> For the complete documentation index, see [llms.txt](https://paragon-protocol.gitbook.io/paragon-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://paragon-protocol.gitbook.io/paragon-protocol/p10-index/overview.md).

# Overview

P10 is Paragon’s flagship on-chain index, designed to provide diversified exposure to leading crypto assets through a single token.  One position. Diversified exposure. Fully on-chain.

### What P10 Is

P10 is an index token that represents a curated basket of crypto assets.

Instead of managing multiple tokens:

* buy → **P10**
* get → diversified market exposure

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### Core Design

P10 is built to be:

* **user-governed** → controlled via veXPGN
* **transparent** → fully on-chain
* **scalable** → suitable for both retail and institutional use

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### What’s Inside P10

The index includes:

* high-liquidity assets
* top tokens by market relevance
* protocol-approved assets

👉 Examples (illustrative only):

* BTC
* ETH
* BNB
* leading DeFi assets

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⚠️ Final composition is:

* governed by veXPGN
* updated over time
* publicly visible

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### How It Works

#### Mint

You deposit:

* USDT or a supported asset

The protocol:

* acquires the underlying basket
* mints P10 representing that allocation

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#### Redeem

You burn:

* P10

You receive:

* underlying assets\
  **or**
* a single asset via routing

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👉 This allows flexible entry and exit.

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### Execution Layer

P10 uses Paragon’s execution system to:

* source liquidity
* optimize trade routing
* improve capital efficiency

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### Why P10 Is Different

**Traditional index funds:**

* custodial
* opaque
* slower to adjust

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**Most DeFi indexes:**

* static allocation
* manual rebalancing
* inefficient execution

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**Paragon P10:**

* on-chain and transparent
* dynamically governed
* execution-optimized

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### Non-Custodial

* users retain control of assets
* minting and redemption occur via smart contracts
* no centralized custody

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### Institutional Ready

P10 is designed for:

* funds
* DAOs
* larger capital deployments

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Key features:

* predictable mint and redeem flow
* transparent holdings
* auditable contracts
* scalable execution

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### Rebalancing (Governed)

P10 composition is:

* governed by veXPGN
* updated periodically
* based on market and liquidity conditions

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👉 All changes are transparent and on-chain.

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### Efficiency

P10 is designed for:

* optimized routing
* reduced slippage
* efficient capital deployment

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### Use Cases

#### 👤 Users

* simple market exposure
* passive positioning
* diversification

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#### 🏦 Institutions

* deploy capital in a single transaction
* reduce operational complexity
* maintain transparent allocation

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#### 🧠 Advanced Users

* integrate with farming
* combine with execution strategies
* use alongside automation tools

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### ⚠️ Risks

* market volatility
* performance of underlying assets
* index composition changes

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👉 P10 simplifies exposure, but does not eliminate risk.

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### Summary

P10 allows users to:

* enter diversified positions in one step
* maintain exposure to key assets
* manage positions efficiently

P10 is a fully on-chain index designed to provide transparent, diversified, and scalable market exposure.