> For the complete documentation index, see [llms.txt](https://docs.sierra.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.sierra.money/overview/what-makes-sierra-unique.md).
# What Makes Sierra Unique?
### 1. Sierra is the industry-leading permissionless yield platform
Most onchain yield lives in single-strategy, single-chain vaults. This architecture imposes constraints on the eligible yield sources that the vault can access and the flexibility of the end-user experience.
In contrast, Sierra operates the issuance and settlement layer beneath other permissionless vaults. Sierra's Issuing Partners deploy a permissionless vault and configure its reserves management strategy. They have the additional optionality to incorporate their own branding and upgrade the vault token into a fully composable LVT.
Through OpenTrade's institutional-grade yield platform, Sierra and its Issuing Partners have unparalleled access to any yield source:
### 2. A full institutional-grade stack
By issuing permissionless Vaults and LVTs through Sierra, Issuing Partners inherit one auditable Stack that is composed of leading institutional providers:
* **Asset Origination** that includes ourcing any public or private fixed income asset, instrument, or fund
* **Asset management** of reserves by OpenTrade through a bankruptcy-remote SPC, including weekly reserve attestations from an FCA-regulated asset manager in addition to daily NAV calculation and reporting
* **Custody** of RWA reserves at tier-1 GSIBs and use of Fireblocks for reserves deployed in DeFi
* **Curation and Allocation** of reserves management strategy by Sierra's Advisory Council
* **Deployment and Issuance** by Sierra Reserve Ltd (BVI), a wholly-owned subsidiary of the Sierra Foundation in the Cayman Islands
* **Supplemental Infrastructure** including Redstone for onchain oracle and LayerZero's OFT (Omnichain Fungible Token) standard for cross-chain distribution, plus continuous compliance screening with Chainalysis and 24/7 threat monitoring via Hypernative
### 3. Optimized for the best user experience
LVTs issued by Sierra, including the flagship SIERRA token, have been designed to provide the best user experience for holders through a single-token model. Yield continously accrues to holders of LVTs through an appreciating minting and redeeming exchange rate. No staking, claiming, lock-ups or other mechanisms are required.
Most yield-bearing tokens force a tradeoff that SIERRA all other LVTs issued by Sierra avoid:
| Model | How yield reaches you | Drawback |
| ------------------------------ | ---------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------ |
| Rebasing (i.e. stETH) | Your wallet balance grows | Balances change without user action, requiring bespoke integration and creating an adverse tax treatment in many jurisdictions |
| Dual-token (i.e. sUSDe, sUSDS) | Stake a base token to receive a yield-bearing version | Extra steps, redemption locks, and dilution of holders of base token |
| Permissioned RWAs (i.e. JAAA) | Users must first KYB with the issuer to access the product | Tokens are typically not transferrable or composable in DeFi |
SIERRA and all other LVTs have the best user experience through:
* Single token model with no requirement to stake, claim rewards or other mechanisms
* Permissionless access through secondary markets, supporting composability and interoperability across CeFi and DeFi
* Unique reserve management strategy for each LVT, which can evolve over time through new yield sources added based on the goals of issuing partners
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