Reward Vault Request for stBGT / BERA LP on BEX

Reward Vaults
1

Bmbm! Robo from Stride here! We’re limited to only 2 links, so all links can be found in this document: Stride stBGT / BERA BEX Pool RFRV Links Doc - Google Docs

We’ll specify in this post when to reference the doc!

Summary of RFRV Criteria

  • Deployed Pool: Must already be live on BEX.
  • Deployed Tokens: Must have the incentive tokens live on a BEX pool.
  • Economic Value: Show significant TVL, trading volume potential, or strategic benefit.
  • Security: Use standard or audited contracts; tokens must be reputable.
  • Decentralization: Each token in the pair must show sufficient decentralization.
  • Transparency: Team/project info, audits, and open communication.
  • Synergy: Integrate with or benefit the broader Berachain ecosystem.
  • Community Support: Demonstrate genuine interest/demand.
  • Operational Safety: Clear ownership, upgradeability details, and compliance considerations.
  • Pair with a Major (Recommended): Major tokens are BERA, HONEY, BYUSD, USDC, wETH, and wBTC.
  • Verification: The proposer should be affiliated with the project and by extension at least one of the tokens in the pool

1. Proposer Details

  • Email
    • robo@stridelabs(dot)co
  • Proposer’s project name
    • Stride
  • Proposer’s X account (you will be required to make a post from the X account provided for verification purposes)
  • Best Telegram Handle for questions/fixes

The proposer should be affiliated with the project and by extension at least one of the tokens in the pool.

2. Pool Details

  • Pool Name (Example: WETH−BERA)

    • stBGT/WBERA

  • Pool Address: Insert the BEX pool contract address.

    • 0xb66d97C1dE2BC2b61EEf8EF9c761a87521DF207d

  • Pool Type / Configuration: Specify if the pool is a Standard 50:50 AMM, stable pool, or weighted pool (include weights if applicable).

    • Weighted 50:50 pool

  • Pool Fees: Outline the swap fee structure (e.g., 0.3%, 0.01%, etc.).

    • 0.3% swap fee

  • Existing Liquidity / TVL: If the pool is already live, mention the current liquidity and volume stats (if available).

    • $414.5k TVL
    • $64k 24h volume

  • Security: Does the pool use standard BEX factory contracts?

    • Yes

3. Token Details

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

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

  • Name

    • stBGT

  • Symbol

    • stBGT

  • Contract Addresses (on Berachain and bridging addresses if cross-chain):
    chain / address

    • 0x2CeC7f1ac87F5345ced3D6c74BBB61bfAE231Ffb

  • Tokenomics, Distribution, and Vesting (links to official docs, website, etc.)

    • stBGT is a liquid staked version of BGT issued by Stride. stBGT tokens are issued when whitelisted reward vault shares are deposited with Stride’s deposit vault contract and earn BGT emissions. The BGT are staked with validators, and the reward vault share owner is issued stBGT 1:1 with the BGT earned by their reward vault shares.
    • Stride website: See Links Doc
    • stBGT details: See Links Doc
    • stBGT Audit #1 (informal systems): See Links Doc
    • stBGT Audit #2 (informal systems): See Links Doc

  • Identify any address(es) controlling more than 10%
    (address / type: team, foundation, investor, etc.)

    • BEX Pool: 0xb66d97C1dE2BC2b61EEf8EF9c761a87521DF207d
    • stBGT staking contract: 0x4Be03f781C497A489E3cB0287833452cA9B9E80B

  • Does the project issuing the token have any relationship with current validators?

    • Stride delegates BGT to 8 Berachain validators currently, with plans to expand this over time, but these validators are otherwise independent from Stride. Their nodes aren’t owned by / whitelabeled for Stride.

  • If yes, which one?

    • Stakecito, Coinage x DAIC, InfStones, Validation Cloud, Enigma, TTT VN, NodesGuru, Rhino

  • Total Supply Cap (if any)

    • N/A

  • Circulating Supply

    • 38,986 at time of writing (increasing as new deposits come in)

  • Token Type:
    (Governance, Utility, Memecoin, Stablecoin, LST, RWA, Other)

    • LST

  • Provide extra details (e.g. Use case, Redemption mechanics, Peg stability)

    • stBGT is a transferable version of BGT. It can be LPed, used as collateral, or staked in the stBGT staking contract to earn HONEY staking rewards. stBGT is redeemable for BERA on a 1:1 basis at any time (this feature is live), protecting against depegs to the downside. Given the nontransferrability of BGT, stBGT can only be acquired by purchasing it or earning it via reward vault deposits. This has caused stBGT to trade at a slight premium to BERA (currently appx 1.3:1)

  • Are token contracts upgradable?

    • No

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

    • Multisig

  • Additional details on Token Control

  • 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.)

    • Standard ERC20

  • Can the token be paused?

    • The token contract itself cannot. Minting can be paused by the multisig

4. 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 (if not a major token):

  • Name
    • USD Coin
  • Symbol
    • (if the name and symbol match one of the tokens already provided or a major token, skip the next steps)
    • USDC
  • Token Contract Addresses (on Berachain and bridging addresses if cross-chain):
    chain / address
  • Tokenomics, Distribution, and Vesting (links to official docs, website, etc.)
  • Identify any address(es) controlling more than 10%
    (address / type: team, foundation, investor, etc.)
  • Does the project issuing the token have any relationship with current validators?
  • Total Supply Cap (if any) and Circulating Supply
  • Token Type:
    (Governance, Utility, Memecoin, Stablecoin, LST, Other)
  • If either token is a native stablecoin, LST, or governance token, provide extra details on Use case, Redemption mechanics, Peg stability
  • Are token contracts upgradable?
  • Token Control: (Multisig/Single Owner/RBAC/Permissionless/Governance)
  • Additional details on Token Control
  • Is the token contract verified?
  • 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.)
  • Can the token be paused?

Additional Requirements:

  • Specify how many tokens you plan to allocate for incentives and over what period of time.
    • 50,000 USDC over a period of 10 months
  • Outline how decisions about token incentives are made (DAO, multi-sig, etc.).
    • Multisig
  • 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)
    • 0x2678AFE043636b66bfe4e0f2873d0EfF8cC05C18

5. Growth, Community & Ecosystem Impact

Why This Pool Matters:

  • How will this pool benefit Berachain and BEX?
    • stBGT acts as an alternative to Infrared’s iBGT, giving users additional options and preventing over-centralization of BGT vote power on a single liquid staking provider, helping to make Berachain more decentralized. stBGT unlocks millions (billions in the long-term as more BGT is emitted) of dollars in otherwise inaccessible BGT liquidity for use in Berachain DeFi, helping to further perpetuate Berachain’s proof of liquidity mechanism and keeping BGT tokens staked in lieu of being burned for BERA. Since BGT cannot be purchased directly, new entrants to Berachain will purchase stBGT as a way to gain exposure to BGT. This should lead to high volumes which will drive additional fee revenues to BEX.
  • Will it deepen liquidity for a major ecosystem token (e.g., BERA, core stable asset)?
    • Yes. stBGT is paired against BERA, which will deepen liquidity for BERA on BEX.
  • Does it enable important trading pairs that drive adoption or integrate with other Berachain projects?
    • Yes! This stBGT / BERA pool will be the primary oracle / liquidation route for stBGT, which will help facilitate collateral integrations with projects like Beraborrow, Dolomite, and other lending markets. BGT emissions will directly increase market depth for this pool, making it possible for these lending markets to set higher deposit caps and LTV ratios. This will increase overall usage of these applications.

Potential Volume / TVL:

  • Provide metrics or estimates on liquidity you expect to attract.
    • stBGT supply currently grows at a rate of approximately 6000 stBGT per day due to the $40 million in deposits into Stride’s smart contracts. Liquidity is currently incentivized via a $200k USDC airdrop incentive on the pool (appx 81% APR).
    • With only 78 BGT in daily emissions and assuming equivalent yield compression, liquidity is expected to double from $377,000 to $750,000.
    • We expect to attract approximately 1000 BGT in daily emissions in the short term from a combination of these incentives and agreements with Berachain validators, leading to an estimated $3 million to $7 million in liquidity as more stBGT is emitted.
      • This would also lead to an estimated $200 million+ in vault deposit TVL as depositors add liquidity to the Stride vault in order to arb the stBGT premium created by the BGT emissions APR.
      • In this scenario, volumes are expected to range from $500,000 to $1 million per day in the stBGT pool.
  • Highlight any known liquidity commitments. (If you or partners plan to seed the pool, provide proof of funds or a statement of intent.)
    • N/A. All of Stride’s $37 million in deposits have been organic and driven by the $200k airdrop incentive and stBGT’s premium. We expect this growth to continue after the airdrop concludes, as stBGT is an attractive token to farm and hold relative to raw BGT.

Synergies with Other Protocols:

  • Will this pool feed into any yield aggregators, lending markets, or liquid staking derivatives on Berachain?
    • Yes. This pool will be the primary oracle / liquidation route for stBGT, which will help facilitate collateral integrations with projects like Beraborrow, Dolomite, and other lending markets.
    • We’re also talking with yield aggregators like weBERA to incorporate stBGT farming and staking strategies into their products, including this BEX pool.

Marketing / Promotion:

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

    • Not on this pool, but Stride intends to market this integration heavily from our own account, which has over 80,000 followers. We’ve also seen a lot of organic support from teams and parties in the Berachain community. For examples, see the links doc.

    • Longer term, Stride hopes to comarket with projects that integrate stBGT into their apps (beraborrow, weBERA, Kodiak, etc)

Long-Term Vision:

  • How could this reward vault evolve over time? (E.g., eventually becoming a core liquidity pair for BEX or a major stable pool for the chain.)
    • We expect BGT LSTs like stBGT and iBGT to be the denominations of choice for Berachain users seeking to earn BGT emissions. As such, this pool has the potential to be a primary incentives conversion pool for Berachain, routing volume from BGT emissions into hundreds of assets on BEX and other AMMs on the chain.
    • In the future, Stride could reallocate a portion of HONEY rewards received by stBGT stakers to incentivize the reward vault, helping the pool remain sustainable in the long-term.

6. Verification

Please post the following text with the provided X account:

“Submitted Reward Vault Request for [Pool Name] on BEX with incentive tokens [incentive token 1], [incentive token 2]”

Insert post link: See Links Doc

Final Reminder

A successful RFRV hinges on demonstrating:

  1. Security: Low smart contract and token risk.
  2. Demand: Community and liquidity providers want this pair.
  3. Ecosystem Benefit: Increases volume, TVL, or strategic positioning for Berachain.

Make sure to cover these points clearly to maximize your chances of passing the governance vote / RFRV!

1 Like
2

Pool has been whitelisted