> For the complete documentation index, see [llms.txt](https://docs.tigris.global/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tigris.global/introducing-tigris.md).
# Introducing Tigris
Tigris Protocol is a non-custodial, on-chain asset management protocol deployed on ValueChain. The protocol consists of two core components: the **Vault**, which serves users, and the **Market**, which handles asset yields.
## Vaults and Markets
A **Vault** is an on-chain asset yield portfolio pool. What yields a vault holds, and in what proportions, is decided by its **Curator** — just as an asset manager sets the allocation of a portfolio. The vault's net asset value (NAV) reflects the performance of the whole portfolio, shared by all holders in proportion to their shares.
A **Market** is a marketplace formed around individual assets. Each market corresponds to **the yield of one asset** — the essence of a market is a yield swap around that asset, not custody of the asset itself (the asset may be a certificate of an asset-management product, an ETF certificate, or an interest-bearing certificate).
In short, vaults and markets relate as a portfolio relates to its constituents: one vault may allocate its funds across several markets, and one market may be included in several vaults — while every (market, vault) pair keeps its own books, with independent accounting and no commingling.
For an investor, choosing a vault means choosing a curator and their market allocation plan. A conservative vault, for example, might be configured by its curator to hold, in set proportions, assets from three markets: money-market instruments, treasury ETFs, and gold.
## Subscribing to and Redeeming from a Vault
Consider a vault investor holding stablecoins and seeking the return of a conservative asset portfolio. In a real subscription, the components above work together as follows:
1. The investor deposits stablecoins into a vault and queues for subscription;
2. Following the allocation set by the curator, the vault distributes the funds to one or more markets behind it, to obtain each market's asset yield;
3. The market's executor sources the corresponding asset tokens on-chain and deposits them into the market contract, which automatically completes the yield swap against the stablecoins;
4. The outcome, once signature-verified, is settled back into the protocol, and the vault mints **shares** to the investor — a standard ERC-20 token held in the investor's own wallet.
Thus, through vaults, markets, and the yield swap, when the underlying assets of the markets appreciate, the vault's NAV rises and the investor's shares appreciate accordingly. Conversely, the investor may initiate a redemption at any time, and the same pipeline runs in reverse: the swap is unwound, and the swap proceeds are settled back to the user.
## The Market's Yield Swap and Its Assets
In Tigris, the yield swap is **the core function of the Market contract** — every market is a swap engine running around a single asset, and the protocol thereby turns this instrument into native, public on-chain infrastructure:
* **Floating leg**: the funds that users route into a market through their vaults purchase exposure to the asset's return — the asset's rises and falls flow back through NAV reporting and are shared, in proportion to shares, by the holders of the vaults allocated to that market.
* **Fixed leg**: on the other side of the market stand asset holders who wish to hedge the asset's volatility in exchange for a stable return. Once their asset tokens are deposited into the market via the executor, the floating return is ceded to the vault share holders; in exchange, the depositing asset holders earn a fixed return accruing second by second at a fixed annual rate.
For its markets, the protocol accepts only assets tokenized on ValueChain:
* **Off-chain assets** — public and private asset-management products, ETFs, commodities — must first be tokenized by their issuers (NAV reporting, certificate issuance) before they can serve as a market's underlying. Tigris takes no part in the off-chain tokenization process.
* **Chain-native assets** — yield receipts from lending protocols, interest-bearing tokens, and the like — are tokens already; but if they live on another chain, they must first be bridged to ValueChain before admission. Tigris takes no part in the bridging process.
Because tokenization occurs outside the protocol, the key question at asset admission is whether a token truthfully represents its underlying. Does the issuer report NAV honestly? Is the token backed by real assets? The protocol assigns this verification duty to three roles: the **Curator** reviews an asset's qualification before admission; the **Executor** verifies the token and counterparty in every swap; and the **Team Signers** vouch for data accuracy when witnessing settlements and NAV reports.