Overview

City Protocol issues structured products in two families. Each is driven by a different architecture in the Issuance & Operation Layer, and the difference determines where a participant's assets are held and where the return comes from.

Yield Strategies are driven by the Curator-Vault Architecture. Capital is pooled into a vault contract, a curator directs execution within an approved mandate, and the return is produced by the strategy that curator operates. The participant holds Receipt Tokens representing a claim on the vault and redeems at NAV per share under the product's settlement terms.

OTP Products are driven by the OTP Architecture. Nothing is pooled. Constituents are held in the participant's own onchain account and maintained against a published, rules-based methodology by an automated executor. The return is the market price of the assets held.

	Yield Strategies	OTP Products
Architecture	Curator-Vault	OTP
Source of return	The strategy the curator operates	The market prices of the constituents
What the participant holds	Receipt Tokens, a claim on a pooled vault	The constituent assets, in their own account
Entry and exit	Deposit, then redeem through liquid or epoch-based settlement	One transaction in, one transaction out
Product types	Market-neutral, fixed-rate credit, lending, private credit	Index ETP, Portfolio Trackers ETP, thematic ETP

Both families are issued, operated, and reported through the same Issuance & Operation Layer, and both are distributed through Venzo and City Protocol-powered integrations.