# Treehouse Architecture

* **tAsset** is a liquid-staking token (LST) that works to provide real yield in excess of a chain's risk-free rate through interest rate arbitrage.
* **Decentralized Offered Rate (*****DOR*****)** is a reference rate setting consensus mechanism incentivizing a market of stakeholders to provide accurate interest rates data and forecasts. 
* **Operators** are the initiators of *DOR* feeds and help to maintain the integrity and success of existing DORs. Treehouse will serve as the first Operator, working with select Panelists to bring to life the first *DOR*, the Treehouse Ethereum Staking Rate (*TESR*) Curve. 
* **Panelists** are entities that are equipped with proprietary models and Treehouse *DOR* software to provide interest rate data or forecasts. At this time, only whitelisted Panelists who have passed stringent checks are allowed to perform this duty, ensuring the early integrity of the Treehouse Protocol. 
* **Referencers** are entities that integrates *DOR* feeds directly into their own interest rate-related services or products, utilizing *DOR* in the pricing or settling of financial instruments.
* **Delegators** are participants who delegate *tAssets* to Panelists to fulfill DOR duties on their behalf. Delegators retain full ownership of their assets but give agency rights to their selected Panelists.

<figure><img src="https://612987785-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fk2ACcq4mcZ10BZJwIqAl%2Fuploads%2FH3oJYqdVc0NkZTjmyWar%2Fimage.png?alt=media&#x26;token=8cddfa9e-d3af-4c88-847f-7672fb959b94" alt=""><figcaption></figcaption></figure>