A working demo on Stellar testnet
A proof-of-concept of Mutav Pulse Protocol, built for the Stellar Pulso Hackathon and running end-to-end on Stellar testnet.
No black box
Every value on the site reads directly from the deployed contracts.
Testnet today, pilot Q3 2026
Testnet only. No real funds. Not yet investable. Production pilot opens Q3 2026 with a BRL vault. APYs shown are modeled, not live.
Reserves
One protocol, one vault per currency (PoC)
3 live · 1 coming · live AUM …
43.2%
35.0% yield + 8.2% underwriting · modeled
ARS · peso instrument
Argentina · illustrative
How it works
Deposit, receive shares
Deposit the reserve's underlying token and receive its currency shares (MUSD, MBRL, …), your tokenized claim on the whole reserve at NAV (SEP-0041 token).
Reserve backs rental guarantees
The reserve underwrites rental guarantees (fianças in Brazil), earning a fee on every active, fee-current guarantee. The PoC demos the mechanic on Stellar testnet.
Idle float earns yield
Capital not locked behind coverage is allocated to DeFi adapters. Exits come from surplus. Solvency comes first, always.
solvency-gated: stable assets ≥ guarantee coverage, always.
Protocol flow
The reserve does everything in one place: it holds custody, mints shares at NAV, runs an async redemption queue, and allocates idle float across strategy adapters for yield.
Three safety checks, marked ◇, keep it solvent at every step.
Solvency gate
Async redemption (EIP-7540 style): request → surplus-gated process → claim. Exits and new guarantees draw only from free_capital = stable_assets − coverage_required. stable ≥ coverage, always: no bank run.
Fee gate
A guarantee is covered only while its fees are current. Stop paying → coverage lapses and cover_default halts until it's caught up.
Stable-backed floor
Only stable strategy balances count toward coverage. Volatile adapters lift NAV but never the floor, so a price crash can't make the reserve insolvent.
