> For the complete documentation index, see [llms.txt](https://bzl.gitbook.io/bzl-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bzl.gitbook.io/bzl-docs/byzanlink-market/how-it-works.md).

# How It Works

Byzanlink Markets operates as an **access and execution layer** built around **non-custodial vaults**.

{% stepper %}
{% step %}

### Assets are represented on-chain

* Real-world financial instruments are represented as tokenized assets suitable for onchain interaction.
  {% endstep %}

{% step %}

### Vaults are configured per instrument

* Each instrument is accessed through a **dedicated vault** aligned to the instrument’s structure.
* Vaults define **deposit and redemption mechanics** without altering the instrument itself.
  {% endstep %}

{% step %}

### Users deposit assets into vaults

* Users deposit supported assets based on instrument-defined parameters.
* Vaults operate **non-custodially** and **do not pool** assets across instruments.
  {% endstep %}

{% step %}

### Positions reflect the underlying asset

* Vault positions represent exposure to the underlying tokenized instrument.
* Position value changes reflect the behavior of the underlying asset (not protocol-level trading activity).
  {% endstep %}

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### Developers integrate at the protocol level

* Developers interact directly with vaults to build apps and workflows powered by tokenized RWAs.
  {% endstep %}
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## What Markets does not do

* Does **not** operate order books or match trades
* Does **not** provide liquidity guarantees
* Does **not** custody user assets or intermediate capital

{% hint style="info" %}
Markets functions as **protocol-level access infrastructure** for structured financial assets.
{% endhint %}


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