RFRV Reward Vault Request for yBGT/yBERA Kodiak Island

Reward Vaults
1

1. Proposer Details

  • Proposer’s project name : Bearn
  • Proposer’s email : admin@bearn.sucks
  • Proposer’s X account : https://x.com/Bearnsucks

The proposer should be affiliated with the protocol or at least one of the tokens in the contract.

  1. Protocol Details
  1. Reward Vault and Staking Token Details

  • Vault Name Kodiak yBGT | yBERA 0.3% Island

  • Reward Vault Address: 0xbD3d6db7b600B18252e2D5d21f29C5E61e1e3f05

  • Logo URL: boring-y-BGT hosted at ImgBB — ImgBB

  • Staking Token Address : 0x5347e5133b22A680Ee94b7e62803E848F8d8C92e

  • Submit a Google Sheet link identifying addresses controlling more than 20% of the Staking Token supply. ybgt/ybera list - Google Sheets

  • Is the Staking Token located on BEX? No

  • Specify the protocol where the Staking Token is located : Kodiak

  • Link to where the Staking Token is located : Kodiak Finance

  • Existing Liquidity / TVL : 12,000 yBERA / 5,000 yBGT

  • Describe how a user should acquire this staking token : Mint or swap for yBGT and yBERA. Deposit yBGT and yBERA into the Kodiak Island. yBGT can be minted with unclaimed BGT, or farmed through the Bearn vaults. yBERA can be minted and redeemed for WBERA at any time at a 1:1 rate.

4. Tokens Information

For each token in the pool/staking token, please provide

  • Name : Bearn BGT

  • Symbol : yBGT

  • Token Contract Addresses (on Berachain and bridging addresses if cross-chain):
    0x7e768f47dfDD5DAe874Aac233f1Bc5817137E453

  • Name : Bearn BERA

  • Symbol : yBERA

  • Token Contract Addresses (on Berachain and bridging addresses if cross-chain):
    0x982940eBfC5caa2F5b5a82AAc2Dfa99F18BB7dA4

5. Incentive Tokens

Only up to 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 Tokens:

  • Name : Bearn BGT

  • Symbol

  • yBGT

  • Token Contract Addresses (on Berachain and bridging addresses if cross-chain):
    0x7e768f47dfDD5DAe874Aac233f1Bc5817137E453

  • Tokenomics, Distribution, and Vesting : BGT derivative N/A

  • Identify any address(es) controlling more than 10%in un
    Treasury : 0x1d3C155281fa67c4f21d9654DD31Af3E288487c6

  • Does the project issuing the token have any relationship with current Berachain validators? No

  • If yes, which ones?

  • Total Supply Cap (if any) n/a

  • Circulating Supply : 13,000

  • Token Type:
    LST

  • If either token is a native stablecoin, LST, or governance token, provide extra details on : BGT lst token. Can be minted through Bearn vaults or directly using unclaimed BGT. This pool is main liquidity source, is also redeemable directly to BERA.

  • Are token contracts upgradable? No

  • Token Control: Multisig controls fees.

  • 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…)
    Standard

  • Can the token be paused? : No

Additional Requirements:

  • Specify how many tokens per week you plan to allocate for incentives: 5% of all yBGT Minted per week. This week it would have already been >500 in the first 3 days. Plus lp fees through Kodiak auto bribe program.
  • Specify for how many weeks you plan to allocate incentives : 52
  • Outline how decisions about token incentives are made (DAO, multi-sig, etc.). : Multisig
  • Incentive Manager address : 0xBEA7400025a9d1319CE333B5822f92D45C309EA4

Incentive Token #2

  • Name : BERA

  • Symbol

  • BERA

Additional Requirements:

  • Specify how many tokens per week you plan to allocate for incentives: All of the yield earned by the yBERA held in the LP pool. Currently earning 60% apr. So about .5% of total TVL of the pool per week. Plus lp fees through Kodiaks auto bribe program.
  • Specify for how many weeks you plan to allocate incentives : 52
  • Outline how decisions about token incentives are made (DAO, multi-sig, etc.) : Smart contract controlled by multisig
  • Incentive Manager address : 0xBEA7400025a9d1319CE333B5822f92D45C309EA4

6. Growth, Community & Ecosystem Impact

Why This Contract Matters:

  • How will this contract benefit Berachain?
  • Will it deepen liquidity for a major ecosystem token (e.g., BERA, core stable asset)?
  • Does it enable important trading pairs that drive adoption or integrate with other Berachain projects?

yBGT is a BGT liquid staking token that provides many benefits to Berachain. It has a unique product offering compared to other BGT options, and helps spread out ownership of the network. Providing liquidity for yBGT holders make the system much more sustainable and attractive in the long term.

yBERA is a vault that is 1:1 mintable and redeemable for WBERA so serves the same as pairing with WBERA. But the yBERA vault will allocate the deposited capital to lending markets such as Euler. This gives sustainable bribe sources for the pool and greatly increases capital efficiency of the network and BERA as an asset.

Potential Volume / TVL:

  • Provide metrics or estimates on liquidity you expect to attract.
  • Highlight any known liquidity commitments. (If you or partners plan to seed the contract, provide proof of funds or a statement of intent.)

In only two days of incentives we have achieved over $80k in TVL. Comparable vaults from competitors have millions of TVL each and hundreds of thousands of volume per day

Synergies with Other Protocols:

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

It helps power the Bearn BGT derivative that provides value back to Berachain, uses the Kodiak Island ALM, and yBERA deploys capital to other Bera protocols such as lending markets like Euler.

Marketing / Promotion:

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

Yearn, Kodiak.

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.)

The pair has the potential to be one of the first self sustaining Reward vaults, given yBERA’s ability to produce its own bribe incentives. It also sets an example for others that can pair their assets with yBERA to create more positive synergies, greater capital efficiency and more long term sustainability.

7. Verification

Please post the following text with the provided X account:

“Submitted Reward Vault Request for [Contract Name] on protocol [Protocol Name] with incentive tokens [incentive token 1], [incentive token 2]”

3 Likes
2

Minor edit to the request. To change the incentive Manager for both tokens to this smart contract. Whose sole job is to collect bribe tokens and then allow Bearn management to add them to the reward vault.

3

Something to note on the distribution of ownership of both the staking token. Almost all of the token is currently held by the Bera Reward Vault. That is because depositors are all coming through the already deployed Bearn vault. So to look at holder distribution, the Bearn vault is what should be analayzed. Bearn KODI yBGT-yBERA Compounding Vault (bcKODI yB

4

Positive proposals,cant wait :saluting_face:

5

Hi team, at the time of submission, the following concerns were identified:

  • Number of staking token holders is below the minimum threshold (Minimum over 100 Holders).
  • Pool liquidity is below minimum required threshold (Minimum of USD 100,000)
  • yBGT not in a tradable in a pool with at least $50K liquidity in a major asset

Please note that the following feedback doesn’t represent the opinions of the BGT Foundation. It is contextual feedback from the Bera ecosystem team with respect to publicly stated guidelines.

With the following changes implemented, this application should be a better candidate for a Reward Vault.

6

Hello,

Thanks for the response. Couple clarifying points.

Current TVL of the staking token is around $163k right now. Which about $68k is yBERA. This can be verified with using the getUnderlyingBalances function on the island which shows about 19k yBERA amd 17k yBGT making up the Island currently.

On the major asset pairing, yBERA is backed 1 for 1 at all times with WBERA and can be minted or redeemed at any time for/with WBERA. That means at the minimum it has the same positive effect to the BERA token and ecosystem as pairing directly with WBERA. But it also allows for more positive benefits, including improved sustainability for the pool, increased bribes for Bera validators/BGT holders, more capital efficiency on the BERA token, more BERA lending liquidity and better stabilization of rates across lending markets from our yield optimization.

Hoping the team can see the positive sum benefits of pairing with the yBERA token that allows for unique use cases that all are a net positive for BERA and the ecosystem.

It does appear that between the Bearn vault and the Island itself that the holder count is about 62. We will make it a priority to get that to 100 over the next few days.

7

Given the recent changes announced for the reward vaults to allow three incentive tokens. Can we also please request to add yBERA as the third incentive token.

0x982940eBfC5caa2F5b5a82AAc2Dfa99F18BB7dA4

This will allow a much easier integration with the Kodiak auto bribe program as well.