change it ( ±10%), the change only applies to the highest-supply segment of the curve:

* If the market is currently below that top segment, nothing changes yet; the new slope takes effect only once buys push price/supply into that segment.
* If the market is already in the top segment when the change is enacted, the AVM creates a breakpoint at the current price/supply. To the left of that point (lower supplies), the old slope remains, honoring all the depth of liquidity for all past purchases. To the right (higher supplies), the new slope applies going forward.

Practically, after a slope change, future buys follow the new slope, but sells back into lower supply traverse the earlier (historical) slopes. This preserves solvency and prevents retroactive liquidity depth changes for past purchases while still letting governance tune liquidity depth at the frontier.

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**This approach keeps three things true at once:** (1) reserves equal area under the curve, (2) floor raises never change the slopes, and (3) slope updates only affect future price impact where they’re intended—at the leading edge of supply and price.

<div />

### Liquidity buffer

The liquidity buffer is a parameter that preserves a portion of liquidity above the floor beyond what is strictly necessary. In practice, the liquidity buffer increases the trigger price. Its purpose is to allow the market to maintain additional sell depth at elevated price levels. This parameter can be fine-tuned through on-chain governance for each market individually. 

### The floor: the key to permanent value

The purpose of the floor is simple: provide assets with a verifiable minimum value that can only grow.

The floor represents a verifiable, on-chain minimum value, supported entirely by protocol-owned reserves. It is designed fundamentally to only ratchet upward through activity and fee accrual. Market price can never fall below it. It is transparent and impenetrable, which means participants can exit at any time with certainty, without relying on buyers to show up. The floor provides downside protection, unlocks liquidation-free credit, and aligns incentives across the protocol.

The age of speculation helped define new avenues of value, but failed to protect it long-term. Nirvana aims to change the status quo by assuring value permanently. This is made possible by the AVM, the automated system that governs price, liquidity, and the floor.

<div />


# ANA: Nirvana’s foundational token.
Source: https://docs.nirvana.finance/s3-nirvana/p4-ana-the-native-asset



<div />

ANA (pronounced AH-nuh) is the first Assured Value Asset, and serves as the value-capture token for the Nirvana ecosystem.

ANA is minted and backed by USDC through the [Assured Value Machine (AVM)](/s3-nirvana/p2-the-assured-value-machine).

Each ANA token is born with a floor price, a minimum redemption value that's mathematically provable, on-chain, and verifiable.

The floor is enforced by protocol-owned reserves, not promises, giving ANA an exit path that’s always available, even in times of maximum market stress.

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  <img alt="Image" />
</Frame>

## How to Buy ANA

ANA is minted by depositing USDC or [NIRV](/s3-nirvana/p5-nirv-credit-on-the-floor) into the protocol through the official Nirvana interface. The [AVM](/s3-nirvana/p2-the-assured-value-machine) determines the price, and every ANA minted is backed by reserves at a rising floor price.

Here’s how to buy it:

### 1. Open the ANA minting panel

Head to the [Buy/Sell ANA](https://app.nirvana.finance/mint)\
Choose your input token: USDC or NIRV.

### 2. Enter an amount

<img alt="image_2025-10-03_13-08-22.png" />

Type in how much USDC or NIRV you want to spend.\
The system will calculate how much ANA you’ll receive after the swap fee.\
**Below the input, you’ll see:**

* Fee rate
* Net ANA received
* Price impact

### 3. Adjust your settings (optional)

Click the **edit** icon to adjust:

* Slippage
* Priority fee
* RPC provider

These are advanced options and are typically pre-filled.

### 4. Click “Buy ANA”

<img alt="image_2025-10-07_12-00-33.png" />

Review the transaction details.\
Click **Buy ANA** and approve the transaction in your wallet.\
Once confirmed, your ANA will appear in your wallet.


# NIRV: Credit against the Floor
Source: https://docs.nirvana.finance/s3-nirvana/p5-nirv-credit-on-the-floor



<div />

NIRV (pronounced nerve) is a stablecoin minted against staked ANA. Borrowers can tap into ANA's floor liquidity by borrowing NIRV up to ANA’s floor value with zero interest and zero risk of liquidation.

Because [ANA's](/s3-nirvana/p4-ana-the-native-asset) floor is enforced by the [AVM](/s3-nirvana/p2-the-assured-value-machine), it becomes a dependable source of borrowing power. Users can mint NIRV with full confidence that their position won’t be wiped out in a downturn.

This makes NIRV a structurally safe credit primitive, a dollar-denominated stablecoin backed by verifiable, protocol-enforced value. It brings capital efficiency to the ecosystem without the fragility of legacy lending platforms, and extends the utility of ANA as a source of productive value.

## Borrowing NIRV

1. **Deposit ANA into Nirvana**

   <img alt="image_2025-10-03_12-49-24.png" />

   * Go to the “Stake & earn” section.
   * Stake your ANA.
   * This ANA begins earning [prANA](/s5-revenue-sharing/p1-prana) and becomes usable as collateral.

<div />

2. **Navigate to “Borrow/Repay NIRV”**

   <img alt="image_2025-10-03_12-50-02.png" />

   * Here you'll find information on:
     * Your total ANA collateral
     * The current ANA floor price
     * Your NIRV debt limit (how much you can borrow)

<div />

3. **Click "Borrow NIRV" and enter the amount of NIRV to borrow**

   <img alt="image_2025-10-03_12-51-16.png" />

   * You can borrow up to the floor value of your deposited ANA.
   * Example: If you have 10 ANA and the floor price is \$3.50, you can borrow up to 35 NIRV.

<div />

4. **Borrow**
   * A one-time borrow fee is applied.
   * Borrowed NIRV appears in your wallet.
   * A portion of your ANA becomes locked as collateral.

## Locked collateral

* **Only the amount of ANA backing your debt is locked.**\
  This amount is calculated as:

<div />

$$
\text{Locked ANA} = \frac{\text{NIRV borrowed}}{\text{ANA floor price}}
$$

<div />

<Info>
  **Example**: You borrowed 21 NIRV at a floor price of \$5.00

  This means 4.2 ANA is locked as collateral.

  The rest of your deposited ANA remains unlocked.

  All staked ANA (both locked and unlocked) earn prANA at an equal rate.
</Info>

<div />

## Repaying NIRV

<img alt="image_2025-10-03_12-57-05.png" />

1. Go to the **“Borrow/Repay NIRV”** section.
2. Enter the amount of NIRV to repay.
3. Submit the transaction.

**Once repaid:**

* An equivalent amount of ANA collateral is unlocked.
* You may withdraw ANA or keep it staked to continue earning prANA.


# What is Samsara?
Source: https://docs.nirvana.finance/s4-samsara/p1-what-is-samsara



<video />

Samsara is the home of navTokens—on-chain derivatives that multiply in value agaist their base assets with demand. Each one has a mathematically impenetrable floor price (Nirvana Assured Value, or NAV) enforced by protocol-owned reserves.

Each navToken offers structural price asymmetry against its reserve asset:

* Magnified upside potential
* Mathematically limited downside

navTokens work similarly to pure-play Digital Asset Treasury (DAT) stocks. DAT companies, like Michael Saylor’s MicroStrategy, accumulate digital assets to capture their appreciation and, ideally, outperform them. navTokens are the next evolution of this strategy, but instead of relying on a executive decisions, all key functions, including reserve aquisition, token issuance, redemptions, and market making, are automated through immutable code. navTokens are on-chain, fair, and most critiaclly, the floor price (NAV) can only rise, and the market price can never fall below it.

<Columns>
  <Card href="https://samsara.nirvana.finance/" title="Launch app" />

  <Card href="/s4-samsara/p3-assured-value-assets" title="About navTokens" />
</Columns>


# Why We Built Samsara
Source: https://docs.nirvana.finance/s4-samsara/p2-extending-avm



## **You're Already Bullish**

You don't need convincing about the asset. You believe in SOL, BTC, or whatever you're holding. The thesis is clear to you.

The question Samsara addresses isn't what to own, it's *how* to own it in a way that rewards your conviction. You want to amplify your upside potential, but you also want to sleep at night.

This is where most options fail you.

## **The Problem With Current Options**

**Holding spot** is relatively safe, but your exposure is limited.

**Leverage** gives you amplified exposure... until it doesn't. If you time it wrong or volatility is too high, you get liquidated. You can be right and still lose everything.

So you're left with a choice: accept 1x exposure with spot, or reach for amplified exposure through instruments that can wipe you out.

What's missing is a middle way: something between settling for spot and risking it all.

## **The Middle Way**

Samsara's navTokens offer the best of both worlds.

navTokens are derivatives engineered to outperform their base assets. navTokens multiply your exposure to the base asset with demand, while a built-in, mathematically impenetrable floor price (the NAV) protects your downside against it. The floor rises every time someone trades, and it never falls, locking in outperformance permanently.

## **How navTokens Work**

Each navToken is backed by a single reserve asset. navSOL is backed by SOL. navETH is backed by ETH. You mint navTokens by depositing the underlying asset, and those deposits become protocol-owned reserves.

These reserves back the floor price, a minimum conversion rate at which you can always redeem your navTokens for the underlying asset. The protocol maintains an on-chain bid large enough to buy back 100% of the supply at this floor. It's not a promise from a company. It's math enforced by immutable code.

When people buy navTokens, the price rises against the base asset. When they sell, the price falls, but never below the floor. And over time, the floor itself rises through fee accrual and reserve rebalancing, permanently locking in gains.

You can always exit at the floor. The protocol is your counterparty, and it's always verifiably solvent by design.

## **Structural Asymmetry**

This architecture creates the setup every investor wants: undeniable asymmetry.

**Downside is protected.** The floor price is your guaranteed minimum. It cannot fall against the underlying asset, only rise.

**Upside is unlimited.** As demand grows, navToken prices rise without a ceiling. Your amplified exposure compounds.

**Volatility works for you.** Every transaction generates fees that flow into raising the floor. Market activity doesn't erode your position; it strengthens the foundation beneath it.

**Time is your ally.** The longer you hold, the higher the floor climbs. There's no decay, no expiry, and no funding rate bleeding you dry.

This is what "engineered to outperform" actually means.

## **Capital Efficiency Without the Usual Pitfalls**

The floor unlocks something else: borrowing power that can't be liquidated.

Because the floor price is mathematically impenetrable, you can borrow against it with zero liquidation risk. Deposit your navTokens, borrow the underlying asset up to your floor value, and use that capital however you want: trade meme coins, mint more navTokens, or sell it to pay expenses, all with a 0% interest rate and no liquidation risk.

## **A Proven Model, Reimagined for Crypto**

This model shares some similarities with Digital Asset Treasury companies. DATs, such as MicroStrategy, have used treasury strategies to dramatically outperform the assets they hold. MSTR has beaten BTC by multiples over the years.

But traditional DAT companies come with baggage:

* **Opacity:** Decisions happen in boardrooms, not on-chain
* **Centralization:** A small group controls issuance and strategy
* **No floor enforcement:** Stock prices can and do trade below NAV
* **Insider advantages:** Early investors often get allocations unavailable to the public

navTokens take the proven DAT model and rebuild it for crypto's principles: transparency, verifiability, and fairness. Every navToken is minted through the same public mechanism. There are no insider allocations, no presales, no backroom deals. The redeemable floor price is enforced on-chain. And anyone can verify solvency at any time by inspecting the reserves directly.

## **The Upgrade**

You know what assets you believe in. But why settle for structures that limit your upside or risk wiping you out?

navTokens are the upgrade. Same assets, better structure, one where the asymmetry is skewed in your favor: multiplied upside potential, a floor to protect your downside, and no counterparty waiting to liquidate you.

That's Samsara. Upgrade your assets.


# navTokens
Source: https://docs.nirvana.finance/s4-samsara/p3-assured-value-assets



<img alt="AVAoverview.png" />

<div />

**navTokens are derivatives engineered to outperform their underlying assets.**

navTokens multiply in value agaist their base assets with demand. Each one has a mathematically impenetrable floor price (Nirvana Assured Value, or NAV) enforced by protocol-owned reserves.

navTokens work similarly to DAT companies such as MicroStrategy, but they're on-chain, fair-launched, and have built-in price protection. Each navToken has redeemable value from its underlying reserve, and offers structural price asymmetry against its reserve asset. navTokens can also be used as collateral for inerest-free loans with no liquidation risk.

<div />

## How navTokens Work

navTokens are engineered to ourperform their underlying assets.

**Each navToken is backed by a single-asset reserve.**

*navSOL*       →     Backed by SOL\
*navBONK*    →     Backed by BONK\
*navORE*       →     Backed by ORE

navTokens are minted in exchange for their reserve asset (e.g., navSOL is minted with SOL). Those reserve assest are deposited into a protocol-owned reserve which fulfills navToken redemptions.

**Each navToken offers structural price asymmetry against its reserve asset:**

* Magnified upside potential
* Mathematically limited downside

**navTokens are priced against their reserve asset with constant liquidity provided by the Assured Value Machine (AVM).**

* Price rises when people buy (mint).
* Price falls when people sell (redeem), but never below the NAV (floor price).

## Rising Floor Price (The NAV)

A navToken's floor price is a mathematically assured minimum conversion rate that's always redeemable. The protocol enforces the floor by using its reserves to provide an on-chain bid that's capable of redeeming every navToken in supply at the floor price.

**The floor price can rise, but never fall.**

<img alt="Rising Floor With Labels1 Gi" title="Rising Floor With Labels1 Gi" />

**There are two ways the floor can rise:**

1. **Rebalancing**

   When there is sufficient liquidity above the floor price, the [AVM](/s3-nirvana/p2-the-assured-value-machine) adjusts the price curve, reallocating some liquidity to the floor, raising it higher.
2. **Fee drip**

   A portion of fees from every buy, sell and borrow within any given market, is directed to the floor reserves, raising the floor price.

## Non-liquidating Loans

Samsara offers interest-free loans with no liquidation risk, using any navToken as collateral.

deposit navToken → borrow the reserve asset up to the floor value of your collateral.

Non-liquidating loans are made possible by the floor price, enabling flexible strategies for holders, including non-liquidating leverage.

## Governance & Fees

Each navToken market has various parameters and fees that are governed higher or lower by prANA holders. All parameters shift incrementally on a weekly cadence, by the amount indicated in the "change" column below.

<img alt="Governable Parameters 2" />

Learn more about [governance](/s6-governance/p2-process).

## Key Metrics

Samsara's unique design introduces some new key metrics:

<img alt="Samsara Metrics" />

### Ascent - The performance mutiple

Ascent tracks the all-time performance of a navToken against its underlying asset.

<Info>
  Example: An ascent of 3x for navSOL means that navSOL has outperformed SOL by 3 times (200%). So if navSOL launched at 0.01 SOL, a 3x ascent implies that the price is now 0.03 SOL.
</Info>

### Price

Samsara displays the price of navTokens in terms of both USD and a conversion rate to it's underlying asset.

### Floor

The floor is the mathematically assured minimum conversion rate of a navToken to its underlying asset. The floor is always redeemable and solvent, even if everyone redeems their navTokens at once. The top number in this column displays the coverage, which is the percentage of market price protected by the floor price.

Since you can borrow agaisnt navTokens up to the floor value, coverage is also idential to your current maximum Loan-to-Value Ratio (LTV).

<Info>
  Example: If the market price of navSOL is 0.10 SOL, and the floor price is 0.08 SOL, its coverage would be 80%, therefore the navSOL price cannot drop more than 20% agaisnt SOL. 80% coverage also means you can borrow up to 80% of your SOL depoit back (exluding fees and price impact) interest-free with no liquidation risk.
</Info>

### ARP - Average revenue per prANA

Each Samsara market has its own prANA valult, where users can deposit prANA to earn a share of that market's revenue, paid in the underlying asset. ARP shows the historical average amount that depostors have earned per prANA, annualized.


# Launch Mechanics
Source: https://docs.nirvana.finance/s4-samsara/p4-launch-mechanics



## navToken Generation Events

Every navTokens starts with no insider allocations, presales, or airdrops. The only way to mint navTokens is by depositing the underlying asset.

At TGE, a navToken's market price is set at approximately one dollar's worth of its underlying asset, with the floor price (NAV) equal to the market price.

<Info>
  **Example:** If SOL is trading at \$100, navSOL launches with both a market price and floor price of 0.01 SOL.
</Info>

The floor is the minimum conversion rate: it can rise over time but never fall. Since a navToken can never drop below its floor, it can never be worth less than its launch price, in terms of its underlying asset.

## Anti-Sniper Mint Fee

Samsara enforces a temporary mint fee boost to prevent sniping. The mint fee starts at 99% and decays exponentially to baseline across a two-hour launch window.

<img alt="Gr2" />

<Info>
  Note: The anti-sniper mint fee is additional to the standard mint fee, which starts at 1% and is governable after TGE.
</Info>

The anti-sniper mint fee drops to:

* \~22% after 30 minutes
* \~8% after 60 minutes
* \~1% after 90 minutes
* 0% after 120 minutes, after which the market will continue trading with standard protocol fees.

<Info>
  *Example:*

  *Current market price = 0.01 SOL*

  *Current anti-sniper mint fee = 50% (\~10 minutes after TGE)*

  *Your deposit = 100 SOL*

  *What you'd recieve = 4900 navSOL (excludes price impact)*
</Info>

## Price Curve Sensitivity

Samsara uses a bonding curve to determine a navToken's price based on supply. As tokens are minted, the price rises; as tokens are redeemed, the price falls. This creates deterministic price impact.

On the main curve, for every 15,000 tokens minted, the market price increases by the starting price. The same holds in reverse—redeeming 15,000 tokens decreases the market price by the starting price.

<Info>
  **Example:** If navSOL has a starting price of 0.01 SOL, minting 15,000 tokens raises the price from 0.01 to 0.02 SOL. Minting another 15,000 raises it to 0.03 SOL, and so on. Redeeming reverses this trajectory.
</Info>

In simple terms, a navToken's price will double from its launch price with \~\$22,500 of net inflows.

The main curve is one of several pricing regions in Samsara's model. For a complete explanation, see the [Assured Value Machine](/s3-nirvana/p2-the-assured-value-machine).


# Break the Floor Campaign
Source: https://docs.nirvana.finance/s4-samsara/p5-break-the-floor



On December 4th, 2025, we launched a \$50,000 bounty to [**<u>Break Samsara’s floor</u>**](https://break-samsara.nirvana.finance/) on a live testnet, designed to push the system as hard as possible under extreme stress. The bounty incentivized participants to sell directly into the market and attempt to force the price down to the NAV (floor), the minimum redeemable value the system is designed to offer.

This case study documents the December 4th event (a black swan-style stress test) designed to see whether the floor could fail under coordinated, sustained sell pressure.

## The objective of this campaign

* Demonstrate that navToken floor prices cannot be broken, even under extreme stress
* Demonstrate that the floor holds as complete, continuous exit liquidity, even at the floor
* Demonstrate that markets are isolated, and stress in one market doesn’t spill into the others

## Test conditions

The campaign ran on a live testnet. In the days leading up to the event, participants minted dev navTokens and built positions across multiple markets, allowing liquidity to accumulate ahead of the coordinated stress test. On the day of the event, participants were instructed to sell simultaniously (a synchronized selloff intended to push the market price down to the floor. 

Tens of millions of dollars were sold into the system across 5 markets:

* navORE
* navZBTC
* navJLP
* navMSOL
* navBONK

## Observed outcome

Across all five markets, participants were able to push the price down to the floor, but they were not able to break it.

Even under sustained sell pressure, liquidity at the floor remained available and complete. Redemptions continued to clear as expected without manual intervention.

Stress in one market did not spill into the others. Each market absorbed its own selloff, reached its floor, and continued functioning independently.

And importantly, the floor value increased throughout the selloffs. As volume surged, fees flowed back into the floor, raising the minimum redeemable value even while participants were selling into it.

## The moment price met the floor

The goal of this campaign was to force price to the minimum redeemable value under extreme stress. 

Seeing the **Assured** value reach 100% across markets confirmed the selloffs successfully reached the floor.

***Assured % is below max (markets trading above their floor):***

<Frame>
  <img alt="Assured 1 (3)" />
</Frame>

***Assured % is at max value (market price was at floor price):***

<Frame>
  <img alt="Assured 2 (3)" />
</Frame>

## Markets at the floor

The following snapshots show each market reaching the floor during the selloff event.

***navJLP market price reaching the floor:***

<Frame>
  <img alt="Image4" />
</Frame>

***navBONK market price reaching the floor:***

<Frame>
  <img alt="Image7" />
</Frame>

***navBONK market price reaching the floor:***

<Frame>
  <img alt="Image3" />
</Frame>

***navORE market price reaching the floor:***

<Frame>
  <img alt="Image1" />
</Frame>

***navZBTC market price reaching the floor:***

<Frame>
  <img alt="Image6" />
</Frame>


# prANA
Source: https://docs.nirvana.finance/s5-revenue-sharing/p1-prana



<div />

prANA (pronouned prana) is Nirvana's governance and revenue share token, earned exclusively by staking [ANA](/s3-nirvana/p4-ana-the-native-asset). The rate at which prANA rewards accrue to ANA stakers adjusted through community-driven governance.

<div />

## Continuous Emissions

ANA depositors earn prANA continuously at a variable rate set by governance. Key features of this emission model include:

* Earned prANA can be claimed at any time even after ANA is unstaked.
* Fair Distribution: Governance power is allocated based on the amount of ANA held and the duration of the deposit.

ANA has no minimum stake and no withdraw delay.

<div />

<Info>
  **Example:** you can stake 100 ANA. The annual emission rate is 50%. After 6 months, the amount of prANA earned by you is 25 prANA. After 1 year, you will have earned 50 prANA in total.
</Info>

<div />

There is no fixed supply of prANA. It is distributed based solely on the amount and duration of ANA deposits, ensuring prANA remains equitably distributed. This emissions system incentivizes investors to hold ANA for longer periods to accumulate more prANA.

<div />

## Depositing prANA

Each market has dedicated valut where users can depoit their prANA. When prANA is deposited, it activates two key features:

* Revenue Sharing: prANA holders receive a share of the corresponding market's revenue.
* Voting Power: prANA depositors are granted voting power to adjust the corresponding market's parameters through the decentralized governance system.

<div />

## Revenue Sharing

Each prANA token represents a share of protocol revenue, which is distributed pro-rata to prANA depositors. The benefits include:

* Incentivizes Long-Term Holding: Since prANA can only be earned by holding ANA over time, it remains scarce. Sharing continuous revenue makes holding prANA valuable.
* Aligns Voting with Protocol Health:
  * Fee Control: Governance, powered by prANA votes, regulates Nirvana’s parameters.
  * Balanced Incentives: prANA holders benefit from fee revenue, encouraging them to set fees that promote both protocol usage and profitability.

Revenue distribution is paid out in NIRV and ANA for the ANA market, and in the underlying reserve asset for navToken markets.

<div />


# Revenue Flow
Source: https://docs.nirvana.finance/s5-revenue-sharing/p3-revenue-flow



### Revenue Streams

Revenue is generated from trading fees and loan-origination fees.

All fees are governable.

### Revenue Distribution

Revenue from Samsara markets is distributed to the following:

* Directly raising the navToken floor price (Starts at 25%)
* prANA stakers (Starts at 25%)
* Buying ANA and borrowing against it to fund platform operations (50%)

The exact split between floor and prANA is adjustable via governance. All components are designed to reinforce the protocol’s structure and create lasting alignment between participants and the system.

## The Nirvana Flywheel

ANA is the original Assured Value Asset, backed by a USDC reserve. It has all of the same benefits as navTokens (rising floor price, self-repaying non-liquidatable loans, etc.), but it also has a key advantage.

Staking ANA is the only way to earn prANA. prANA is Nirvana’s governance token, which earns a share of protocol revenue from *any* Samsara market.

ANA unifies Nirvana, acting as the *value-capture token* for the whole ecosystem and the source of all governance power. All platform revenue generated by Samsara will be used to buy ANA.


# Governance Basics
Source: https://docs.nirvana.finance/s6-governance/p1-basics



<div />

[prANA](/s5-revenue-sharing/p1-prana) stakers govern every parameter for every Samsara market and the [ANA](/s3-nirvana/p4-ana-the-native-asset) market. Each market is governed individually.

Each market has its own prANA vault where users can stake their prANA to gain governance power for that market. One prANA = one vote for a single parameter of a single market.

Once per week, all protocol parameters shift incrementally by 10%, higher or lower, based on a simple majority of votes at the time of the snapshot. Parameter changes are implemented on-chain automatically (no back-door code changes). Voting does not consume prANA, and votes can be changed at any time.

<div />

The governable parameters are:

* Buy fee
* Sell fee
* Withdraw fee
* Loan Origination fee
* prANA emissions rate
* Fee split between the floor investment and prANA


# Governance Process
Source: https://docs.nirvana.finance/s6-governance/p2-process



<div />

Nirvana governance is community-run, powered by [prANA](/s5-revenue-sharing/p1-prana), the token that represents influence, commitment, and share in protocol direction.

To participate in governance, users deposit prANA into the system. This gives them vote power, which can be freely allocated across live proposals on the governance ballot.

Here’s how the process works:

<div />

#### 1. Acquire prANA

<img alt="image_2025-10-03_12-06-00.png" />

* [**Stake ANA**](/s3-nirvana/p4-ana-the-native-asset) to earn prANA rewards over time.
* prANA accrues continuously and can be claimed at any point.
* You’ll need prANA to participate in governance.

<div />

#### 2. Deposit prANA

<img alt="image_2025-10-03_12-06-44.png" />

* Navigate to [**“Govern & earn with prANA”**](/s5-revenue-sharing/p1-prana) in the app sidebar.
* Click **“Deposit”** to deposit your prANA into the governance system.
* Deposited prANA gives you vote power (1 prANA = 1 vote).

<Info>
  Note: Depositing prANA also enables **revenue sharing**. You earn a proportional share of protocol fees for as long as your prANA is deposited.
</Info>

<div />

#### 3. Allocate Votes

<img alt="image_2025-10-03_12-08-40.png" />

* Browse the live ballot of proposals (e.g., fee changes, emission rates, floor raises).
* Each proposal shows:
  * Current parameter
  * Proposed changes
  * Support percentages and voter counts
* Use the **“Edit Votes”** button to allocate vote power to any item.

  <img alt="image_2025-10-03_12-09-34.png" />
* You can vote for, against, or abstain by not allocating.

<div />

<Info>
  Votes are **non-consumable** and can be reallocated at any time.
</Info>

<div />

#### 4. Locked vs. Unlocked

* When you allocate votes, your deposited prANA becomes locked.
* To withdraw your prANA, you must first remove your vote allocations.

This system ensures that active voters are committed while allowing full flexibility to exit or reassign.

<div />

#### 5. Tally and Execution

* Governance votes are tallied weekly.
* Winning parameters are automatically enacted by the protocol.
* There are strict limits and incremental steps on changes to ensure stability.

The more prANA you earn and deposit, the more influence you hold over Nirvana’s direction, and the more protocol revenue you receive.


# Build on Samsara
Source: https://docs.nirvana.finance/s7-resources/p3-build

Turn your treasury into demand.

<Tabs>
  <Tab title="Get Listed">
    ## You're sitting on a treasury. Samsara turns it into a demand engine.

    <div />

    <CardGroup>
      <Card icon="piggy-bank" title="No selling required">
        \
        Allocate a portion of your treasury as on-chain reserves. You keep exposure.
      </Card>

      <Card icon="people-group" title="New demand for your token">
        The only way to mint a navToken is to buy your token first. Every mint is net new buy pressure.
      </Card>

      <Card icon="credit-card" title="A reserve you can borrow against">
        As the NAV rises, borrow against the floor to fund burns, LPs, or incentives.
      </Card>
    </CardGroup>

    ***

    ## How it works

    <div />

    <Steps>
      <Step title="You use a portion of your treasury to mint your navToken">
        It becomes a protocol-owned on-chain reserve backing your navToken. You borrow your token back immediately, burn it, or spend it.
      </Step>

      <Step title="We launch your navToken market with a full campaign">
        New users buy your token to mint navTokens. That activity raises the floor, increasing trading volume, turning your token into a reserve asset.
      </Step>

      <Step title="Your floor rises. You unlock more.">
        As the floor climbs, you continuously unlock more tokens. Borrow more for burns, incentives, or growth.
      </Step>
    </Steps>

    ## Samsara campaign strategies

    <div />

    <CardGroup>
      <Card icon="fire" title="They buy. You burn.">
        Use the **Perpetual Burn Strategy** to crowdsource a perpetual burn engine, with *or without* buybacks.
      </Card>

      <Card icon="arrow-trend-up" title="They buy. You grow.">
        Use the **Perpetual Funding Strategy** to \
        launch airdrops, LPs, and partnerships \
        without selling your treasury.
      </Card>
    </CardGroup>

    ***

    ## Samsara traction

    <div />

    <CardGroup>
      <Card icon="chart-bar" title="4 markets">
        launched
      </Card>

      <Card icon="arrow-up-right" title="$4.5M+">
        trading volume
      </Card>

      <Card icon="credit-card" title="$1.66M+">
        issued loans
      </Card>

      <Card icon="rotate" title="$645K+">
        revenue recycled
      </Card>
    </CardGroup>

    <div />

    <Info>
      All of the above numbers were achieved in 30 days across 4 token launches.
    </Info>

    ***

    ## Ready to launch?

    <div />

    We handle the narrative, visibility, and momentum. You spark the reserve.

    DM to request your launch blueprint.

    <div />
  </Tab>

  <Tab title="White-label the AVM">
    ## Launch tokens with a rising floor price.

    Integrate the AVM into your own launchpad. Any token you launch will have a mathematically impenetrable floor price, self-bootstrapping liquidity, and a built-in credit line.

    ***

    ## What your tokens get automatically

    <div />

    <CardGroup>
      <Card icon="shield-halved" title="Principal protection from day one">
        A rising floor price gives your token downside protection, backed by transparent on-chain reserves.
      </Card>

      <Card icon="credit-card" title="Built-in credit line">
        Token holders can borrow against the floor value with zero interest and zero liquidation risk.
      </Card>

      <Card icon="arrows-spin" title="Self-bootstrapping liquidity.">
        Your AVM market creates its own liquidity from day one. Every mint adds to the reserve, so depth scales automatically.
      </Card>

      <Card icon="arrow-up-right" title="A floor that only rises">
        On-chain Proof-of-Value enforces the floor. Transparent, verifiable, mathematical.
      </Card>
    </CardGroup>

    ***

    ## White-label the AVM

    <div />

    Reach out to discuss what an AVM integration looks like for your project.

    <div />
  </Tab>
</Tabs>

<Columns>
  <Card icon="telegram" href="https://t.me/RandomTask" title="@RandomTask" />
</Columns>


# Addresses
Source: https://docs.nirvana.finance/s7-resources/p4-addresses



<div />

### Official Solana Contract Addresses for Nirvana Tokens

<div />

| **ANA**                           | [5DkzT65YJvCsZcot9L6qwkJnsBCPmKHjJz3QU7t7QeRW](https://solscan.io/token/5DkzT65YJvCsZcot9L6qwkJnsBCPmKHjJz3QU7t7QeRW)            |
| --------------------------------- | :------------------------------------------------------------------------------------------------------------------------------- |
| **prANA**                         | [CLr7G2af9VSfH1PFZ5fYvB8WK1DTgE85qrVjpa8Xkg4N](https://solscan.io/token/CLr7G2af9VSfH1PFZ5fYvB8WK1DTgE85qrVjpa8Xkg4N)            |
| **NIRV**                          | [3eamaYJ7yicyRd3mYz4YeNyNPGVo6zMmKUp5UP25AxRM](https://solscan.io/token/3eamaYJ7yicyRd3mYz4YeNyNPGVo6zMmKUp5UP25AxRM)            |
| **METTA**                         | [Aeg9L4a2dRX2PfUvcWeTAyYBfa7vAYXczfDrx1MSiTYS](https://solscan.io/token/Aeg9L4a2dRX2PfUvcWeTAyYBfa7vAYXczfDrx1MSiTYS)            |
| **Protocol-Owned Reserve Wallet** | [BcAoCEdkzV2J21gAjCCEokBw5iMnAe96SbYo9F6QmKWV](https://explorer.solana.com/address/BcAoCEdkzV2J21gAjCCEokBw5iMnAe96SbYo9F6QmKWV) |

<div />

<Info>
  **Note: you can find the contract addresses for all Samsara AVAs (navTokens) on their respective trade pages.**
</Info>


# Community
Source: https://docs.nirvana.finance/s7-resources/p5-links



<div />

If you’d like to contact the team, please reach out on Discord or X.

<div />

<Columns>
  <Card icon="browser" href="https://www.nirvana.finance/" title="Website" />

  <Card icon="x-twitter" href="https://x.com/nirvana_fi" title="X" />
</Columns>

<Columns>
  <Card icon="Discord" href="https://www.discord.gg/nirvanafi" title="Discord" />

  <Card icon="telegram" href="https://t.me/nirvana_finance" title="Telegram" />
</Columns>

<Columns>
  <Card icon="youtube" href="https://www.youtube.com/@NirvanaFinance" title="YouTube" />

  <Card
    icon={<svg width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns="http://www.w3.org/2000/svg">
<path d="M3.13962 0V14.2464L8.56657 0.959695L11.5326 2.1318L6.04249 15.6864L16.2833 5.26301L18.5694 7.43141L8.09065 18.106L21.9094 12.3878L23.1416 15.2594L9.58641 20.8855H24V24H0V0H3.13962Z" fill="#98364D"/>
</svg>}
    href="https://paragraph.com/@nirvana-3"
    title="Paragraph"
  />
</Columns>


# FAQ
Source: https://docs.nirvana.finance/s7-resources/p6-faq



<div />

<Info>
  Questions left unanswered?

  We’re here to help. Jump into [Discord](https://discord.gg/nirvanafi) and we’ll get you sorted.
</Info>

<div />

## Samsara

<div />

<AccordionGroup>
  <Accordion title="Is Samsara a permissionless launchpad?">
    No, all Samsara listing are decided by the team. If you would like to sugeest a token listing, please contact the team through official channels. However, multiple permissionless AVM launchpads are currently in development by other teams, which will drive value back to ANA through integration fees.
  </Accordion>

  <Accordion title="How do the navToken launches work?">
    Every navToken launches with zero insider allocations, presales, or airdrops. The only way to mint them is by depositing the underlying asset. At launch, both the market price and floor price are set equal to roughly one dollar's worth of that asset, and the floor can only ever rise, never fall.

    To prevent sniping, there's a temporary mint fee that starts at 99% and decays over two hours down to 0%, after which only the standard protocol fee applies.

    A bonding curve governs price, read the full breakdown here: [Launch Mechanics](/s4-samsara/p4-launch-mechanics).
  </Accordion>

  <Accordion title="Where do I apply for listing a token?">
    Head over to our [Build page](/s7-resources/p3-build).
  </Accordion>

  <Accordion title="How does Samsara compare to Nirvana?">
    [Nirvana](/s3-nirvana/p1-what-is-nirvana) is built around [ANA](/s3-nirvana/p4-ana-the-native-asset), minted with USDC. The protocol accumulates USDC reserves, which back ANA's perpetually rising floor and unlock interest-free, liquidation-free credit against those reserves.

    [Samsara](/s4-samsara/p1-what-is-samsara) extends this model through [navTokens](/s4-samsara/p3-assured-value-assets). Instead of USDC as the reserve asset, each navToken market holds its own base asset as reserves. navSOL is minted with SOL, backed by SOL, and has a floor denominated in SOL. Same [AVM](/s3-nirvana/p2-the-assured-value-machine) mechanics, but native to the underlying asset rather than a stablecoin.

    The key difference: Nirvana gives you a dollar-backed floor with credit utilities. Samsara gives you asset-native floors, meaning your downside is protected in terms of the asset itself, not in dollar terms.

    Same philosophical foundation, different reserve architecture.
  </Accordion>

  <Accordion title="What is the multiplier?">
    The multiplier shows how many times the current navToken price has grown relative to its launch price, in terms of the underlying asset.

    For example: A multiplier of 10x means navSOL is currently trading at 10 times its starting price in SOL. This is driven by the bonding curve: for every 15,000 navSOL minted, the price rises by one starting price increment. The higher the multiplier, the more net inflows the protocol has absorbed.

    <Frame>
      <img alt="Image" />
    </Frame>
  </Accordion>
</AccordionGroup>

<div />

## Tokenomics & Allocation

<div />

<AccordionGroup>
  <Accordion title="Is there a team or insider token allocation?">
    No. Nirvana has no team or insider allocations. Every [navToken](/s4-samsara/p3-assured-value-assets) in existence (including [ANA](/s3-nirvana/p4-ana-the-native-asset)) was minted through the protocol in a fair exchange. Any pre-mint or insider distribution would compromise solvency, so it’s disallowed by design. Likewise, there is no insider [NIRV](/s3-nirvana/p5-nirv-credit-on-the-floor) or [prANA](/s5-revenue-sharing/p1-prana) allocations. The team is funded by a portion of fees.
  </Accordion>

  <Accordion title="How are tokens on Samsara minted?">
    In the same way as ANA, preminting would compromise solvency. That means every navToken is minted with its base asset; no other tokens exist. In other words, every navToken was bought fairly and is backed by a portion of its base asset.
  </Accordion>
</AccordionGroup>

<div />

## The Floor Mechanism

<div />

<AccordionGroup>
  <Accordion title="How are navToken floor prices impenetrable?">
    [The Assured Value Machine (AVM)](/s3-nirvana/p2-the-assured-value-machine) owns the liquidity and sets a deterministic price function. It always maintains a standing bid ([the floor](/s3-nirvana/p3-the-floor)) high enough to buy back 100% of each [navToken](s4-samsara/p3-assured-value-assets) at that price using on-chain reserves. Because the reserves and pricing are protocol-controlled, the floor is enforceable at all times.
  </Accordion>

  <Accordion title="Does the floor ever go down?">
    No. Once the floor ratchets up, it never lowers. It either stays level or rises, permanently locking in gains for the [navToken](s4-samsara/p3-assured-value-assets).
  </Accordion>

  <Accordion title="What happens if the price trades back to the floor?">
    The [AVM](/s3-nirvana/p2-the-assured-value-machine) will continue buying the [navToken](s4-samsara/p3-assured-value-assets) at the floor price— its bid is large enough to fulfill the sale of every token in supply. The very next buy after reaching the floor has a positive price impact, so downside is capped while upside resumes immediately with demand— an asymmetric setup that discourages panic selling. Also, selling into the floor is actually healthy for the protocol. As the sold navTokens are burned, less capital is required to raise the floor, so the trigger price decreases while the floor price remains impenetrable.
  </Accordion>

  <Accordion title="Why is there a cooldown on floor raises?">
    [The floor](/s3-nirvana/p3-the-floor) can rise at most once every 5 minutes. This throttle prevents sudden, cascading ratchets, giving the market time to react to each step up.
  </Accordion>
</AccordionGroup>

<div />

## Liquidity & Solvency

<div />

<AccordionGroup>
  <Accordion title="Can the protocol run out of exit liquidity?">
    By design, no. The [AVM’s](https://docs.nirvana.finance/s3-nirvana/p2-the-assured-value-machine) pricing function is entangled with the solvency invariant. The area under the price curve *always* equals the total reserves, ensuring it can buy back 100% of the [navToken](https://docs.nirvana.finance/s7-resources/s4-samsara/p3-assured-value-assets) supply for at least at the floor. When a navToken is sold, it’s burned, which reduces future obligations one-for-one.
  </Accordion>

  <Accordion title="How can I verify ANA's solvency/liquidity?">
    ANA's reserves are held in a transparent on-chain reserve which can be inspected here: [https://explorer.solana.com/address/BcAoCEdkzV2J21gAjCCEokBw5iMnAe96SbYo9F6QmKWV/tokens](https://explorer.solana.com/address/BcAoCEdkzV2J21gAjCCEokBw5iMnAe96SbYo9F6QmKWV/tokens)

    To easily verify the solvency of ANA's floor price, you can check the reserve's balance of USDC and NIRV (above), and compare that to the ANA's floor price and circualting supply. Stablecoin reserves (USDC + NIRV) will always be greater than or equal to required floor reserve (ANA supply x ANA floor price.)
  </Accordion>
</AccordionGroup>

<div />

## Governance & Control

<div />

<AccordionGroup>
  <Accordion title="Who controls fees and parameters?">
    [prANA](/s5-revenue-sharing/p1-prana) holders. [Governance](/s6-governance/p2-process) runs on an incremental cadence, adjusting parameters (fees, emissions, etc.) via on-chain votes so markets stay resilient over time.
  </Accordion>

  <Accordion title="How can I join governance?">
    We have outlined the process of governance step by step [here](/s6-governance/p2-process).
  </Accordion>
</AccordionGroup>

<div />

## Leverage & Borrowing

<div />

<AccordionGroup>
  <Accordion title="How does looping (leverage) work?">
    Looping is a strategy where you stake a navToken, borrow the reserve asset against its floor value, and use those funds to mint more of the navToken. This increases your exposure to the navToken, magnifying both potential gains and losses.

    Unlike traditional leverage, looping an navToken is free from liquidation risk and interest. Because the protocol only permits you to borrow up to the asset's floor price, which is mathematically enforced and can never fall, your debt can never exceed the redeemable value of your collateral. Even if the market price drops all the way to the floor, your position remains fully solvent, eliminating the risk of a forced liquidation. Do note, however, that "max looping" your position means that if the market price drops to the floor price, your collateral value would be practially equal to your debt, so the position would have no liquid value. But, becasue you maintain your collateral, the value of your position will still rise with price.
  </Accordion>

  <Accordion title="Does my staked ANA still earn prANA when I borrow against it?">
    Yes. All staked ANA earn prANA at an equal rate, regardless of your debt position. This means that looping your ANA position increases your prANA yield.
  </Accordion>

  <Accordion title="Couldn't someone get infinite leverage at the floor price?">
    Not exactly. The protocol has no limits to how many times you can loop your position. But, in practice, two economic factors limit the amount of leverage you can achieve: price impact, and protocol fees. Buying a navToken always create positive price impact, even if the market price is at the floor. Therefore, all buy prices are technically above the floor, so that spread beween floor price and buy price limits leverage. Similarly, buy fees and borrow fees (both governable) limit realized leverage.

    Example: Market price and floor price are both \$1, and your average buy price is 1.005 after price impact. So 1% (borrow fee) + 0.5% (buy fee) + 0.5% (price impact) = 2% average loss in LTV per loop, or a true LTV of 98%, which equates to 50x leverage.
  </Accordion>

  <Accordion title="How does NIRV stay pegged to USDC?">
    NIRV is a USD stablecoin backed by verifiable, protocol-owned liquidity. Its peg is secured by the fact that the underlying collateral (ANA's floor) is backed by USDC reserves.

    When users borrow NIRV, their ANA collateral is locked. That locked ANA cannot be sold until the NIRV loan is repaid, creating a closed loop that ensures NIRV is backed by USDC 1-to-1. In other words, NIRV is effectively wrapped USDC. USDC fully backs the ANA floor, and the ANA floor fully backs NIRV.

    In essence, NIRV represents tokenized USDC leverage, and becasue this leverage is fully collateralized (and has no oracle risk), it can be fully unwound, or deleveraged, while maintianing constant 1-to-1 backing and solvency.

    The AVM accepts NIRV as equivalent to USDC when purchasing ANA, so any deviation from the peg on secondary markets creates a risk-free arbitrage loop (Buy discounted NIRV → Mint ANA → Sell ANA for USDC). This loop is always liquid and solvent, which forces the NIRV price back to 1 USDC.
  </Accordion>
</AccordionGroup>

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