Vault Overview

Naro BTCvp Vault gives BTC holders yield exposure without wrapping, bridging, or giving up BTC backing. Deposited BTC is held in custody; BTCvp - a proof-of-asset token on Pharos - is minted against it 1:1 and recorded on-chain.

BTCvp is non-rebasing: yield accrues to the token's redemption value (NAV) rather than to your balance. Your token count stays flat while each BTCvp may become redeemable for more BTC over time, if the vault generates positive returns. Yield is indicative and depends on realized vault performance - it is not guaranteed.

Vault facts

Token	BTCvp (non-rebasing, NAV-accruing)
Network	Pharos (Pacific)
Backing	Native BTC held in custody, 1 BTCvp = 1 BTC at mint
Deposit confirmation	6 Bitcoin confirmations (~60 minutes)
Deployment date	10 June 2026
Indicative average APY	6.55% (as displayed on vault.vishwalab.com, July 2026 - varies with performance)
Performance fee	Not displayed on the vault interface (shown as "-")
Custodian	Ceffu

How yield is generated

Yield comes from institutional market-neutral and delta-neutral strategies coordinated by Naro and settlement partners - hedged arbitrage, funding-rate capture, liquidity deployment, and other risk-managed opportunities. The vault is designed to avoid leveraged directional exposure.

All capital movements remain subject to two controls:

• Ciara's strategy framework - the approved strategies, allocation limits, and risk parameters the vault may operate under.

• Veta's execution verification - an independent check of every capital movement against allocation, leverage, venue, counterparty, liquidity, redemption, and risk constraints, before execution.

What the AI coordinator can and cannot do

Naro continuously monitors positions, exposure, market conditions, liquidity, margin, and redemption needs, and proposes or triggers allocation, rebalancing, strategy routing, and de-risking actions.

It cannot move capital on its own. Every action is independently verified and enforced by Veta; capital moves only if the constraints are satisfied, and every movement remains auditable.

Where your BTC is held

Your BTC is never wrapped or bridged. Native BTC remains in custody with Ceffu and backs BTCvp throughout its lifecycle. Custodied BTC is subject to approved operational policies, risk limits, and verification rules at all times.