The objective of this campaign
- Test whether the NAV (floor) can be broken under extreme stress
- Verify the floor holds as complete, continuous exit liquidity, even at the floor
- Validate 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 andd 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 at once (a synchronized selloff intended to push 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, with no manual intervention. Stress in one market did not spill into the others. Each market absorbed its own selloff, reached its NAV (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 NAV
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):.png?fit=max&auto=format&n=f5VeIOP_pCfRV0Xm&q=85&s=42d19186da1c7a679e1b1f5f31382d11)
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Markets at the floor
The following snapshots show each market reaching the floor during the selloff event. navJLP market price reaching the floor:
