Ender Protocol is built on a core architecture of a treasury-backed token model which enables the 1:1 backing of END giving it its properties of a meta-LST and LSP token. The treasury is known as the Ender Treasury. All deposits into the protocol via the bond system are sent to the treasury, where it goes through an automated management process and accounting in order to then enable the various protocol components detailed previously.

In the following pages, we will go into further details on the specifics of how the system will take the deposit assets and integrate various other protocols through vaults and strategies to utilize the LSTs of the protocol.

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