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ybBTC

ybBTC
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1. Representation5
2. Future Cashflow21
3. Access4
4. Future Cashflow22
5. Conditional Action8
6. Future Cashflow23

ybBTC represents a share in the (ERC20 BTC - crvUSD) LP pool.

[5] = ƒ(liquidity_share)

  • liquidity_share — is the share of liquidity in the (ERC20 BTC - crvUSD) liquidity pool

Future Cashflow represents the trading fees yielded by a ybBTC holder in case of holding this asset (non-participation in the YB emission distribution).

[21] = ƒ([5], stake_rate, admin_fee, total_fees, total_ybBTC)

  • stake_rate — is the relative amount of ybBTC staked by all users
  • admin_fee — is the minimal admin fee that determines the upper bound on the portion of fees allocated to the ybBTC holders
  • total_fees — is the totality of generated protocol fees
  • total_ybBTC — is the total number of non-staked ybBTC, eligible for trading fees distribution

Depositing ybBTC in the contract for YB emission distribution represents Access to receiving YB emissions instead of trading fees.

[4] = ƒ([5], deposit_operation)

  • deposit_operation — is the act of depositing ybBTC to the YB emission distribution contract, which enables access to receive YB

This Future Cash Flow represents the YB emissions received by holders of the staked ybBTC.

[22] = ƒ([4], max_emission_rate, stake_rate)

  • max_emission_rate — is the total cap on the YB token emission
  • stake_rate — is the relative amount of ybBTC staked by all users

This Conditional Action represents that the st-ybBTC (staked ybBTC) holder could also have the veYB position.

[8] = ƒ(veYB_amt)

  • veYB_amt — is the amount of the veYB position owned by the st-ybBTC holder

This Future CashFlow represents an increment in the veYB fees received by st-ybBTC holders since the total yield received by veYB holders depends on the stake rate.


Staking an additional amount of ybBTC increases the stake_rate variable, increasing the total yield received by veYB and, therefore, the yield of any individual veYB position.

[23] = ƒ([8], stake_rate, minimal_admin_fee, total_fees, veYB_total)

  • stake_rate — is the relative amount of ybBTC staked by all users
  • minimal_admin_fee — is the lower bound of the portion of the fees allotted to veYB holders
  • total_fees — is the totality of the LP fees generated by the protocol
  • veYB_total — is the total amount of veYB in existence