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