Token Comparison
| Feature | iBTCY | BTCY |
|---|---|---|
| Token Standard | ERC-20 | ERC-4626 |
| Transfer Restrictions | Whitelist required | Permissionless |
| KYC Required | Yes, for all holders | Only for unwrapping |
| DeFi Composable | Limited | Full |
| Admin Freeze | Yes (for compliance) | No |
| Represents | Direct debt obligation | Wrapped iBTCY (1:1) |
Both tokens reference the same economic exposure. BTCY is designed to be backed by iBTCY in the ERC-4626 vault; the share-to-asset rate follows standard ERC-4626 mechanics and may be read via
convertToAssets(). Secondary market prices can diverge from NAV.iBTCY: Primary Token
iBTCY is the primary token representing your position in the BTCY product. Characteristics:- Issued by SD Global Capital Limited (BVI)
- Holders are unsecured creditors of the issuer
- Transfer-restricted to KYC-verified, whitelisted wallets
- Can be wrapped into BTCY at any time (1:1)
- Required for direct redemption to BTC
- You want direct exposure without DeFi interaction
- You prefer holding the primary regulated instrument
- You need to redeem directly for BTC
BTCY: DeFi Vault
BTCY is an ERC-4626 vault token that wraps iBTCY, enabling permissionless DeFi composability. Until unwrapped, a BTCY holder’s economic rights are implemented through the vault asset (iBTCY) and the issuer’s arrangements described in the Subscription Agreement. Characteristics:- 1:1 backed by iBTCY held in the vault contract
- Permissionless transfers (no whitelist required)
- Can be used as collateral, in liquidity pools, or for yield strategies
- Unwrapping to iBTCY requires KYC verification
- Using as collateral on lending protocols (Morpho, Euler)
- Providing liquidity on DEXs (Curve)
- Accessing yield derivatives (Pendle, Spectra)
- Trading on secondary markets
Wrapping and Unwrapping
| Operation | Protocol Fee | Gas Fee |
|---|---|---|
| Wrap (iBTCY → BTCY) | None | User pays |
| Unwrap (BTCY → iBTCY) | None | User pays |
Wrap: iBTCY to BTCY
- Available to all iBTCY holders
- Instant execution
- No protocol fee (gas only)
- No minimum amount
Unwrap: BTCY to iBTCY
- Requires KYC verification and whitelisted wallet
- Instant for verified addresses
- No protocol fee (gas only)
- No minimum amount
Transfer Behavior
| Scenario | iBTCY | BTCY |
|---|---|---|
| Transfer to whitelisted wallet | Allowed | Allowed |
| Transfer to non-whitelisted wallet | Blocked | Allowed |
| Admin freeze (sanctions) | Possible | Not possible |
| Use as collateral | Limited | Full support |
| Liquidation execution | Requires whitelist | Executes under normal operations (emergency pause possible) |
Under normal operations, BTCY transfers are permissionless. An emergency pause exists for critical security events only; see Governance.
Redemption Path
To redeem for BTC, you must hold iBTCY:Next Steps
Subscription
How to subscribe and receive iBTCY
BTCY for Developers
Technical integration guide
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