Nest BlackOpal LiquidStone II Vault (NOPAL): Explained

Nest BlackOpal LiquidStone II Vault, ticker NOPAL, is a token tied to a vault in the Nest ecosystem. Nest describes itself as the flagship staking protocol of the Plume RWAfi ecosystem. Its stated aim is to let users earn yield sourced from real-world assets through on-chain infrastructure, without the usual access barriers. The token is categorised as a real-world asset (RWA) and yield-bearing token.

In practice, vault tokens of this kind work like a receipt. You deposit an asset into the vault, and you receive a token that represents your share of whatever the vault holds. The vault's manager or strategy then puts that capital to work in off-chain, regulated yield opportunities, and returns are reflected in the token's value or in the vault's accounting.

The name suggests a link to BlackOpal, which public reporting describes as a payments and finance platform focused on Latin America and tokenized assets. The data available here does not spell out the exact strategy behind the LiquidStone II vault, the issuer, or the underlying assets. Treat those as details to confirm from the official Nest documentation before relying on any assumption about where the yield comes from.

The public description of Nest says its vaults give users access to institutional-grade yields from high-quality real-world assets. NOPAL is a vault share, so its main use is to represent a deposit in that specific vault and the yield that deposit earns.

This is different from a governance or gas token. The data does not list NOPAL as the native token of any chain, and nothing describes voting rights, fee sharing or a staking reward scheme attached to it. Holding it is best understood as holding a claim on a pool of yield-generating assets rather than holding a utility coin.

Other Nest vaults have been described publicly with specific underlying products. For example, a vault announced in late 2024 was built around a senior loan ETF through a tokenization partner. That is a separate product, and it should not be assumed to describe this vault. For NOPAL, the specifics of the underlying assets, redemption terms, any minimum deposit and any eligibility rules are not confirmed in the data used here, so check the official vault page for them.

As of 2026-11-05, NOPAL had a circulating supply of about 100.9 million tokens. The total supply was reported as the same figure, and no maximum supply is listed. That matches how vault tokens usually behave: supply tends to rise when people deposit and fall when they redeem, rather than following a fixed emission schedule.

Because circulating and total supply are equal, the fully diluted valuation matches the market capitalisation, both about $112.2 million at the time of writing. The price was about $1.11, and the token ranked around 253 by market cap.

A price near one dollar with a modest upward drift is consistent with a yield-bearing share that started near par and accrues value over time. The recorded all-time low was about $0.958 on 2026-06-15 and the all-time high about $1.25 on 2026-06-16, which suggests the price history only starts in mid-June 2026. The seven-day change was a small gain of roughly 0.17 percent. Trading volume data was not available.

There is no public information in the data about allocations to teams, investors or treasuries, vesting schedules or token emissions. Do not assume any exist.

NOPAL is issued on three networks: Ethereum, Solana and Plume Mainnet. Plume is the network behind the RWAfi ecosystem that Nest belongs to, so it is the natural home for the product, while the Ethereum and Solana versions extend access to users on those chains.

To hold the token, you need a wallet on the relevant network. An Ethereum wallet can hold the Ethereum version, a Solana wallet the Solana version, and a Plume-compatible wallet the Plume version. These are separate representations on separate chains, so make sure you know which one you are looking at before sending anything.

There are generally two ways to get exposure to a vault token like this. One is depositing the vault's accepted asset directly through the Nest app, which mints the token to you. The other is buying it on a decentralized exchange or other venue where it is listed, if one exists. Where liquidity is thin, prices on a secondary market can drift from the value of the vault's holdings, and 24-hour volume was not available in the data. Check which venues actually list it and how deep their liquidity is before assuming you can exit quickly.

The data does not give a launch date for NOPAL. The recorded price history begins in mid-June 2026, with the all-time low and high set one day apart on 2026-06-15 and 2026-06-16. That points to a launch or listing around then, but it is an inference rather than a confirmed date.

Some background on the wider project is public. Nest announced a partnership with a tokenization firm in December 2024 to offer a permissionless vault tied to a senior loan ETF, bringing real-world yield to DeFi users. In September 2025, a write-up described a Bitcoin-secured backstop for Nest Credit, in which an illiquid token is held per user, issuer redemption is triggered, and BTC is returned once settled. Separately, BlackOpal was reported in January 2026 as building a Latin American payments finance platform using tokenized rails.

None of these items is confirmed as a direct part of the LiquidStone II vault, so they are context about the ecosystem, not a history of this specific token. No exploits, depegs or major incidents for NOPAL appear in the information available here.

The biggest risk is that the yield depends on off-chain assets and the parties managing them. You are exposed to credit risk, issuer and custodian risk, and operational risk that on-chain transparency cannot fully remove. If the underlying assets lose value or a counterparty fails, the token can lose value too.

Redemption is another point to check. A vault token can trade near the value of its holdings only if people can redeem it, or if secondary markets are deep. Delays, limits, eligibility checks or KYC requirements may apply, and the data does not say what they are for this vault.

Smart contract risk applies on all three chains, as does bridge risk if you move the token between networks. Regulatory treatment of tokenized real-world assets varies by country, and some products are restricted to certain users.

Finally, the market is small compared with major tokens. A market cap near $112 million and unknown trading volume mean liquidity can be limited. Past stability near one dollar does not guarantee future stability, and yields can change. This page is not financial advice.

Use a wallet you control and keep the recovery phrase offline, written down and stored where only you can reach it. Never type it into a website or share it with anyone, including anyone claiming to be support staff.

For larger amounts, a hardware wallet is a sensible choice, since it keeps private keys away from your internet-connected device. Hardware wallets generally support Ethereum and Solana, but check that your device and the wallet software can display this specific token. Support for Plume may be narrower, so confirm compatibility before moving funds.

Be precise about the network. Sending a token to an address on the wrong chain can result in permanent loss. Send a small test amount first, and confirm the token's contract address from official Nest sources, since lookalike tokens with the same name or ticker are common.

When connecting to the vault app, check the address in your browser carefully, review each transaction before you sign it, and revoke old token approvals you no longer need. Keep a record of deposits and redemptions, because tax treatment of yield-bearing tokens differs by jurisdiction.