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NirvanaANA: The Permanent Liquidity Layer
Most tokens don’t die at zero price. They die at zero liquidity.ANA was built to make zero-liquidity impossible by encoding an ever-present bid, a rising floor, and a programmatic flow of value back to itself. This layer establishes a permanent source of liquidity, converting protocol activity into robust, sustained demand for ANA and enabling deeper exit opportunities. Nirvana explicitly calls this model the Assured Value Machine (AVM): a deterministic market engine that mints, prices, and r...
NirvanaSamsara: Home of On-Chain Digital Asset Treasuries
The DAT ProblemDigital Asset Treasuries (DATs) represent one of the most exciting financial innovations of the past cycle. They gave investors a new way to gain exposure to digital assets through public markets, and they even come with built-in downside protection and potential upside amplification. Companies like MicroStrategy proved the concept at scale. Investors bought into Microstrategy to outperform Bitcoin’s price, taking full advantage of the leveraged management execution, market per...
NirvanaCase Study: Break the Floor Campaign
We offered $50,000 to anyone who could break the floor.
<100 subscribers
NirvanaANA: The Permanent Liquidity Layer
Most tokens don’t die at zero price. They die at zero liquidity.ANA was built to make zero-liquidity impossible by encoding an ever-present bid, a rising floor, and a programmatic flow of value back to itself. This layer establishes a permanent source of liquidity, converting protocol activity into robust, sustained demand for ANA and enabling deeper exit opportunities. Nirvana explicitly calls this model the Assured Value Machine (AVM): a deterministic market engine that mints, prices, and r...
NirvanaSamsara: Home of On-Chain Digital Asset Treasuries
The DAT ProblemDigital Asset Treasuries (DATs) represent one of the most exciting financial innovations of the past cycle. They gave investors a new way to gain exposure to digital assets through public markets, and they even come with built-in downside protection and potential upside amplification. Companies like MicroStrategy proved the concept at scale. Investors bought into Microstrategy to outperform Bitcoin’s price, taking full advantage of the leveraged management execution, market per...
NirvanaCase Study: Break the Floor Campaign
We offered $50,000 to anyone who could break the floor.
Share Dialog
Share Dialog
Samsara transforms any digital asset into an AVA — a super-derivative with native yield, risk-free credit, and a rising floor price.
When Nirvana introduced the ANA token, it set a new benchmark for wealth storage. ANA is backed by protocol-owned USDC reserves at its floor price, enabling the protocol to enforce verifiable exit liquidity for every ANA at or above the floor — even in the event of a total bank run. ANA’s floor price is secured through on-chain Proof-of-Value, creating a permanent, transparent, and independently auditable minimum price that rises with demand and protocol activity. This innovation makes ANA a true store of value, capturing appreciation structurally and redefining what digital wealth storage can be. Samsara builds upon this legacy, extending Proof-of-Value to the broader digital asset universe with a new class of derivatives: zenTokens.
A zenToken is purchased with its corresponding base asset, which is stored in the protocol's reserves. For example, an investor can purchase zenSOL with SOL. Each zenToken:
Has an impenetrable, rising floor price measured in its base asset
Earns passive yield from market-making and lending fees
Is unliquidatable collateral for interest-free credit
Has self-sustaining liquidity, requiring no third-party market makers
Enables expanded demand and utility for the base asset it represents
Samsara envisions a new era of finance where growth is permanent, yield is intrinsic to ownership, and liquidity is freely accessible without interest or liquidation risk.
zenTokens do more than represent assets — they strengthen them, amplifying their demand and utility. They are not mere derivatives, but paradigm-shifting financial primitives that unlock unprecedented capital efficiency and enable the storage of eternal value for every definition of value.
Each zenToken operates within its own dedicated market, with protocol-owned liquidity made up of an existing digital asset. For example, zenSOL is minted and backed with SOL, zenBONK with BONK, and so on. When users purchase zenTokens, the base asset is deposited into a protocol-owned reserve pool, which enforces a verifiable minimum redemption value through on-chain Proof-of-Value.
This floor price rises automatically with demand and volume. As the zen derivative appreciates through purchases, the market’s liquidity expands, and the market dynamically reallocates liquidity to raise the floor price for all tokens in supply.
As a result, every zenToken offers limited downside risk and amplified upside potential relative to its underlying asset. In strong market conditions, a zenToken’s market capitalization can even surpass that of its base asset.
With zenTokens, users can borrow the base asset up to the floor value without interest charges or liquidation risk. Loans can even be looped back into zenTokens for leverage while maintaining zero liquidation risk. This borrowing model is made possible by the verifiable minimum value of zenToken collateral, enforced on-chain through Proof-of-Value.
For example, holding 100 zenJUP with a floor price of 2 JUP allows you to borrow up to 200 JUP, fully secured by the protocol’s reserve-backed liquidity.
Borrowed funds can be deployed flexibly to leverage, diversify, or access liquidity without sacrificing ownership of a reserve-backed, yield-generating asset. Repayment is required only when users wish to withdraw their zenToken collateral.
By eliminating liquidation risk and interest fees, Samsara transforms credit from a source of systemic fragility into a tool for capital efficiency.
zenTokens create and sustain their own liquidity without the need for seed capital, external market makers, or liquidity incentives. Each zenToken begins with zero initial supply and is minted directly in exchange for its base asset. As demand grows, liquidity deepens, and the floor price rises automatically, scaling in proportion to demand. This design ensures that zenToken markets remain transparent, efficient, and sovereign, with liquidity that expands organically alongside adoption.
Liquidity is an inherent property of Proof-of-Value tokens. Holding zenTokens implicitly provides liquidity for market-making and lending, and the holders accordingly earn passive revenue from trading and lending origination fees.
But unlike conventional market-making, there is no divergence loss (“impermanent loss”) associated with earning trading fees while holding a zenToken. And since lending is fully secured by the protocol-enforced floor price for assets, there is no risk of bad debt from default.
Each zenToken is exclusively minted using its corresponding base asset. For example, zenBONK can only be minted with BONK, and that BONK is deposited into protocol-owned reserves, creating an incentivized sink for the token. As a result, demand for zenBONK directly translates to demand for BONK itself.
Beyond creating new demand, zenTokens expand the utility of their base assets. By converting BONK into zenBONK, users unlock access to interest-free loans with zero liquidation risk, while simultaneously turning their holdings into a source of passive income.
Unlike traditional derivatives such as futures contracts, which fragment liquidity and increase systemic risk, zenTokens form a symbiotic relationship with their base assets. They deepen liquidity, expand utility, and strengthen the underlying asset without introducing additional vulnerabilities.
At the core of every zenToken is Nirvana’s Market Driven Mint (MDM), a next-generation automated market maker designed to create self-sustaining liquidity and enforce a rising floor price. While the MDM serves a similar role to a traditional liquidity pool by facilitating buying and selling, it introduces structural innovations that give zenTokens their unparalleled properties.
Each zenToken begins with zero supply and is minted on demand. To acquire zenTokens, users deposit the corresponding base asset into the MDM. These base assets are stored in protocol-owned reserves, ensuring transparent, verifiable exit liquidity. In exchange, buyers receive the quoted number of newly minted zenTokens. When users sell zenTokens back to the MDM, the tokens are burned, and sellers receive the corresponding amount of reserve assets.
The MDM uses a dynamic pricing mechanism that adjusts the market price upward as zenTokens are bought and downward as they are sold. Crucially, it also maintains a constant minimum bid price — the floor — which is always enforced regardless of market activity. This ensures that zenTokens offer predictable liquidity and a permanently rising foundation of value.
Each zenToken has a mathematically defined minimum price, enforced through Proof-of-Value. In other words, the MDM always holds enough capital in its reserve pool to buy back all zenTokens for at least the floor price. The reserve pool is always on-chain, transparent, and verifiable.
So, how does the floor price rise? Through two primary mechanisms: protocol fees and rebalancing.
Raising the floor price with protocol fees:
A portion of fees from each Samsara market (including buy, sell, and loan origination fees) will be invested directly into raising the floor price for its corresponding zenToken. This allows the floor to rise steadily with every transaction.
Raising the floor price with rebalancing:
At a certain demand threshold, defined as the trigger price, the MDM automatically reallocates the reserve liquidity to raise the floor price in exchange for decreasing the amount of liquidity above the floor price. This mechanism maintains a conservation of liquidity for the entire market, boosting the minimum price for all zenTokens in supply.
Staking zenTokens unlocks a dual-value proposition that enables both passive returns and risk-free borrowing.
When you stake zenTokens, you earn market-specific Karma tokens that serve as a claim to that market’s revenue. For instance, staked zenJUP generates JUPkarma, which entitles users to a share of fees from the zenJUP market.
Staking zenTokens allows users to borrow against them, interest-free. Users can borrow the underlying base asset up to the value of the floor price of their tokens. This makes liquidations mathematically impossible, even when loans are looped back into zenTokens to attain leverage. When zenTokens are borrowed against, they become locked until the loan is repaid. Otherwise, staking has no lockup period.
Staked zenTokens function as powerful collateral, enabling zero-interest borrowing up to the floor value with zero liquidation risk—even if loans are used for leverage. This dual-purpose mechanism generates protocol revenue through Karma while providing instant liquidity without opportunity costs. Borrowed positions remain locked until repayment, while standard stakes maintain full withdrawal flexibility, offering unmatched capital efficiency in DeFi.
Revenue from Samsara fees is shared among:
Karma stakers
prANA stakers
Directly raising the zenToken floor
Protocol Operations
The exact split is determined by governance.
Nirvana’s governance token, prANA controls all Samsara markets and earns a portion of their revenue. prANA can only be earned by staking ANA.
prANA holders earn revenue from Samsara markets by depositing their prANA into market-specific vaults. Your exact share is determined by two factors:
The percentage of market fees directed towards prANA stakers
The portion of that market’s staked prANA pool that you own
For example, if you own 5% of the staked prANA pool for zenBONK, and prANA stakers receive 10% of that market's revenue, you will earn .5% of zenBONK’s total fees (10% x 5%).
Similarly, your overall vote power for the market is proportional to the total amount of prANA allocated to the market. If you command 5% of the prANA allocated to the market, you have 5% of the governance power.
Every week, prANA stakers vote on various parameters for each Samsara market.
The governable parameters are:
Buy fee
Sell fee
Loan origination fee
Karma emissions rate
Proportion of revenue to directly raise the floor
Proportion of revenue to Karma vs prANA
Percentage increase of each floor raise
Floor raise cooldown time
Liquidity buffer (how much liquidity to reserve above the trigger price)
Samsara imagines a financial system where value storage depends not on sentiment, but on mathematical proof.
Traditionally, a “store of value” is only as strong as the market’s belief in it. Its price is dictated entirely by sentiment — whatever a buyer is willing to pay. Liquidity is controlled by humans, and is therefore emotional, opportunistic, and unreliable.
zenTokens are not backed by belief — they are backed by math. Each one is secured by protocol-owned reserves, which provide verifiable exit liquidity at a floor price that can only rise over time. This isn’t theoretical — the fact of the floor price for every zenToken is enforced through verifiable, on-chain Proof-of-Value.
Samsara’s properties – like Nirvana’s – do not depend on market-makers. They are embedded in the code. Liquidity isn’t incentivized — it’s structural. The result is a true store of value: one that lets investors define “value” on their own terms, with the confidence of transparent, enforced mechanics beneath it.
Samsara is not just a platform. It’s a paradigm shift for financial architecture.
It unlocks capital efficiency and true value storage on top of existing assets like nothing else. Its self-bootstrapping liquidity structure allows Samsara to scale to thousands of markets without capital restrictions.
As we enter the age of tokenized real-world assets, Samsara is positioned to launch zenTokens for every major asset on Earth. Every new zenToken strengthens both Nirvana and the assets it touches, accelerating the transition to a more resilient financial future.
zenTokens are a breakthrough asset class. They merge volatility exposure with principal protection, creating a new on-chain standard:
Floor price secured
Yield-bearing
Interest-free loans with zero liquidation risk
On-chain governance
Symbiotic with existing assets
They are self-sustaining, utility-expanding derivatives that transform volatility into mathematically secured gains. With Samsara, value doesn’t just change, it ascends.
By extending Nirvana’s proven architecture into volatile digital assets, Samsara unlocks a new era of capital efficiency and wealth storage. It flips the script from value extraction to value adding, as each new zenToken is a catalyst for strengthening its base asset. And as the Samsara ecosystem grows, it will become a foundational layer for sustainable decentralized finance.
Enter Nirvana.Finance
Samsara transforms any digital asset into an AVA — a super-derivative with native yield, risk-free credit, and a rising floor price.
When Nirvana introduced the ANA token, it set a new benchmark for wealth storage. ANA is backed by protocol-owned USDC reserves at its floor price, enabling the protocol to enforce verifiable exit liquidity for every ANA at or above the floor — even in the event of a total bank run. ANA’s floor price is secured through on-chain Proof-of-Value, creating a permanent, transparent, and independently auditable minimum price that rises with demand and protocol activity. This innovation makes ANA a true store of value, capturing appreciation structurally and redefining what digital wealth storage can be. Samsara builds upon this legacy, extending Proof-of-Value to the broader digital asset universe with a new class of derivatives: zenTokens.
A zenToken is purchased with its corresponding base asset, which is stored in the protocol's reserves. For example, an investor can purchase zenSOL with SOL. Each zenToken:
Has an impenetrable, rising floor price measured in its base asset
Earns passive yield from market-making and lending fees
Is unliquidatable collateral for interest-free credit
Has self-sustaining liquidity, requiring no third-party market makers
Enables expanded demand and utility for the base asset it represents
Samsara envisions a new era of finance where growth is permanent, yield is intrinsic to ownership, and liquidity is freely accessible without interest or liquidation risk.
zenTokens do more than represent assets — they strengthen them, amplifying their demand and utility. They are not mere derivatives, but paradigm-shifting financial primitives that unlock unprecedented capital efficiency and enable the storage of eternal value for every definition of value.
Each zenToken operates within its own dedicated market, with protocol-owned liquidity made up of an existing digital asset. For example, zenSOL is minted and backed with SOL, zenBONK with BONK, and so on. When users purchase zenTokens, the base asset is deposited into a protocol-owned reserve pool, which enforces a verifiable minimum redemption value through on-chain Proof-of-Value.
This floor price rises automatically with demand and volume. As the zen derivative appreciates through purchases, the market’s liquidity expands, and the market dynamically reallocates liquidity to raise the floor price for all tokens in supply.
As a result, every zenToken offers limited downside risk and amplified upside potential relative to its underlying asset. In strong market conditions, a zenToken’s market capitalization can even surpass that of its base asset.
With zenTokens, users can borrow the base asset up to the floor value without interest charges or liquidation risk. Loans can even be looped back into zenTokens for leverage while maintaining zero liquidation risk. This borrowing model is made possible by the verifiable minimum value of zenToken collateral, enforced on-chain through Proof-of-Value.
For example, holding 100 zenJUP with a floor price of 2 JUP allows you to borrow up to 200 JUP, fully secured by the protocol’s reserve-backed liquidity.
Borrowed funds can be deployed flexibly to leverage, diversify, or access liquidity without sacrificing ownership of a reserve-backed, yield-generating asset. Repayment is required only when users wish to withdraw their zenToken collateral.
By eliminating liquidation risk and interest fees, Samsara transforms credit from a source of systemic fragility into a tool for capital efficiency.
zenTokens create and sustain their own liquidity without the need for seed capital, external market makers, or liquidity incentives. Each zenToken begins with zero initial supply and is minted directly in exchange for its base asset. As demand grows, liquidity deepens, and the floor price rises automatically, scaling in proportion to demand. This design ensures that zenToken markets remain transparent, efficient, and sovereign, with liquidity that expands organically alongside adoption.
Liquidity is an inherent property of Proof-of-Value tokens. Holding zenTokens implicitly provides liquidity for market-making and lending, and the holders accordingly earn passive revenue from trading and lending origination fees.
But unlike conventional market-making, there is no divergence loss (“impermanent loss”) associated with earning trading fees while holding a zenToken. And since lending is fully secured by the protocol-enforced floor price for assets, there is no risk of bad debt from default.
Each zenToken is exclusively minted using its corresponding base asset. For example, zenBONK can only be minted with BONK, and that BONK is deposited into protocol-owned reserves, creating an incentivized sink for the token. As a result, demand for zenBONK directly translates to demand for BONK itself.
Beyond creating new demand, zenTokens expand the utility of their base assets. By converting BONK into zenBONK, users unlock access to interest-free loans with zero liquidation risk, while simultaneously turning their holdings into a source of passive income.
Unlike traditional derivatives such as futures contracts, which fragment liquidity and increase systemic risk, zenTokens form a symbiotic relationship with their base assets. They deepen liquidity, expand utility, and strengthen the underlying asset without introducing additional vulnerabilities.
At the core of every zenToken is Nirvana’s Market Driven Mint (MDM), a next-generation automated market maker designed to create self-sustaining liquidity and enforce a rising floor price. While the MDM serves a similar role to a traditional liquidity pool by facilitating buying and selling, it introduces structural innovations that give zenTokens their unparalleled properties.
Each zenToken begins with zero supply and is minted on demand. To acquire zenTokens, users deposit the corresponding base asset into the MDM. These base assets are stored in protocol-owned reserves, ensuring transparent, verifiable exit liquidity. In exchange, buyers receive the quoted number of newly minted zenTokens. When users sell zenTokens back to the MDM, the tokens are burned, and sellers receive the corresponding amount of reserve assets.
The MDM uses a dynamic pricing mechanism that adjusts the market price upward as zenTokens are bought and downward as they are sold. Crucially, it also maintains a constant minimum bid price — the floor — which is always enforced regardless of market activity. This ensures that zenTokens offer predictable liquidity and a permanently rising foundation of value.
Each zenToken has a mathematically defined minimum price, enforced through Proof-of-Value. In other words, the MDM always holds enough capital in its reserve pool to buy back all zenTokens for at least the floor price. The reserve pool is always on-chain, transparent, and verifiable.
So, how does the floor price rise? Through two primary mechanisms: protocol fees and rebalancing.
Raising the floor price with protocol fees:
A portion of fees from each Samsara market (including buy, sell, and loan origination fees) will be invested directly into raising the floor price for its corresponding zenToken. This allows the floor to rise steadily with every transaction.
Raising the floor price with rebalancing:
At a certain demand threshold, defined as the trigger price, the MDM automatically reallocates the reserve liquidity to raise the floor price in exchange for decreasing the amount of liquidity above the floor price. This mechanism maintains a conservation of liquidity for the entire market, boosting the minimum price for all zenTokens in supply.
Staking zenTokens unlocks a dual-value proposition that enables both passive returns and risk-free borrowing.
When you stake zenTokens, you earn market-specific Karma tokens that serve as a claim to that market’s revenue. For instance, staked zenJUP generates JUPkarma, which entitles users to a share of fees from the zenJUP market.
Staking zenTokens allows users to borrow against them, interest-free. Users can borrow the underlying base asset up to the value of the floor price of their tokens. This makes liquidations mathematically impossible, even when loans are looped back into zenTokens to attain leverage. When zenTokens are borrowed against, they become locked until the loan is repaid. Otherwise, staking has no lockup period.
Staked zenTokens function as powerful collateral, enabling zero-interest borrowing up to the floor value with zero liquidation risk—even if loans are used for leverage. This dual-purpose mechanism generates protocol revenue through Karma while providing instant liquidity without opportunity costs. Borrowed positions remain locked until repayment, while standard stakes maintain full withdrawal flexibility, offering unmatched capital efficiency in DeFi.
Revenue from Samsara fees is shared among:
Karma stakers
prANA stakers
Directly raising the zenToken floor
Protocol Operations
The exact split is determined by governance.
Nirvana’s governance token, prANA controls all Samsara markets and earns a portion of their revenue. prANA can only be earned by staking ANA.
prANA holders earn revenue from Samsara markets by depositing their prANA into market-specific vaults. Your exact share is determined by two factors:
The percentage of market fees directed towards prANA stakers
The portion of that market’s staked prANA pool that you own
For example, if you own 5% of the staked prANA pool for zenBONK, and prANA stakers receive 10% of that market's revenue, you will earn .5% of zenBONK’s total fees (10% x 5%).
Similarly, your overall vote power for the market is proportional to the total amount of prANA allocated to the market. If you command 5% of the prANA allocated to the market, you have 5% of the governance power.
Every week, prANA stakers vote on various parameters for each Samsara market.
The governable parameters are:
Buy fee
Sell fee
Loan origination fee
Karma emissions rate
Proportion of revenue to directly raise the floor
Proportion of revenue to Karma vs prANA
Percentage increase of each floor raise
Floor raise cooldown time
Liquidity buffer (how much liquidity to reserve above the trigger price)
Samsara imagines a financial system where value storage depends not on sentiment, but on mathematical proof.
Traditionally, a “store of value” is only as strong as the market’s belief in it. Its price is dictated entirely by sentiment — whatever a buyer is willing to pay. Liquidity is controlled by humans, and is therefore emotional, opportunistic, and unreliable.
zenTokens are not backed by belief — they are backed by math. Each one is secured by protocol-owned reserves, which provide verifiable exit liquidity at a floor price that can only rise over time. This isn’t theoretical — the fact of the floor price for every zenToken is enforced through verifiable, on-chain Proof-of-Value.
Samsara’s properties – like Nirvana’s – do not depend on market-makers. They are embedded in the code. Liquidity isn’t incentivized — it’s structural. The result is a true store of value: one that lets investors define “value” on their own terms, with the confidence of transparent, enforced mechanics beneath it.
Samsara is not just a platform. It’s a paradigm shift for financial architecture.
It unlocks capital efficiency and true value storage on top of existing assets like nothing else. Its self-bootstrapping liquidity structure allows Samsara to scale to thousands of markets without capital restrictions.
As we enter the age of tokenized real-world assets, Samsara is positioned to launch zenTokens for every major asset on Earth. Every new zenToken strengthens both Nirvana and the assets it touches, accelerating the transition to a more resilient financial future.
zenTokens are a breakthrough asset class. They merge volatility exposure with principal protection, creating a new on-chain standard:
Floor price secured
Yield-bearing
Interest-free loans with zero liquidation risk
On-chain governance
Symbiotic with existing assets
They are self-sustaining, utility-expanding derivatives that transform volatility into mathematically secured gains. With Samsara, value doesn’t just change, it ascends.
By extending Nirvana’s proven architecture into volatile digital assets, Samsara unlocks a new era of capital efficiency and wealth storage. It flips the script from value extraction to value adding, as each new zenToken is a catalyst for strengthening its base asset. And as the Samsara ecosystem grows, it will become a foundational layer for sustainable decentralized finance.
Enter Nirvana.Finance
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