nOPAL, issued by the Nest Protocol smart contracts under the governance of a Marshall Islands DAO LLC structure, is a tokenized-fund vault receipt token that provides total-return exposure to a diversified real-world asset yield strategy held in a non-custodial onchain vault [S1][S2].

Each nOPAL token represents a share of the underlying BlackOpal LiquidStone II strategy, a diversified real-world asset allocation spanning private credit, structured products, and income funds sourced from regulated institutional originators [S3]. The vault is total-return and NAV-accruing: dividends and yield from the manager's strategy channel back into the vault, increasing token value proportionally with no separate distributions [S1][S4]. The deposit flow carries no management, minting, or subscription fees; instant redemptions incur a 0.1% to 0.5% liquidity fee [S5][S6].

nOPAL is issued through Nest DAO LLC, a Republic of the Marshall Islands non-profit DAO LLC established under the Marshall Islands DAO Act of 2022, and is not issued by a single corporate entity [S2]. The holder's claim is an ERC-20 receipt token representing deposited assets in the vault [S1][S2]. Access is permissionless with onchain AML screening, no KYC, and excludes the United States and extensive restricted jurisdictions [S7][S8]. Holders redeem by burning the token for pUSD plus accrued yield; underlying assets and cash are held by third-party custodians such as BNY Mellon, never Nest [S5][S4].

nOPAL follows the ERC-20 standard, issued natively on Solana and distributed across Plume Network and other EVM chains via LayerZero Omnichain Fungible Token messaging [S1][S9]. Users deposit pUSD to mint the token and burn it to redeem for pUSD; standard vaults often settle within roughly one hour, up to T+2 to T+5 [S5][S6]. Vault NAV updates hourly with bounded price limits [S10].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.nest.credit/support/glossary" },
    { id: "S2", url: "https://docs.nest.credit/security-and-compliance/terms-and-conditions" },
    { id: "S3", url: "https://docs.nest.credit/about/asset-classes" },
    { id: "S4", url: "https://docs.nest.credit/security-and-compliance/flow-of-funds" },
    { id: "S5", url: "https://docs.nest.credit/introduction/how-to-use-nest" },
    { id: "S6", url: "https://docs.nest.credit/about/liquidity-and-redemptions" },
    { id: "S7", url: "https://docs.nest.credit/security-and-compliance/aml" },
    { id: "S8", url: "https://docs.nest.credit/security-and-compliance/geographic-restrictions" },
    { id: "S9", url: "https://docs.nest.credit/about/cross-chain" },
    { id: "S10", url: "https://docs.nest.credit/about/vaults" },
  ]}
/>


Tokenized funds

Users deposit stablecoins into Plume Vaults and receive ERC-20 vault tokens whose NAV appreciates as the underlying yield strategy accrues. Fund managers and institutional partners (BlackRock, Apollo, WisdomTree, Hamilton Lane, Goldfinch) curate the strategies.

Plume Vaults operates a suite of yield-bearing vault tokens (nTBILL, nALPHA, nBASIS, nCREDIT, nWISDOM, nACRDX, nOPAL, nPERENA, nLCRD, nSCOPE) backed by audited offchain assets including U.S. Treasuries, private credit, and structured DeFi strategies. The platform rebranded from Nest to Plume Vaults, and the vault tokens keep the n- prefix from the Nest era.

Plume Vaults (Nest) is Plume Network's flagship RWA-staking protocol, giving users onchain access to institutional-grade yield through structured, non-custodial vaults.

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Real-world asset (RWA) issuers

Plume Vaults

BlackOpal LiquidStone II Plume Vault (nOPAL) is a tokenized fund share issued by Plume Vaults through Nest DAO LLC.

The fund is open-ended and invests in private credit in Latin America.

Retail investors can mint and redeem directly with Plume Vaults in USDC, pUSD, and USDT, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

Nest DAO LLC is incorporated in the Marshall Islands.

Holder terms are governed by the law of the Marshall Islands, with disputes heard in the British Virgin Islands.

nOPAL has been issued on public blockchains since November 2025 and is native to Ethereum, Solana, Arc, and Plume Network.

BlackOpal LiquidStone II Plume VaultnOPAL

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