Ender Protocol
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Protocol Diagrams

Visual diagrams for how Ender Protocol works.
Step 1 and 2 shows the initial deposit of LSTs into bonds and yield splitting to get concentrated yields
A more detailed breakdown of the yield splitting mechanism (step 2) and how we can get yield compression or metamorphic yield
Step 3 shows how END tokens are backed by the LST yields from the bonds and staking END tokens
Step 4 shows how staked END tokens can be used to allocate LST liquidity and having the staking power of the bonded assets
Step 5 shows how you can mint endETH with your bond NFTs to use for LPing or swapping for LSTs or ETH to re-deposit into bonds