Risk protection marketplace
Choose how much risk you carry. Tapir splits a yield-bearing asset into two tokens: Depeg Protected (DP) protects your principal, and Yield Boosted (YB) earns more for taking the first loss. Both keep earning the asset’s base yield.
Capital-efficient depeg protection in DeFi.
Earn Tapir points alongside your yield$1.7B+ lost in DeFi since 2020. Exploits, depegs, strategy losses and bad loans. A quoted APY doesn't show how much you could lose. Tapir lets you choose how much risk you carry.
Provide DP and YB liquidity in the trading pool and earn swap fees on top of the yield. Fees accrue while the price is inside your chosen range. Your position holds a changing mix of DP and YB, so your exposure moves with that mix.
Deposit, trade your risk exposure, and earn — with settlement on-chain
Connect your wallet and deposit a supported yield-bearing asset into a Tapir pool.
Receive two tokens: DP for depeg protection and YB for boosted yield. Trade them in the trading pool to set your exact risk exposure, or provide DP/YB liquidity.
Both tokens keep earning base yield throughout. Eligible positions also earn Tapir points in participating pools. At maturity, settlement runs on-chain and you redeem your tokens.
Hypothetical 15% base APY. These are examples, not current market quotes.
| Scenario | Base yield | Yield Boosted (YB) | Depeg Protected (DP) |
|---|---|---|---|
| No loss | 15% | 18% | 12% |
| Asset loses 5% by maturity | 10% | 8% | 12% |
YB earns 3 percentage points more for taking the first loss. If the asset loses 5% by maturity, YB absorbs that loss twice over and DP keeps its 12%. Protection covers recorded losses up to 50%.
Half of every pool takes the first loss. It stays at 50% for the life of the pool, instead of floating with deposits.
YB can't redeem on its own before settlement. A YB holder who wants out sells YB, and the buyer takes over the position.
Protection is backed by the same asset, not by idle reserves. All capital in the pool stays productive, and both DP and YB keep earning the base yield.
Our first market is a limited-access pool on the Zircuit Finance USDC vault, maturing December 14, 2026.
Next markets: high-yield stablecoin Pendle PTs on Ethereum, chosen from the assets that pass our security review.
After maturity and settlement checks, redeem for vault shares and follow Zircuit’s withdrawal process to convert to USDC. View full market terms.
Live since September 25, 2026. Hold DP or YB to earn holding points, and provide liquidity to earn points on your trading fees as well.
Points are counted weekly. Each week's results are published as a provisional ledger, open to challenge for at least 72 hours, and then finalized. Every finalized point converts into one TPR, Tapir's planned token, at a fixed 1:1 ratio. Points can't be transferred or traded, and the tokens unlock after the token launch in the order the points were earned.
See the points rulesIndependent reviews and public source code, with the details available for you to explore.
Review of the core baseline and separate Tapir trading pool. The later oracle is outside this earlier core scope.
Read the reportReview of seven core contracts, including the oracle. The separate trading pool and external dependencies are outside this scope.
View Hashlock auditInspect Tapir Core V1, contract mechanics, and the verification guide connecting published source to audit versions.
Explore the repositoryEverything you need to choose your position and get started.
Tapir gives you more choice over your yield-bearing assets. Buy depeg protection with DP, earn protection premiums with YB, or provide liquidity to earn swap fees. Each position keeps exposure to the underlying vault’s base yield, while pricing and fees shape your net return.
Explore how Tapir works →Choose DP to prioritize depeg protection, YB to earn premiums in exchange for absorbing depeg losses first, or LP to supply DP/YB liquidity and earn trading fees. DP protection follows the pool’s limits. YB can lose its full value, and an LP position’s exposure changes with its token mix. Compare the three profiles to find the one that fits your approach.
Compare the three positions →Protection is settled once, at maturity. When the pool matures, the oracle compares the asset's value with its recorded high-watermark. If the recorded value is lower, DP receives more units of the asset and YB gives them up, so DP holders get back the value of their principal for recorded losses up to 50%. Above 50%, DP shares the remaining loss.
DP does not pay out on a dip during the term that has recovered by maturity, and it cannot cover a loss that the oracle has not recorded by settlement. Selling DP or YB before maturity is possible when the market is open, at the market price. The pool's published rules set the details, including fees and timing.
Explore protection and settlement →Yes. Both DP and YB remain backed by the yield-bearing vault position. DP pays a market-priced premium for protection, while YB earns that premium for taking on the first losses. Liquidity providers can also earn swap fees while active in range. Eligible positions also earn Tapir points, with additional fee-based points available to liquidity providers. Base yield and market prices are variable; your net return reflects performance, entry price, and costs.
Explore yield and pricing →You can trade before maturity when liquidity is available and the market is open, using the quote shown in the app. After maturity and settlement checks, redeem your Tapir tokens for vault shares, then use Zircuit’s withdrawal process to convert them to USDC. Timing depends on market conditions, settlement, and the vault’s withdrawal queue.
See the redemption steps →Points are counted weekly. Each week's results are published as a provisional ledger, open to challenge for at least 72 hours, and then finalized. Every finalized point converts into one TPR, Tapir's planned token, at a fixed 1:1 ratio. Points can't be transferred or traded, and the tokens unlock after the token launch in the order the points were earned.
Explore the points program →Tapir launched in September 2026. Tell us whether you’re interested in DP, YB, or LP and roughly how much you would like to deploy. We’ll help you explore the Zircuit Finance USDC market on Base and the next steps for your chosen position. Access is currently limited and subject to eligibility and approval.
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