Hold a position
DP or YB in your wallet · One points stream
0.02 points per dollar-day
Keep the vault’s variable base yield and earn holding points for each complete eligible UTC day.
$10,000 held for one week = 1,400 raw holding points.
Liquidity Provider · LP
Supply DP/YB liquidity and earn swap fees on top of the yield while your liquidity is active in range. Your position holds a changing mix of DP and YB, with exposure reflecting that mix. Earn Tapir points from eligible holdings and trading fees.
01
Connect & Deposit
Connect your wallet and deposit a supported yield-bearing asset into a Tapir pool.
02
Choose Your Side
Receive two tokens: DP for depeg protection and YB for boosted yield. Trade them on the AMM to set your exact risk exposure, or provide DP/YB liquidity.
03
Earn & Settle
Both tokens keep earning base yield throughout. Eligible positions also earn Tapir points in participating pools. After pool expiry, oracle submissions and timing checks enable settlement on-chain — no manual claims needed.
Yield Examples
See how different strategies compare. Hypothetical 14% base APY, with a 3 percentage point protection spread. These are examples, not current Zircuit market quotes.
1-year growth at the illustrative APYs below · before other costs · no depeg assumed
Base Yield
14% APY
Underlying position before protection pricing
Risk Seller
17% APY
Illustrative +3 percentage points for first-loss exposure
Protection Buyer
11% APY
Illustrative −3 percentage points for protection
Example after costs: a $1,000 protected position at the illustrative 11% APY earns $110.00 over 1 year before other costs. Subtract an assumed $3 in fees and execution costs for a $107.00 net gain (10.70% over the period).
Capital Efficiency
- Sellers keep full base yield and earn premiums
- No capital locked in idle reserves - all assets stay productive
- YB takes first losses; DP protection is limited by the pool’s rules
Immediate Yield
- Start earning yield from day one on your positions
- Yield accrues throughout the entire pool duration
- Earn Tapir points alongside yield in participating pools
- Early exits depend on liquidity; redemption follows settlement checks
Your choice of yield and risk.
Three ways to hold Zircuit Finance USDC. Live on Base with limited access.
Launched in September 2026
Zircuit Finance USDC
Tapir takes your Zircuit Finance USDC position and gives you three ways to hold it: derisk it, boost the yield, or provide liquidity. You keep the vault’s base yield either way. You’re only choosing how much depeg risk you carry, and what you earn for it. Eligible DP, YB and LP positions also earn Tapir points alongside yield.
Every side keeps exposure to the vault’s variable base yield. Protection is priced by the market, with your entry price, vault performance, and fees determining your net return.
Tell us which side you want — DP, YB or LP — and roughly how much you plan to deploy. We’ll help you with the next steps and match DP and YB interest with the other side of the market.
- Network
- Base mainnet
- Underlying
- Zircuit Finance USDC vault (zvUSDC)
- Positions
- DP · YB · Liquidity
- Pool maturity
- December 14, 2026
- Yield & pricing
- Variable · review your quote in the app
After maturity and settlement checks, redeem for vault shares and follow Zircuit’s withdrawal process to convert to USDC. View full market terms.
Starts Friday · September 25
Tapir Points: early pays more.
Earn Tapir points alongside your yield. Hold DP or YB to earn points, and earn again by providing liquidity.
Provide liquidity
The same tokens, in the AMM · Both points streams
116 points per dollar of eligible fees
The DP and YB inside your LP position still count as held. Points from eligible trading fees stack on top, alongside your yield and swap fees.
Illustrative week: 1,400 holding points + about $9.91 in eligible fees × 116 ≈ 2,550 raw points.
Cumulative points · illustrative launch scenario
Hold a positionProvide liquidity
Modeled using the Tapir Points Program rules, assuming total value locked reaches $200,000 around week four, then grows to $1,000,000 by maturity. The dashed line marks where weekly target scaling begins under these assumptions.
Your yield keeps working. Your points add up.
The program is scheduled to start Friday, September 25, 2026 at 00:00 UTC. Early on, a given position is a larger share of a smaller week. Choose DP, YB, or LP to get ready for the earning window.
Security & Audits
Independent reviews and public source code, with the details available for you to explore.
Quantstamp
Review of the core baseline and separate Tapir AMM. The later VRP oracle is outside this earlier core scope.
Read the reportHashlock
Review of seven core contracts, including the VRP oracle. The separate AMM and external dependencies are outside this scope.
View Hashlock auditPublic source code
Inspect Tapir Core V1, contract mechanics, and the verification guide connecting published source to audit versions.
Explore the repositoryFrequently Asked Questions
Everything you need to choose your position and get started.
How does Tapir help me put my assets to work?
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 →Which position can I choose: DP, YB, or LP?
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 →How does depeg protection work?
For the Zircuit market, DP receives priority over YB when the oracle records a qualifying USDC depeg or vault strategy loss. Settlement follows the pool’s published rules, with protection limited by available collateral and a structural 50% depeg cap before fees. Eligibility depends on the oracle’s measurements and timing; a temporary dip or withdrawal delay alone may not qualify.
Explore protection and settlement →Does my position keep earning yield?
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 →How can I access my funds?
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 →How do Tapir points work?
Eligible DP and YB holdings earn Tapir points, including tokens held inside LP positions. Liquidity providers can also earn points from trading fees. The program is scheduled to start Friday, September 25 at 00:00 UTC, with earning beginning on activation. Weekly targets cap finalized points; allocations are discretionary and raw points are not an entitlement.
Explore the points program →How do I get started?
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.
Request access →In collaboration with
