Vaults

agaNMF: Invoice Vault (Priority 1)

The first Agama vault. Built on our relationship with Nimofast, it validates the entire infrastructure.

Parameter	Value
Underlying	Nimofast LNG and energy invoices tokenized on Rayls via Parfin
Debtors	Petrobras, Shell, regulated Brazilian energy distributors
Target yield	8 to 16% APY (subject to final terms with Nimofast)
Duration	30 to 90 days, continuously renewed (subject to final terms with Nimofast)
Privacy	Debtor identities and amounts concealed via Enygma privacy layer
Deposit currency	USDXP (primary), USDr, USDT
Minimum ticket	50,000 USDXP

Mechanism

1. Nimofast tokenizes invoices on Rayls private chain via Parfin

2. The vault buys the invoice at a discount
   e.g. $97,000 for a $100,000 invoice

3. NAV accrues linearly from $97,000 to $100,000 over 30 days

4. The Oracle Sidecar reads invoice balances via view key, computes the NAV, and generates a ZK proof using gnark. The proof is verified on-chain by anyone. Debtor identities and amounts remain concealed by Enygma

5. The ZK proof is verified on-chain. on the public chain. agaNMF price rises.

6. At maturity, Nimofast repays $100,000. The vault captures the spread.

7. Invoices renew continuously. Yield is permanent.

   ┌─────────────────────────────────────────────────────────────┐
   │                                                             │
   │   $97,000 ──────────────────────────────────▶ $100,000     │
   │   purchase                    30 days              face     │
   │   price          NAV accrues linearly             value    │
   │                                                             │
   │   Spread = $3,000 = 3% over 30 days                         │
   │   Gross annualized: ~36%                                    │
   │   Net to investors after utilization rate,                  │
   │   cash buffer, and fees: 8-16% APY                         │
   │                                                             │
   └─────────────────────────────────────────────────────────────┘

Stablecoins accepted at deposit

Stablecoin	Status	Notes
USDXP	Priority 1	Native Rayls stablecoin issued by XP Inc. via Clear Corretora. Fully USD-backed. Natural distribution via XP's client base. Primary deposit currency for institutional onboarding
USDr	Native	Rayls gas stablecoin. Lower liquidity at launch. Accepted as deposit
USDT	Expected at mainnet	Per Messari and Bitfinex reports, USDT is expected to be available on Rayls Public Chain. Exact availability to be confirmed with Rayls team before April 30
USDC	Expected at mainnet	Mentioned in Messari report as a whitelisted gas token. To be confirmed

USDXP alone is too restrictive for day one. If USDT and USDC are natively available on the Rayls Public Chain, any global crypto fund can deposit directly without needing access to the XP/Clear ecosystem.

Future vaults

Built on identified relationships with Rayls partners. Each vault uses the same ERC-7540 infrastructure via Lagoon, the same yield-bearing token model, and the same NAV oracle pattern. Different underlying assets and risk profiles.

Vault	Underlying	Partner	Target APY
agaYLD	Institutional stablecoin yield (BUIDL 40% + USDY 30% + TBILL 20% + USDXP buffer 10%)	.	4–5%
agaSAN	Letters of credit, corporate trade finance	Santander Brazil	10–15%
agaCORP	Diversified corporate invoices	Santander Brazil	7–10%
agaNUC	Brazilian interbank receivables (100% of boletos)	Nuclea	8–11%
agaPC	Tokenized private credit ($500M+ migrating to Rayls)	AmFi	10–14%
agaFI	Brazilian tokenized fixed income	B3 Digitas	5–7%