> For the complete documentation index, see [llms.txt](https://city-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://city-protocol.gitbook.io/docs/introduction/welcome-to-city-protocol/neofinance-stack-overview.md).

# Neofinance Stack Overview

City Protocol is open infrastructure for neofinance, starting from structured products.

The stack turns yield sources into financial products that can be tokenized, operated, issued, integrated, and distributed. Structured products are the first major product surface because they require the full system to work: source onboarding, tokenization, vault accounting, product methodology, NAV, reporting, eligibility, subscriptions, redemptions, rebalancing, and partner distribution.

City Protocol can support product templates such as ETP-style RWA income products, multi-vault income products, stable-yield blends, thematic allocation products, market-neutral strategy products, copy-allocation products, tenor-based structured yield products, and partner model portfolios. Each template has concrete configuration fields: eligible components, target weights, NAV source, creation and redemption rules, fee schedule, eligibility policy, disclosures, liquidity terms, and reporting cadence.

The stack is organized into four core product-infrastructure layers:

* **TaaS:** Tokenization as a Service.
* **VaaS:** Vault as a Service.
* **Issuance & Operation Layer:** structured product issuance and ongoing product operations.
* **NaaS:** Neofinance as a Service.

Together, these layers connect yield providers, vault curators, product issuers, applications, developers, and users.

AaaS sits around the stack as the distribution and participation layer. It supports product launches, discovery, campaigns, user education, contribution tracking, and rewards.

***

## Tokenization as a Service

TaaS bridges composable onchain technology with high-quality yield sources.

It helps yield providers and strategy managers transform deal flow, private credit, trading strategies, or other yield assets into programmable products that can be accessed through City Protocol and partner platforms.

**Core TaaS modules include:**

<table><thead><tr><th width="161.671875">Module</th><th>Function</th></tr></thead><tbody><tr><td>Yield Asset Tokenization</td><td>Creates the onchain representation of a yield product or strategy.</td></tr><tr><td>NAV Monitoring Oracle</td><td>Calculates, validates, and publishes product value for subscriptions, redemptions, and reporting.</td></tr><tr><td>Investor Management</td><td>Handles eligibility, access rules, limits, and permissions.</td></tr><tr><td>General-Purpose Attestation Engine</td><td>Connects product claims to verifiable records such as reserves, collateralization, reports, and service-provider confirmations.</td></tr><tr><td>Multichain Distribution</td><td>Prepares products for distribution through City Protocol, partner apps, and supported networks.</td></tr><tr><td>Staking and Liquidity Provision</td><td>Supports product-specific liquidity, participation, or incentive design where applicable.</td></tr></tbody></table>

TaaS makes tokenized yield products easier to launch, integrate, and monitor.

***

## Vault as a Service

VaaS is the secure operating layer for vault participation.

It gives partners a standardized way to launch and scale verified vaults without rebuilding deposit contracts, accounting systems, dashboards, proof infrastructure, and redemption logic from scratch.

Core VaaS modules include:

<table><thead><tr><th width="170.00390625">Module</th><th>Function</th></tr></thead><tbody><tr><td>Pre-Audited Smart Contracts</td><td>Standardized vault contracts for deposits, shares, withdrawals, and core controls.</td></tr><tr><td>Modular Deployment</td><td>Configurable parameters for each curator, product, strategy, and investor policy.</td></tr><tr><td>Management and Verification Dashboard</td><td>Real-time data feeds, visualization, reporting, and monitoring.</td></tr><tr><td>Automation and Monitoring Engine</td><td>Accounting updates, yield accrual, alerts, and NAV reflection.</td></tr><tr><td>Subgraph-Level Indexing</td><td>Onchain indexing for deposits, subscriptions, withdrawals, redemptions, fees, yield, roles, and settlement records.</td></tr><tr><td>Security Governance Layer</td><td>Multisig governance, timelocks, NAV signer quorum, strategy whitelisting, and emergency pauses.</td></tr></tbody></table>

VaaS makes vaults more secure, transparent, and predictable for LPs, curators, and integrators. It gives structured products a reliable operating base when the product depends on one or more vault exposures.

***

## Issuance & Operation Layer

The Issuance & Operation Layer is the product layer for tokenized financial instruments.

It turns tokenized assets from TaaS and verified vaults from VaaS into **structured products** that can be distributed through City Protocol and partner platforms.&#x20;

{% hint style="info" %}
These products can include ETP-style RWA income products, index baskets, thematic portfolios, multi-vault income products, stable-yield blends, model portfolios, copy-allocation products, market-neutral strategy products, and tenor-based structured yield products.
{% endhint %}

A structured product or ETP-style product has concrete operating requirements: what components it can hold, how those components are weighted, when it can rebalance, how product-level NAV is calculated, who can subscribe or redeem, what fees apply, what disclosures must be shown, and what happens if a component becomes stale, paused, impaired, over capacity, or ineligible.

The key idea is product logic as infrastructure. Issuers define the mandate. City Protocol supplies the issuance and operating machinery that makes the mandate verifiable, governable, and distributable.

**Core Issuance & Operation modules include:**

<table><thead><tr><th width="241.20703125">Module</th><th>Function</th></tr></thead><tbody><tr><td>Product Issuance</td><td>Creates the product wrapper, product records, component set, subscription workflow, and lifecycle state.</td></tr><tr><td>Product Methodology</td><td>Defines eligible components, weighting rules, rebalancing cadence, concentration limits, and product mandate.</td></tr><tr><td>Product-Level NAV</td><td>Aggregates component values into a product-level valuation for subscriptions, redemptions, reporting, and monitoring.</td></tr><tr><td>Component Validation</td><td>Checks whether underlying vaults, tokenized assets, or strategies remain eligible, active, priced, and within policy.</td></tr><tr><td>Rebalancing &#x26; Lifecycle Operations</td><td>Supports rebalance execution, pause logic, product status changes, migration, and wind-down.</td></tr><tr><td>Reporting &#x26; Disclosure</td><td>Maintains product terms, fee logic, reports, disclosures, status updates, and redemption information.</td></tr></tbody></table>

***

## Neofinance as a Service

NaaS is the modular integration layer for neofinance products.

It allows projects, platforms, wallets, exchanges, apps, and developers to integrate financial functions through City Protocol's API/SDK stack instead of stitching together many separate providers.

NaaS modules can include:

* structured products and tokenized financial products;
* yield vaults;
* token swaps;
* lending and borrowing;
* rewards and user incentives;

NaaS turns the capital layer into usable product experiences. A platform can add structured products, yield, swaps, spending, lending, or compliance features without building the entire backend itself.

***

## From yield source to user experience

City Protocol's stack creates a full path from institutional yield to end-user access.

{% stepper %}
{% step %}
A yield provider, asset originator, or strategy manager brings an asset, strategy, account, fund, or deal flow.
{% endstep %}

{% step %}
TaaS tokenizes the product, configures access rules, and connects oracle and verification infrastructure.
{% endstep %}

{% step %}
VaaS operates the vault, enforces policy, tracks NAV, monitors deployment, and handles redemption.
{% endstep %}

{% step %}
The Issuance & Operation Layer packages tokenized assets and vault exposures into structured products with methodology, product-level NAV, reporting, fees, rebalancing, lifecycle state, and redemption rules.
{% endstep %}

{% step %}
NaaS exposes the product and related financial modules through APIs and SDKs.
{% endstep %}

{% step %}
Neofinance platforms deliver the experience to users, LPs, developers, and agents.
{% endstep %}
{% endstepper %}

The participant sees a simple product flow. Underneath, City Protocol handles tokenization, vault operations, structured product issuance, reporting, monitoring, and redemption logic.

This is how City Protocol turns isolated yield sources into tokenized products, verified vaults, issued financial instruments, and composable neofinance infrastructure.