General (non-BEX) Reward Vault Request for sNECT on Beraborrow

Reward Vaults
1

1. Proposer Details

  • Email: kobble@beraborrow.com

  • Proposer’s project name: Beraborrow

  • Proposer’s X account (you will be required to make a post from the X account provided for verification purposes): https://x.com/beraborrow

  • Affiliation (protocol / one of the tokens in the contract): Co founder of Beraborrow

  1. Protocol Details

Yes, in talks with the following (and more):

  • Infrared
  • Kodiak
  • THJ
  • Validation Cloud
  • TTT Labs
  1. Contract/Pool Details

  • Contract Name (Example: $EXAMPLE / $BERA): sNECT

  • Contract Address: Insert the contract address. 0x597877Ccf65be938BD214C4c46907669e3E62128

  • Contract Type / Configuration: Is it a standard AMM pool, a lending pool, a derivatives pool, a custom contract: Custom contract

  • Describe how the contract works (e.g., how to mint and redeem shares of the contract, if tokens can be exchanged within the contract…): Erc4626 vault contract that accepts deposits into the Beraborrow liquid stability pool and mints a corresponding number of shares. Shares are minted as users deposit into the liquid stability pool and users can redeem sNECT shares for pro rata quantities of the underlying debt and any liquidated collateral

  • Contract Fees: Outline the fee structure (e.g., 10% of staking rewards): Currently has a 1.5% fee on entry (deposit/mint), as well as a 0.3% exit fee (charged on sNECT minted/burned).

  • Existing Liquidity / TVL: current liquidity and volume stats (if applicable): ~$88.5million NECT

  • Identify any address(es) controlling more than 10% of the contract shares
    (address / type: team, protocol-owned liquidity, etc.): sNECT holders - Google Sheets

  • Is the contract upgradable? Yes, it is an UUPS proxy.

  • Contract Control: (Multisig/Single Owner/RBAC/Permissionless/Governance): Multisig

  • Additional details on Contract Control: It’s compromised of a 4/6 signer threshold.

  • Is the contract verified? Yes

  • Can the contract be paused? Yes, but only deposits/mints.

  • Does the contract rely on oracles?

    • (If yes, explain oracle dependency): It does, we price the asset (NECT) and all collaterals once a position has been liquidated.
      They are push oracles, mostly comprising of Redstone, and few of Chronicle.
      See more details here: Pricing Assets | Beraborrow

4. Token Details

Provide the following details for each token in the contract (up to 5):

For Major Tokens:
  • Name
  • Symbol
For Non-Major Tokens:

  • Name: NECT

  • Symbol: NECT

  • Contract Addresses (on Berachain and bridging addresses if cross-chain): 0x1cE0a25D13CE4d52071aE7e02Cf1F6606F4C79d3

chain / address

chain / address

  • Tokenomics, Distribution, and Vesting (links to official docs, website, etc.): What is Nectar ($NECT)? | Beraborrow

  • Identify any address(es) controlling more than 10%: Nect holders - Google Sheets

  • Is the token contract verified? Yes

  • Is the token a standard ERC20 or any functions have been customized? (e.g. transfer, balance, mint, burn…): Standard ERC20

(If custom, provide a link to an audit.)

  • Can the token be paused? No

5. Token / Project Background / Incentive Token Whitelist

Only two tokens can be whitelisted for use as incentives in a Reward Vault. Indicate which tokens will be used and provide all relevant information below.

Required Data for Incentive Token:

  • Name: BERA

  • Symbol: BERA

  • Name: NECT

  • Symbol: NECT

Additional Requirements:

  • Specify how many tokens per week you plan to allocate for incentives: 3325 BERA per week and TBD (for NECT), but we look to allocate roughly 50-75% of interest rates before TGE, Post TGE we will allocate POLLEN

  • Specify for how many weeks you plan to allocate incentives: 3 Months

  • Outline how decisions about token incentives are made (DAO, multi-sig, etc.).Multisign

  • Incentive Manager address (this address will manage the incentive token, being able to add incentive tokens to the reward vault and change the incentive rate): berachain:0x0907f733BF15f62c71ABE65C71b3A8BCaEe64275

Why This Contract Matters:

  • How will this contract benefit Berachain? The sNECT rewards vault will incentivise users to borrow against their assets (wBERA, major LP pairs, BTC/ETH derivative assets + more), and stake their minted debt (NECT) into the Beraborrow liquid stability pool. This action creates a sink for these major assets and also provides a strong buffer to support more liquidations. An increased backstop for liquidations = a greater amount of NECT that can be minted to be used as a composible asset through the berachain ECO

  • Will it deepen liquidity for a major ecosystem token (e.g., BERA, core stable asset)?We anticipate around $133million in liquidity, But this will grow over time as we enable other protocols to perform liquidations through the LSP

  • Does it enable important trading pairs that drive adoption or integrate with other Berachain projects? Yes, users can borrow against a number of collateral assets, and deposit their minted NECT into the liquid stability pool to receive sNECT for POL rewards

Potential Volume / TVL:

  • Provide metrics or estimates on liquidity you expect to attract. We anticipate around $133million in liquidity, But this will grow over time as we enable other protocols to perform liquidations through the LSP

  • Highlight any known liquidity commitments. (If you or partners plan to seed the contract, provide proof of funds or a statement of intent.): The liquidity that will be used initially will have come from BOYCO, as our LP’s have deposited into the Beraborrow LSP to mint sNECT
    Concrete set to deposit another 5m

Synergies with Other Protocols:

  • Will this contract feed into any yield aggregators, lending markets, or liquid staking derivatives on Berachain? Yes it will be integrated through Ooga Booga, enabling folks like Dolomite to be able to perform liquidations through the LSP too.

Marketing / Promotion:

  • Are there plans to co-market with another project to bootstrap liquidity? Yes, we plan to work closely with Infrared for iBGT , Goldilocks for Yeildsplitting and Looping through Dolomite and Zerolend

Long-Term Vision:

  • How could this reward vault evolve over time? (E.g., eventually becoming a core liquidity pair or a major stable pool for the chain.) Roughly 75% of value captured from interest rates will be put through as bribes to the sNECT rewards vault. But for us we want the LSP to be a central hub of liquidity enabling beraborrow and other protocols to seemlessly liquidate assets without having to rely on onchain liquidity.

7. Verification

Please post the following text with the provided X account:

2

Pool has been whitelisted