V3. Oracle Network + Independent Protocol

The real V3 is not building a vault protocol. It is deploying Agama Oracle Nodes at every institutional partner on Rayls. The vault protocol is a consequence.

The real business at V3

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

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

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

Agama Oracle Network

Deploy the sidecar at every major Rayls institutional partner. Each institution runs an Agama Node. Any new curator wanting to launch a vault on a Rayls private asset must use the Agama Oracle Network.

Institution	Asset type	Vault	Node status
Nimofast	LNG energy invoices	agaNMF	V1. deploy April 30
Santander Brazil	Trade finance, corporate invoices	agaSAN, agaCORP	V3
Nuclea	Interbank receivables, boletos	agaNUC	V3
AmFi	Private credit	agaPC	V3
B3 Digitas	Fixed income	agaFI	V3

Third-party oracle fees

Usage	Fee
NAV feed subscription (per vault)	Flat monthly fee
Settlement event	Per-transaction micro-fee
Custom asset integration	One-time setup fee

Recurring revenue independent of Agama's own vault AUM.

Why leave Lagoon at V3

Lagoon is the right infrastructure for V1 and V2. At V3, the calculus changes.

Reason	Detail
Protocol fees	Lagoon can activate up to 30% of curator fees at any time. On 100M AUM with 10% perf fee, that is up to $300k/yr going to Lagoon instead of Agama
Configuration constraints	Lagoon vault parameters are limited to what Lagoon supports. Custom tranching, multi-asset vaults, and dynamic allocation are not natively available
Roadmap dependency	Agama's feature development depends on Lagoon's deployment schedule. If Lagoon does not ship a feature Agama needs, Agama waits
Oracle integration	With a native protocol, the oracle and the vault are tightly integrated. No adapter layer, no external dependency on Lagoon's NAV provider interface

The transition is gradual. V3 launches AgamaVault.sol alongside existing Lagoon vaults. New vaults go on Agama protocol. Existing vaults on Lagoon continue until their LPs migrate.

Independent protocol

Component	Description
AgamaVault.sol	Native ERC-7540. Audited (Nethermind/Certik). Multi-asset. Senior/junior tranching. Independent from Lagoon
AgamaOracle V3	Multi-source simultaneous feed (Nimofast + Santander + Nuclea). ML risk scoring with ZK proof
AgamaRouter	Deposit in any Rayls stablecoin. Auto-routing to optimal vault

New vaults V3

Vault	Underlying	Partner	Target APY
agaCORP	Corporate invoices	Santander	7–10%
agaNUC	Interbank receivables	Nuclea	8–11%
agaPC	Private credit ($500M+)	AmFi	10–14%
agaFI	Fixed income	B3 Digitas	5–7%

The comparison

Chainlink  =  oracle for public price data
              anyone can run a node
              data is public, anyone can verify
              moat is network effect and reputation

Agama      =  oracle for private asset NAV
              only the sidecar with the view key can read it
              data is confidential by design
              moat is structural. not just reputation