> 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/platform/introduction/how-city-protocol-differs.md).

# How City Protocol differs

Shared manufacturing for structured products, with two architectures under one layer.

City Protocol turns the manufacturing of structured products into shared infrastructure: issuers define the mandate or methodology, and the protocol supplies the machinery that makes it verifiable, governable and distributable. Lower manufacturing cost brings more issuers, and more issuers widen the range of products a user can reach from one wallet.

<figure><img src="https://3297077862-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FJxNp2waFk6hg1G4lEQZu%2Fuploads%2FHmCF3Mlct2yYkQlCxfLm%2Ffig-flywheel.png?alt=media&amp;token=9999e5e2-32a4-4cce-bbb1-077399798b0c" alt="Lower manufacturing cost brings more issuers, a wider range of products and more users"><figcaption><p>Shared manufacturing lowers the cost of each launch, which brings more issuers and a wider range of products to one wallet.</p></figcaption></figure>

* **Two architectures under one layer:** For vault infrastructure, an operator publishes a vault, such as a market-neutral trading, credit or lending strategy, that runs as a Curated Vault under a contract-enforced mandate. For OTPs, exposures that consist of holding a defined basket run as OTPs in the participant's own wallet account.
* **Curator-bound execution:** The curator or issuer defines the mandate, and strategy managers act only within the allowlisted assets, venues, actions and caps that the contracts enforce.
* **Verifiable valuation and state:** A NAV update takes effect only after an authorized reporter quorum signs it and it passes freshness and deviation checks. Deposits, redemptions, fees, NAV reports and strategy debt are recorded onchain and indexed.

## Two routes to a packaged strategy

<table><thead><tr><th width="167.3515625"></th><th>Offchain structured products and ETFs</th><th>City Protocol</th></tr></thead><tbody><tr><td><strong>Access</strong></td><td>Brokerage or private-banking relationship, minimum tickets and local distribution rules</td><td>A wallet; many products through Venzo, with eligibility applied at subscription</td></tr><tr><td><strong>Manufacturing</strong></td><td>An issuer-specific legal and operational stack</td><td>A shared Issuance &#x26; Operation Layer over tokenization and vault infrastructure</td></tr><tr><td><strong>Product forms</strong></td><td>Notes, funds and exchange-traded products</td><td>Pooled Curated Vaults and self-custodied OTPs</td></tr><tr><td><strong>Exit</strong></td><td>Issuer or market-maker liquidity in market hours</td><td>Liquid or epoch-based settlement for vaults; single-transaction exit for OTPs</td></tr></tbody></table>