Infinite veNAMI and Nami Credit lines can be bought and sold as NFTs on the Nami Marketplace, creating a native secondary market.

Trades are non-custodial and settled atomically through OpenSea Seaport.

What Can Be Traded

Two types of Nami positions can be traded through the Marketplace.

Only Infinite veNAMI positions can be traded.

Standard veNAMI positions must be converted to Infinite before they can be listed.

The conversion is irreversible and can be performed directly within the Marketplace listing flow.

Infinite positions do not expire and retain their full voting power over time, while the amount of NAMI represented by the position can increase through rebase accrual.

An Infinite veNAMI can also be sold while it has an active vote.

In this case, the vote is reset within the same purchase transaction, before the position is transferred to the new owner.

Each ncPOS represents an entire Nami Credit line as a transferable NFT.

When an ncPOS is transferred, the buyer receives the Credit Line together with its current collateral and outstanding debt.

The collateral continues to benefit from any applicable rebase, while rewards generated by the position continue to repay the debt.

Because collateral and debt may change while an order is active, ncPOS trades use dedicated checks that verify both parameters at execution.

If a Credit Line is closed and its ncPOS is burned, any associated order becomes permanently unexecutable.

How Trading Works

Listings and bids are signed off-chain, so creating an order does not require an on-chain transaction.

A transaction occurs only when the order is executed.

Order signed off-chain → Nami order book → Position state verification → Vote reset, if required → Atomic settlement: NFT + payment + Marketplace fee.

Before the trade, the current state of the position is checked against the conditions associated with the order.

If all conditions are satisfied, execution completes atomically in a single transaction.

The holder can list a specific position for sale by defining its price, settlement asset, and execution conditions.

Buyers can accept the asking price or submit bids on individual positions.

The holder can accept any still-valid bid through the Marketplace.

Orders remain active until expiration or cancellation.

Their executability depends on whether the conditions defined in the order continue to be satisfied.

Collection Bids

Collection Bids allow buyers to submit an offer without selecting a specific Infinite veNAMI position.

The buyer defines the range of position amounts they are willing to accept. Any holder of an Infinite veNAMI position within that range can execute the bid.

This makes it possible to create offers targeting a set of positions with compatible characteristics rather than a single NFT.

Collection Bids apply only to Infinite veNAMI.

ncPOS positions instead use position-specific bids, since each Credit Line may have a different combination of collateral and outstanding debt.

Settlement Assets

Marketplace trades can be settled in:

USDC, USDT, WETH.

The list of supported assets is enforced on-chain and applies to every execution path.

Fees, Expiration, and Cancellation

Each completed trade applies a 2% Marketplace fee, which is transferred to the Recursive Buyback Engine within the same transaction.

The fee directly funds the protocol's buyback mechanism.

Each order has an expiration and can be cancelled by the signer at any time before execution.

Trade Condition Protection

A position listed on the Marketplace remains under the seller's control and may change while the order is active.

An Infinite veNAMI position can grow through rebase accrual or be modified through operations such as merges and splits.

An ncPOS position evolves across two dimensions: collateral can increase through rebase accrual, while outstanding debt decreases as rewards generated by the position repay it.

The Marketplace checks that the position remains within the parameters defined by the listing.

If it moves outside the permitted limits, it is nolonger available for purchase.

At execution time, the same parameters are checked again on-chain. If they are not satisfied, the trade does not occur.

Settlement and Security

Trade execution, order validation, and contract addresses are covered in Safety & Contracts.