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BTCY is an ERC-4626 tokenized vault that wraps iBTCY, providing yield-bearing BTC exposure with full DeFi composability.

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Token Standards

TokenStandardPurpose
iBTCYERC-20Primary token, KYC-gated, transfer-restricted
BTCYERC-4626Wrapper token, permissionless, DeFi composable

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Why ERC-4626?

BTCY implements the ERC-4626 tokenized vault standard for seamless DeFi integration:
  • Standard interface: Compatible with any protocol supporting ERC-4626
  • Share/asset accounting: Built-in conversion between shares and underlying
  • Composability: Works out-of-box with lending, DEX, and derivatives protocols

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Key Properties

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Backing (ERC-4626)

1 BTCY ↔ 1 iBTCY (via ERC-4626 vault mechanics)
BTCY is backed by iBTCY held in the vault contract. Use convertToAssets() for the authoritative share-to-asset rate at the vault layer; economic BTC exposure uses iBTCY NAV from the oracle stack described in Oracles.

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Permissionless Transfers

Under normal operations, BTCY transfers are permissionless:
  • No whitelist required for transfers
  • No wallet-level freeze on transfers in the ERC-4626 design
  • An emergency vault pause may exist for critical security events (see Contracts)
Protocol names on this page are illustrative only and do not imply endorsement or integration commitments.

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KYC-Gated Unwrapping

While transfers are permissionless, unwrapping BTCY to iBTCY requires:
  • KYC verification with the issuer
  • Whitelisted wallet address
This is the compliance checkpoint for the product. BTCY inherits NAV from iBTCY:
  • Daily indicative NAV via Chainlink oracle
  • Non-rebasing (token count constant, NAV changes)

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Use Cases

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Collateral

Use BTCY as collateral on lending protocols:
  • Borrow stablecoins against BTCY
  • BTCY yield offsets borrowing costs
  • Liquidations execute without restriction

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DEX Liquidity

Provide BTCY liquidity:
  • Curve pools (targeted)
  • Earn trading fees + underlying yield

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Yield Derivatives

Access yield strategies:
  • Pendle (yield tokenization)
  • Spectra (fixed-rate yield)

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Integration Considerations

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For Lending Protocols

ConsiderationBTCY Behavior
LiquidationsIntended to execute under normal operations (emergency pause possible; see contracts)
Price feedChainlink NAV oracle
Collateral factorConsider underlying liquidity
Supply capsRecommended due to liquidity constraints

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For DEXs

ConsiderationBTCY Behavior
PricingNAV-linked, may trade at premium/discount
LiquidityLimited until DEX launch
ArbitrageWrap/unwrap requires KYC

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For Yield Protocols

ConsiderationBTCY Behavior
Yield sourceSSBAF (market-neutral arbitrage)
Yield timingAccrues into NAV continuously
RedemptionVia iBTCY (KYC required)

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Transfer Behavior

BTCY Transfer → Any Address → Transfer Succeeds
                                    ↓
                            Wants to Unwrap?
                           ↙              ↘
                    KYC Required       Hold or Trade

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Important Limitations

Unwrap requires KYCUsers who acquire BTCY without completing KYC cannot:
  • Unwrap to iBTCY
  • Access redemption proceeds from the issuer
Their only exit is selling BTCY on secondary markets.

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Next Steps

Contract Addresses

Deployed contract addresses

Oracles & PoR

NAV and Proof of Reserves feeds
Available only to eligible professional/qualified investors on an invite-only basis, subject to onboarding and compliance approval. For informational purposes only and not investment advice. Not an offer to the public or a solicitation where unlawful. No retail distribution. Not available to US Persons.Disclaimers · Platform and issuer