Architecture

VESPER uses a modular smart-contract architecture with explicit responsibilities.

Arrows are calls and token flows. What LAST LIGHT takes from a swap, half the fee plus the opening taper, leaves the pool for the fee recipient in that same swap. Nothing crosses from the hook to the Treasury.

Core Components

Token Layer

VSPR and sVSPR handle the native and staked representations.

Treasury Layer

The Treasury manages protocol-owned reserves and authorized issuance.

Bond Layer

Bond markets exchange protocol issuance for reserve assets.

Liquidity Layer

LAST LIGHT, the hook, manages programmable pool behavior.

Time Layer

SessionClock provides deterministic market-session information to liquidity logic.