The Nirvana protocol is a twin system that produces $ANA, a volatile token with an algorithmically rising floor price, as well as $NIRV, a decentralized stable coin with a delegated peg.

Nirvana’s virtual AMM enables the minting of ANA from a diverse set of trusted stablecoin options. ANA’s price is free to appreciate, but the minimum floor price rises algorithmically as stablecoin reserves increase.

Zero liquidation-risk loans of the superstable NIRV token can be taken by staking ANA. Loans have a negative interest rate by virtue of prANA reward emissions, meaning users earn yield on debt.

Yield for staking ANA and taking NIRV loans is distributed in prANA (pre-ANA), which are tokens that act as non-expiring options to mint ANA at its floor price. Any funds used to exercise prANA return to the stablecoin reserve, adding value to the protocol and stabilizing floor price.