> For the complete documentation index, see [llms.txt](https://whitepaper.nuon.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://whitepaper.nuon.fi/architecture/overview.md).

# Overview

Nuon v2 has 4 core modules: the treasury, Dutch auction, vaults, and governance.

In Nuon v2, NUON minters deposit USDC and receive Truflation APY % generated on their USDC deposits through compounding vaults, which are approved with a trust-minimized system of governance with optimistic security assumptions.

USDC deposits flow through the treasury to vaults via a Dutch auction. Vaults accumulate yield in excess of Truflation-level APY. nuMint stakers vote on which vaults should earn yield and receive the excess yield.

By giving the MaxCap governance stakers the excess of Nuon’s accumulated yields less Truflation CPI, Nuon provides the high yields needed to incentivize risk-seeking crypto-natives to source and underwrite sustainable yields for NUON holders.

<figure><img src="/files/aj71Cfc6U1rgEJ7ITtoo" alt=""><figcaption><p>Example of assets and yields within the protocol.</p></figcaption></figure>


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