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The Timeless smart contract system is made up of three components:

  1. Core: Handles yield tokenization, yield claiming, and deploying PYT & NYT.
  2. Swapper: Called by the user to swap between xPYT, NYT, and the underlying asset.
  3. xPYT: Auto-compounding vaults for PYTs.

Furthermore, Swapper and xPYT both depend on an external decentralized exchange (Uniswap v3 is currently supported).