Assets and representations

Underlying and Mezo Earn NFTs

All of the above use 18 decimals except the veNFTs, which are ERC-721 positions.

Production tranches

Tranche ids are packed as (variant << 16) | epochs. BTC variant is 1, MEZO variant is 2. The managed sentinel is the maximum epoch for that variant: BTC 4, MEZO 208.

The Ledger collection is Liquid locked veNFTs - Aurove (avNFTs), 18 decimals, with token URI https://api.aurove.xyz/tranches/{id}.json.

ERC-1155 versus ID20

• ERC-1155 tranche units are the canonical claim. Redemption burns these units.
• ID20 / ERC-20 wrappers are optional. They mint 1:1 when the wrapper receives the matching ERC-1155 id, and unwrap burns ERC-20 to return the same ERC-1155 amount.

Solvency on a wrapper is totalSupply() <= backingBalance(). Surplus ERC-1155 sitting on the wrapper is not used to mint and has no recovery function.

What is not deployed as a user product

• Non-managed tranche ids remain encodable but deposits never mint them. The normal vault is unset, so redeem or ID20 creation for those ids reverts.
• No additional wrappers beyond avBTCm and avMEZOm.