The Reserve
The VESPER Reserve is the protocol's balance sheet. Assets controlled by the Treasury form the economic reserve behind the VESPER monetary system.
Reserve Composition
Tokenized Equities
Whitelisted tokenized equities provide the equity component. Once acquired by the Treasury, they become protocol-owned reserve assets. Assets are selected according to liquidity, pricing infrastructure, token availability and underlying market quality.
Stable Assets
A stablecoin component complements the equity reserve, providing a more stable unit of account and additional liquidity for protocol operations.
Protocol-Owned Reserves
VESPER distinguishes protocol-owned assets from user-supplied liquidity. Assets acquired by the Treasury remain under protocol control according to the protocol's smart contracts.
Reserve Growth
The Reserve can grow through bond deposits and additional protocol-owned assets. Pool fees taken by LAST LIGHT do not enter it: they are paid to the fee recipient at swap time. Reserve growth should never be analyzed independently from VSPR issuance.