Architecture

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

Solid arrows are calls and token flows. The dashed arrow is settlement: once a cycle ends, anyone can move what LAST LIGHT captured into 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.