Nunchi Airdrop: tasks and status

Nunchi is a protocol that provides instruments for managing the two main types of risk present in yield-bearing assets: rate risk and principal risk. The project introduces two perpetual contract types designed specifically for these purposes.

Yield Perpetuals (YPs) allow participants to take positions on the annualized yield of an asset, such as a borrow rate or a government bill coupon. These contracts give treasuries, DAOs, and individual users a way to stabilize or express views on variable interest rates over longer time horizons.

Basis Perpetuals (BPs) allow participants to trade the price ratio between a yield-bearing asset and its underlying base asset, for example the ratio between a liquid staking token and its reference asset. This provides a way to manage fluctuations in the relative price or isolate specific components of exposure.

To support these instruments, Nunchi operates a trading system combining elements of a central limit order book and an automated market maker. The goal of this design is to enable continuous pricing and execution for rate-based derivatives in an on-chain environment.