Roadmap

V1. Curator on Lagoon (April 30, 2026)

Deploy agaNMF on Rayls mainnet day one. Prove the concept with Nimofast. Build the NAV oracle.

Component	Status
NAV oracle. gnark ZK proof with TrancheNAV (Go): enygma_client.go, nav_circuit.go, AgamaVerifier.sol, onchain_relay.go	Build
Lagoon curator setup (agaNMF on Rayls Public Chain)	Configure
USDXP deposit flow	Integrate
USDr gas management	Integrate
Daily settlement cycle trigger	Build
agama.finance frontend	Build
KYC whitelist via Lagoon	Manual V1
Nimofast onboarding (first invoice batch)	In progress

Target: 1M AUM

V2. Lending Market + RWA Looping (6-12 months)

Dependent on a native lending market deploying on the Rayls Public Chain.

Component	Status
Cork Pool agaNMF/USDXP on Rayls	Deploy when lending market available
Protected Loop Vault agaNMF	Build
agaYLD looping via Arbitrum bridge	Available earlier
agaSAN vault (Santander pipeline)	Build
NAV oracle V2 (real-time feed)	Build
Risk monitoring (circuit breakers, LTV alerts)	Build

Target: 10M AUM

V3. Oracle Network + Independent Protocol (12-24 months)

The real V3 is not just building our own vault protocol. It is deploying Agama Oracle Nodes at every Rayls institutional partner. The vault protocol is a consequence. once we control the oracle layer, every vault built on top has a structural advantage.

Component	Description
Agama Oracle Network	Deploy the sidecar at Santander, Nuclea, AmFi, B3 Digitas. Each institution runs an Agama Node. Agama becomes the reference infrastructure for bridging private assets to public DeFi on Rayls
Third-party oracle fees	Any new curator wanting to launch a vault on a Rayls private asset must use the Agama oracle network. Oracle fees on every third-party vault
AgamaVault.sol	Native ERC-7540. Audited. Multi-asset support. Senior/junior tranching. Independent from Lagoon
AgamaOracle V3	Real-time multi-source feed (Nimofast + Santander + Nuclea simultaneously). ML risk scoring with ZK proof
AgamaRouter	Multi-stablecoin auto-routing (USDXP, USDr, USDT, bridged assets)

The real business at V3:

  Not curator fees (0.5% AUM). that's the V1 business

  Oracle fees on every vault that reads private asset NAV
  through an Agama Node. that's the V3 business

  Chainlink model: own the software, institutions run the nodes
  Data is confidential → only Agama sidecar can read it
  Structurally non-replaceable

Target: 100M AUM

V4. agaUSD Synthetic Dollar (24-36 months)

The first synthetic dollar backed by private credit with ZK confidentiality.

Component	Description
agaUSD	Synthetic dollar. Mint 1:1 against USDXP. Backed by Credit Vaults (agaNMF, agaSAN, agaCORP, agaNUC). Senior priority on all vaults. Composable across Rayls DeFi
sagaUSD	Staked agaUSD. Absorbs first-loss risk. Earns the yield from Credit Vaults. Target 8-12% APY
Stability reserve	Protocol buffer before sagaUSD absorbs losses. Funded by a portion of performance fees. Target 3-5% of total TVL
$AGA token	Governance over Credit Vault parameters (which originators, which discounts, which allocations). Revenue sharing with stakers. Emission tied to TVL milestones, not aggressive initial farming

agaUSD capital stack

SENIOR. agaUSD (peg $1 guaranteed)
  Priority repayment from all Credit Vaults
  Protected by stability reserve
  Zero yield for holder
  Composable as collateral / gas across Rayls

JUNIOR. sagaUSD (staked agaUSD)
  First-loss buffer
  Earns Credit Vault yield (8-12% APY)
  Conversion price reduces if default occurs
  and stability reserve is exhausted

STABILITY RESERVE
  Protocol buffer
  Absorbs first before sagaUSD holders
  Target: 3-5% of total TVL

agaUSD backing diversification

Vault	Allocation	Duration
agaNMF (Nimofast invoices)	40%	30-90 days
agaSAN (Santander trade finance)	30%	90-180 days
agaCORP (corporate invoices)	20%	30-90 days
agaNUC (Nuclea receivables)	10%	Short term

Why agaUSD vs Pareto USP

Pareto USP is backed by public private credit. borrowers like FalconX are visible on-chain. Any institution can see who borrows in the Credit Vaults.

agaUSD is backed by confidential private credit on Rayls. The debtors behind the invoices (Petrobras, Shell, energy distributors) remain concealed via Enygma ZK proofs. For an institution that does not want competitors to see its financing activity, agaUSD is the only synthetic dollar with end-to-end confidentiality.

Target: 500M AUM

Echelon summary

1M    V1  agaNMF live, NAV oracle sidecar at Nimofast, Lagoon curator
10M   V2  Cork looping, agaYLD via Arbitrum, agaSAN
100M  V3  Oracle network at 5+ institutions, independent protocol,
          third-party oracle fees, the Chainlink of private credit
500M  V4  agaUSD synthetic dollar backed by the oracle network,
          sagaUSD yield layer, $AGA governance