Dear Community and Esteemed Members of the Council,
We respectfully submit this petition for your consideration regarding the establishment of a Reward Vault for LBGT-WBERA Bex Pool. BeraPaw as a community is eager to start using PoL as it was designed and contributing to it’s decentralization and value creation.
What is BeraPaw?
BeraPaw is a novel liquid wrapper protocol built atop Berachain’s Proof of Liquidity (PoL) consensus mechanism. It simplifies and automates PoL interactions for participants, enabling them to unlock the full potential of Berachain’s governance token, BGT, in a decentralized and user-friendly manner.
Website: https://berapaw.com
Docs: https://docs.berapaw.com
Request Form
1- Proposer Details:
Proposer’s Project Name: BeraPaw
Proposer’s Email: [REDACTED]
Project’s X account: https://x.com/0xBeraPaw
Best Telegram Handle for questions/fixes: [REDACTED], Community can address any questions through our official Discord server. BeraPaw
2- Pool Details:
Pool Name: WBERA-LBGT
Pool Address: 0x705Fc16BA5A1EB67051934F2Fb17EacaE660F6c7 (BEX)
Pool Type: Weighted 50:50 AMM Pool
Pool Fees: 0.3%
Existing Liquidity / TVL: TVL: $160K, Volume: $1.54M
Security: Does the pool use standard BEX factory contracts?: Yes
What is the staking token’s contract address for this reward vault? 0x705Fc16BA5A1EB67051934F2Fb17EacaE660F6c7
Describe how a user should acquire this staking token:
Users should add LBGT and/or BERA to the Bex pool in order to acquire the receipt token that will be staked on berachain’s reward vault. BERA can only be acquired through the market and LBGT can be minted through our site by wrapping unclaimed BGT through our contracts.
3- Token 1 in Pool:
1. What is token 1 in the pool? BERA
4- Token 2 in Pool:
1. What is token 2 in the pool? LBGT
5- Non-Major Token 2:
Token Name: Liquid BGT
Token Symbol: LBGT
Contract Adresses: 0xBaadCC2962417C01Af99fb2B7C75706B9bd6Babe
Tokenomics, Distribution, and Vesting:
LBGT can only be minted by wrapping unclaimed BGT through our site. Thus there’s not defined tokenomics, distribution and vesting.
Google Sheet link identifying addresses controlling more than 10% of your token supply. Template:
At the time of this writing only one user (not team) had control over more than 10% of LBGT, is important to notice that minting LBGT is permissionless and the big holders relation can change over night.
Does the project issuing the token have any relationship with current validators?
Yes
If you do have a relationship with current validators, please specify which validators:
TTT, Coinage x DAIC, BGT Scan, B-harvest, GhostGraph, Beradrome, ContributionDAO
*There are also others that are not live yet.
Total Supply Cap: The technical supply cap is the max(uint128), but possibly will never reach even close to that due to the requirement of having backed BGT for each LBGT.
Circulating Supply: 13,617 at the time of this writing.
Token Type: LST
If either token is a native stablecoin, LST, or governance token, provide extra details on use case, redemption mechanics, peg stability:
LBGT is backed 1:1 to BGT and can always be redeemed for 1 BERA, just a normal BGT. To redeem LBGT for BERA users are required to redeem at least 1 LBGT and enter a queue to have their request fulfilled in at most 12 hours. Due to the redeem for BERA is expected that LBGT will be loosely pegged to BERA by setting it’s floor price at 1 BERA.
Are token contracts upgradable? No
Token Control: Multisig
Additional details on Token Control: The token contract is non upgradable and the only contract that can Mint LBGT is the BeraPawForge contract. The process is permissionless, but multisig can pause the mint and upgrade the contract.
Is the token contract verified? Yes
Is the token a standard ERC20 or any functions have been customized? (e.g. transfer, balance, mint, burn…) (If custom, provide a link to an audit.)*
Only Mint and Burn are customized to allow only BeraPawForge to execute those operations.
Can the token be paused? No transfer pause, only mint.
7 - First Incentive Token
1. What the first incentive token in the pool? BERA
8 - First Incentive Token Final Questions
1. Specify how many tokens per week you plan to allocate for incentives
30,000 BERA over 12-20 weeks.
2. Specify for how many weeks you plan to allocate incentives
12-20 weeks, depending on the incentives market and liquidity conditions.
3. Outline how decisions about token incentives are made (DAO, multi-sig, etc.).
For this budget multisig, long term we should be migrating to a DAO.
4. Incentive Manager address
0xe105B981bC871c6591a666424FF2368097836469
9 - What the second incentive token in the pool?
1. What the second incentive token in the pool? Liquid BGT - LBGT
10 - Second Incentive Token Final Questions
1. Specify how many tokens per week you plan to allocate for incentives LBGT bribing will come later in time, but is expected to follow the same value as BERA bribing strategy. 500-1500 LBGT (Will depend on market conditions and a lot of other factors.)
2. Specify for how many weeks you plan to allocate incentives
When BERA budget ends, We expect to keep a perpetual flow of bribe through LBGT.
3. Outline how decisions about token incentives are made (DAO, multi-sig, etc.).
Multisig
4. Incentive Manager address
0xe105B981bC871c6591a666424FF2368097836469
11 - Growth, Community & Ecosystem Impact
1. Why This Pool Matters:
1. How will this pool benefit Berachain and BEX?
The first immediate benefit for Berachain would be the decentralization of BGT, currently more than 50% of all BGT supply is in the hands of Infrared. By enabling LBGT, Berachain Foundation will be taking a great step towards decentralization and security of the network.
A deeper liquidity for LBGT will help the discovery of the true price of BGT, generate a lot of BEX fees as our integrations get online.
2. Will it deepen liquidity for a major ecosystem token (e.g., BERA, core stable asset)?
LBGT is highly correlated to BERA and also can be redeemed for BERA, this pairing with BERA will increase not only the liquidity but also its utility and composability;
3. Does it enable important trading pairs that drive adoption or integrate with other Berachain projects?
By enabling LBGT liquidity, it will be possible for us to work on integrations that require sufficient liquidity to be possible for instance with money markets (Dolomite, Beraborrow) and perpetuals (IVX, Bro Trade, MadHoney, AZex).
2. Potential Volume / TVL:
1. Provide metrics or estimates on liquidity you expect to attract.
After one week since launch we managed to get 160K organic liquidity on Bex through our incentives program. If the pool also gets powered by POL, we expect to reach $1M in liquidity in a matter of one month and move to $2-3M+ by the end of the initial bribe budget. Daily volumes are expected to be between $300K - $750K as more users will use LBGT to work with new integrations and arbitrage on BGT premium.
2. Highlight any known liquidity commitments. (If you or partners plan to seed the pool, provide proof of funds or a statement of intent.)
The pool growth was fully organic so far, and our future intent is to let the pool naturally grow through POL. While we work on seeding liquidity on other protocols that yet do not have a LBGT reward vault enabled.
3. Synergies with Other Protocols:
Yes, this pool is already routing through Ooga Booga and Magpie. Once we reach enough liquidity users will be able to use LBGT on money markets such as Beraborrow and Dolomite. Through perpetuals users will also be able to speculate on the price of BERA + BGT premium on IVX, MadHoney, Bro Trade and AZex. Yield farming vaults will be able to pass along BGT yield to their users and leverage LBGT yield on their set of strategies.
4. Marketing / Promotion:
Are there plans to co-market with another project to bootstrap liquidity?
Yes, we are already integrated with Beradrome in order to bootstrap LBGT liquidity and Beradrome TVL. We also have integrations planned with WeBera, BurrBear, AZex on the short term, and other initiatives with other projects that will follow next.
5. Long-Term Vision:
In our perception this vault will be the core liquidity of BeraPaw, as we get more integrations and LBGT liquidity across the eco. The pool incentivized by the vault in question will be the main route for liquidity for LBGT. With the potential to be routing BGT yield across multiple chains.
6. Verification:
https://x.com/0xBeraPaw/status/1897762741319774392
