Reward Vault Request for Spicy WBERA Vault

Reward Vaults
1
  1. Proposer Details
  • Email: eren@dkoda.xyz
  • Proposer’s project name: Wasabi Protocol
  • Proposer’s X account: @spicy_aff
  • Best Telegram Handle for questions/fixes: @spicy_af
  • Affiliation: Wasabi Protocol
  1. Protocol Details
  1. Contract/Pool Details
  • Contract Name: Spicy WBERA Vault
  • Contract Address: 0xc95ab9eff8fb48760703c74416764b8f898afa1b
  • Contract Type / Configuration: Custom Contract (ERC4626 w/ custom logic for PoL)
  • Describe how the contract works: When users deposit their assets, our vault mints a corresponding amount of vault shares. Instead of minting these shares to the user, as usually done with ERC4626 vaults, our vault mints the shares to itself and immediately stakes them in the RewardVault. A small portion of the shares (see Contract Fees below) is staked directly using RewardVault.stake, allowing us to take a fee on BGT rewards, and the rest of the shares are staked on behalf of the user using RewardVault.delegateStake. Our vault internally tracks how many of each user’s shares were staked directly for the reward fee, and calling balanceOf(account) on our vault returns rewardVault.balanceOf(account) + _rewardFeeUserBalance[account]. Similarly, when the user withdraws their assets, we use a combination of RewardVault.withdraw and RewardVault.delegateWithdraw to unstake the appropriate amount of shares before burning them.
  • Contract Fees: 10% of staking rewards
  • Existing Liquidity / TVL: After the official announcement today (03/27/25), vault received 54.8k $BERA ($469k) and already generated $650k in volume.
  • Identify any address(es) controlling more than 10% of the contract shares: Contract shares are given to depositors. One depositor provided the majority of the $WBERA in the vault, so they control more than 10% of shares. Their address is 0xe822ecac55a3a20bb4b24cdd83401eaa73dd3bb4.
  • Is the contract upgradable? Yes
  • Contract Control: Single Owner
  • Additional details on Contract Control: The owner address is a contract inheriting OpenZeppelin’s AccessManagerUpgradeable. In addition to the default ADMIN role, we add roles for LIQUIDATOR, ORDER_SIGNER and VAULT_ADMIN
  • Is the contract verified? Yes.
  • Can the contract be paused? No
  • Does the contract rely on oracles? No
  1. Token Details
  • Name: BERA
  • Symbol: $BERA
  1. Token / Project Background / Incentive Token Whitelist

Required Data for Incentive Token:

  • Name: HONEY
  • Symbol: $HONEY

Additional Requirements:

  • Specify how many tokens per week you plan to allocate for incentives: Wasabi’s earning ~50% (on average) on $BERA deposits through farming funding rates on perps such as HL. Majority of the yield will be allocated for the incentives. The number of weekly tokens will depend on TVL and funding yield if we assume a 50% yield on average and $2M in deposits. Wasabi can easily allocate ~18k HONEY ($18k) incentives per week. Scaling TVL will scale incentives.
  • Specify for how many weeks you plan to allocate incentives: As many weeks as possible. As long as the negative funding rates on perps continue, Wasabi will continue allocating incentives.
  • Outline how decisions about token incentives are made: Team
  • Incentive Manager address: 0x0e3dA0301C354b4046Bbc96604ED8267E709611a
  1. Growth, Community & Ecosystem Impact

Why This Contract Matters:

  • How will this contract benefit Berachain?

This pool will strengthen Berachain by bringing value (funding yield and volume) locked in synthetic perps (e.g Hyperliquid) back onchain. Pool generates significant real yield (average 50% APY) for BERA depositors by farming funding. Since strategies execute onchain, the vault increases $BERA volume on AMMs, naturally reinforcing token demand and LP incentives.

With PoL incentives, the pool creates a Yield flywheel, where:

  • Instant funding yield attracts deposits, reducing circulating supply.
  • Increased deposits unlock more yield, which is used to bribe validators to receive BGT rewards.
  • More BGT rewards reinforce higher yield for deposited BERA.
  • The cycle repeats, compounding funding yield and BGT rewards for depositors.

Potential Volume / TVL:

  • Provide metrics or estimates on liquidity you expect to attract: Vault is starting with a cap of $1M worth of BERA deposits and will scale up. Half of the initial cap was reached shortly after the launch.
  • TVL velocity (Volume/TVL) is at 1.4, meaning there has already been more volume generated onchain than TVL in vault.

Synergies with Other Protocols:

  • Will this contract feed into any yield aggregators, lending markets, or liquid staking derivatives on Berachain?

Spicy Bera Vault will settle trades on AMMs such as Kodiak, route trades through Ooga Booga, borrow from lending protocols such as Beraborrow, and feed into yield aggregators such as Euler. We’re happy to work with any protocol to bring more value to Berachain.

Marketing / Promotion:

  • Are there plans to co-market with another project to bootstrap liquidity?

Yes, working very closely with the foundation as well as core projects such as Ooga Booga, Kodiak, Yeet, Ramen, and Henlo.

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.)

Long-term vision is to bring all perp volume back to Berachain. This vault will power all pairs denominated in $BERA as well as the $BERA/$HONEY pair, which is expected to have the highest volume and deepest liquidity.

  1. Verification

Please post the following text with the provided X account:

2

Pool has been whitelisted