RFRV Yeetarded Buyback Vault

Reward Vaults
1

Intro

Inspired by the mechanics of the Henlo incinerator, apDAO treasury vault and QIA, the Yeetarded Buyback Vault buys and burns YEET tokens. It works by using Yeet protocol revenue (from Yeet BGT Auction, BakerDAO, and other sources) to mint wgBERA and make bribes which are matched by Smilee up to 1500 wgBERA per week.

The main difference from the vaults mentioned above is there is no recycling of earned BGT. All bribes are made 100% from Yeet revenue and Smilee matching, with no utilization of previously farmed BGT from this vault for new bribes.

1. Proposer Details

  • Email: pemby@yeetit.xyz
  • Proposer’s project name: Yeet
  • Proposer’s X account (you will be required to make a post from the X account provided for verification purposes): https://x.com/eatsleepyeet
  • Best Telegram Handle for questions/fixes: @lps0x

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

For example if the contract is a $EXAMPLE / $BERA pool on XYZ DEX, the proposer should be affiliated with the protocol (XYZ DEX) or one of the tokens in the pool (in this case, $EXAMPLE).

  • Affiliation (protocol / one of the tokens in the contract): Yeet core team

2. Protocol Details

3. Contract/Pool Details

  • Contract Name: YEET Buyback Machine
  • Contract Address: 0x4E1D8c85a1061816B22C109B221DEaD1690f9c00
  • Contract Type / Configuration: Custom contract
  • Describe how the contract works:
    • The contract is a simple ERC-20 which is owned wholly by Yeet
    • It is staked in the Reward Vault and rewards are farmed by Yeet. Rewards are used to buyback and burn YEET tokens, benefitting YEET token holders
    • 7.5% of yeeting volume in the Yeet BGT auction (as well as revenue from other sources at discrete intervals) will be used to mint wgBERA, and will be placed as bribes
      • These bribes will be matched by Smilee, at up to 1500 wgBERA per week initially, with potential to increase in the future
      • They will be matched by Smilee via sending the appropriate amounts of wgBERA to the Reward Vault directly
    • Rewards accrued are used to mint LSTs, and then are swapped to YEET which is burned
  • Contract Fees: None
  • Existing Liquidity / TVL: current liquidity and volume stats (if applicable): NA
  • Identify any address(es) controlling more than 10% of the contract shares: The contract shares technically be 100% owned by Yeet, but its beneficial owners are the YEET tokenholders
    • There are 12,557 holders
    • Adresses controlling more than 10%:
      • Player rewards smart contract (14.98%) 0xFeD81bE9A026211d82Cd06A3A2f384853cD0bB2B
        • YEET rewards given to users, which were paused. These are effectively owned by the Yeet treasury
      • Team and advisor vesting (14%) 0x2CDE9919e81b20B4B33DD562a48a84b54C48F00C
        • These are tokens held by a hedgey token vesting plan smart contract, where the beneficial owners are team members and advisors.
  • Is the contract upgradable? No
  • Contract Control: Multisig
  • Additional details on Contract Control: Yeet core multisig
  • Is the contract verified? Yes.
  • Can the contract be paused? No
  • Does the contract rely on oracles? No.

4. Token Details

Token details for incentive tokens:

Token 1:

  • Name: Wrapped BERA
  • Symbol: wBERA

Token 2:

  • Name: Wrapped gBERA
  • Symbol: wgBERA
  • Contract Addresses (on Berachain and bridging addresses if cross-chain): Berachain / 0xD77552D3849ab4D8C3b189A9582d0ba4C1F4f912
  • Tokenomics, Distribution, and Vesting: https://smilee-finance.gitbook.io/gbera-docs/system-architecture/contracts/wgbera-token
  • Identify any address(es) controlling more than 10%: wgBERA Address Identification - Google Sheets
  • Does the project issuing the token have any relationship with current Berachain validators? Yes
  • If yes, which one? Smilee Finance Validator, Infrared Validators, Chorus Oneap
  • Total Supply Cap (if any): NA
  • Circulating Supply: 4,560,315
  • Token Type: LST
  • Provide extra details: gBERA provides a decentralized liquid staking token for $BERA. wgBERA is a non-rebasing ERC4626-compliant alternative that increases in value relative to the underlying gBera. It will be possible redeeming 1:1, once withdrawals will be enabled on Berachain network, until then unstaking from gBera won’t be possible. There is no mechanism in place to guarantee the peg, people can swap in and out using the liquidity pool. Amplification parameter is 750.
  • Are token contracts upgradable? No.
  • Token Control: Permissionless
  • 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…): wgBERA is an ERC4626. convertToShare and convertToAsset functions have been adjusted to account for rewards accrued into gBERA (rebasing ERC20). Both wgBERA and gBERA designs are based on that of a standard LST.
  • Can the token be paused? No.

5. Token / Project Background / Incentive Token Whitelist

Indicate which tokens will be used and provide all relevant information below.

Required Data for Incentive Tokens:

  • Name: Wrapped BERA
  • Symbol: wBERA
  • Name: Wrapped gBERA
  • Symbol wgBERA

Additional Requirements:

  • Specify how many tokens you plan to allocate for incentives and over what period of time:
    • 7.5% of all volume in the Yeet BGT Auction will be used as bribes, in addition to 100% matching by smilee in wgBERA up to a cap of 1500 wgBERA per week.
    • Yeet may also use revenue from other product to supplement bribe amounts
    • Bribes will be done in volumes above a minimum of 10k per month, any amounts less than this will be supplemented from the Yeet treasury (none of the Yeet RFA will be used for bribe supplementation here)
    • These bribes will be made in perpetuity
  • Outline how decisions about token incentives are made (DAO, multi-sig, etc.). Multi-sig
  • Incentive manager address for wBERA: 0xda13539e80119d4abfd4354c208181ed675737dc
  • Incentive manager address for wgBERA: 0xda13539e80119d4abfd4354c208181ed675737dc

6. Growth, Community & Ecosystem Impact

Why This Contract Matters:

  • How will this contract benefit Berachain?
    • It creates a sink for BERA by continually minting wgBERA
    • It creates consistent bribing volume with leverage, as bribing is matched by Smilee
    • It creates buy pressure on an OG token in the ecosystem, which is exciting for the community
    • It can bring new users to the chain, and will be accompanied by a social campaign run by Yeet to further incentivize usage of the protocol which leads to more bribes
  • Will it deepen liquidity for a major ecosystem token (e.g., BERA, core stable asset)?
    • NA
  • Does it enable important trading pairs that drive adoption or integrate with other Berachain projects?
    • No

Potential Volume / TVL:

  • Provide metrics or estimates on liquidity you expect to attract.
    • NA
  • Highlight any known liquidity commitments. (If you or partners plan to seed the contract, provide proof of funds or a statement of intent.)
    • Smilee and Yeet will kickstart bribes, before they begin flowing in perpetuity from the Yeet BGT auction and other Yeet products

Synergies with Other Protocols:

  • Will this contract feed into any yield aggregators, lending markets, or liquid staking derivatives on Berachain?
    • It will benefit AMMs where Yeet has liquidity, as well as Smilee as it creates constant minting volume for wgBERA

Marketing / Promotion:

  • Are there plans to co-market with another project to bootstrap liquidity?
    • It will be comarketed with Smilee

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.)
    • This vault can evolve by becoming a main source of value accrual for YEET, and a bullish catalyst for the community to rally around - one of the most OG and yeetarded communities on the chain

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]”

Insert post link: https://x.com/eatsleepyeet/status/1942515770120102114

1 Like
RFRV Batch 16 Results
2

We support this RFRV as Smilee because we’ve strengthen a lot our partnership with Yeet during the last weeks - as we bribed together a lot on the wgBERA/YEET - and the upcoming v2 of their own protocol is really really interesting.

Beras stronk together.

1 Like
3

to supplement info on expected bribing volume, here is some data from yeet v1: https://dune.com/purif/yeet-the-game

please note that:

  • This is not a good indication of volumes on the Yeet BGT Auction (yeet v2) as v1 was more speculative, and v2 is more of a rational game with more predictable and guaranteed flows as it is an auction for guaranteed BGT, and we will be using our own reserves to kickstart that seperate flywheel. Info on that RV here: RFRV Yeet BGT Auction
  • volume in v1 has dwindled last few months as we have focused on other products
  • TLDR, we can guarantee bribing volume here for this reward vault. As mentioned, if Yeet v2 revenues (plus Smilee matching) do not meet the minimums required for whatever reason, we will supplement the bribes with our treasury resources