Boyco Markets Overview
As pre-pre deposit vaults cross $2bn in deposits, the date of Boyco launch quickly approaches.
Before go-live, we wanted to share a bit more about what Liquidity Providers can expect when supplying into the platform.
BERA Incentive Multipliers
Assets supplied into the Boyco program will fall into one of three categories:
- Majors - HONEY, USDC, wBTC, wETH, USDT(0)
- Third Party - Every other Asset
- Hybrid - Liquidity Pools with one Major Asset and one Third Party Asset
Markets are split into two broad buckets, with Third Party & Hybrid as Bucket One (55% of BERA), and Majors as Bucket Two (45% of BERA).
Additionally, markets are categorized as one of three types:
- Single Sided - One deposit asset, with a script supplying that asset unmodified into an application like a money market protocol.
- Stableswap - Asset(s) are supplied into a concentrated Liquidity Position with two correlated assets (low potential Impermanent Loss & price volatility)
- Volatile - Asset(s) are supplied into a concentrated Liquidity Position with two uncorrelated assets (more potential Impermanent Loss & price volatility)
To help ensure that Boyco curates effective markets for mainnet, BERA awarded to deposits will depend on both the type of Asset & type of Market.
- Final multipliers are subject to revision, but will be clearly posted on the start of Boyco
- Blank Cells denote that there are no Boyco markets in that category.
- Multipliers will scale with both TVL and Market Duration (e.g. 3 month lock will earn 3x the BERA multiplier as the same market with 1 month lock)
- Markets can either be dilutionary (e.g. uncapped size and rewards dilute with new deposits), or capped (fill not guaranteed)
- All incentives will be awarded on a cliff at the end of the market expiration
This framework attempts to ensure that there will be adequate liquidity across Majors, volatile pairs, stable pairs, and single-sided supply to cover all intended use-cases on Day One of Mainnet.
Application Scripts
As part of Boyco, each application sets a script that determines what is done with deposits once bridged to Berachain. Below, you can get a brief overview of each project, their deposit script, and a link to their audits.
Reminder that once deposited into a Boyco Market, funds are not withdrawable until the expiration of the market lock.
Note: Market information provided by Boyco teams and subject to change.
Beraborrow
Beraborrow enables users to deposit collateral assets into Dens, which mint their over-collateralised stablecoin, NECT. NECT can then be used throughout the Berachain DeFi ecosystem, unlocking further opportunities whilst maintaining exposure to the original assets. Their markets will supply minted NECT into either a Peg Stability Module (PSM) or a Liquid Stability Pool (LSP), via one of four strategies.
NECT/HONEY Island Strategy
Deposit USDC into Boyco. USDC is bridged & deposited into Beraborrow. Use 50% of USDC to mint an equivalent amount of HONEY. Using the other 50% of the USDC, mint an equivalent amount of NECT via the Beraborrow 1:1 NECT:USDC PSM module. Provide liquidity to the NECT-HONEY pool on Kodiak.
USDe/NECT Island:
Deposit USDe into Boyco. USDe is bridged & deposited into Beraborrow. Use 50% of this USDe to mint an equivalent amount of NECT, then provide liquidity to the NECT-USDe pool on Kodiak.
Single sided Liquidation Stability Pool
Deposit Asset into Boyco. Asset is bridged & deposited into Beraborrow. The Asset is then used to mint NECT at 300% collateral ratio, and then NECT is supplied into the Liquid Stability Pool.
Kodiak Island Liquidation Stability Pool
Deposit Assets into Boyco. Assets are bridged & LP'd into a Kodiak Island. The Island receipt token is deposited into Beraborrow, and used to mint NECT at 300% collateral ratio. NECT is then supplied into the Liquid Stability Pool.
BurrBear
BurrBear is a "One Stop Stablecoin Shop" for the Berachain ecosystem, showcasing pools for any kind of stablecoin trading. Their market will create a Stableswap Tri-Pool.
StableSwap
When USDC is supplied to the market, it is converted
- 1/3 to NECT via Beraborrow via CDP at 100% Collateralization Ratio,
- 1/3 to HONEY,
- LPed into the USDC/NECT/HONEY tri-pool.
Concrete
Concrete is a protocol building yield, money market, and derivatives strategies. Their Boyco Market is a vault that takes in assets to deploy on user’s behalf in the Berachain ecosystem.
Concrete Yield Vaults - Ethena and Lombard
Concrete Boyco Markets will take in two sets of assets:
- Lombard (LBTC and WBTC)
- Ethena (USDe and sUSDe)
After mainnet, the vaults’ respective strategies will manage DeFi positions on various partner protocols that received liquidity commitments during the Boyco phase. These include providing DEX Liquidity as well as supplying into lending protocols.
Audit
Vault Security Overview: Deposits from Concrete Vaults into Concrete Boyco markets are triggered through an admin multisig with two signers, requiring a 2/2 signature. Each signer is itself a multisig, namely:
- Leadership multi-sig that independently requires 2/4 signatures
- Company multi-sig that independently requires 3/6 signatures.
Both are required for execution.
D2
D2 Finance is a protocol building Tokenized DeFi Derivatives Strategies and bespoke derivatives trading, fully verifiable on-chain. Their Boyco offerings will have three different managed vaults - all taking in USDC, but each with different risk and allocation strategies.
dgnBeraland
sophisticated play for BERA exposure, leveraging a mix of DeFi efficiency, calibrated leverage, and options-based yield strategies.
Ideal for Degen, high-conviction investors seeking maximum smart upside (1x to 3x) on BERA.
Kodiak++:
Builds on the successful ETH++ model with over 120% ROI in 2024, now centered on Kodiak and BGT yield generation.
Employs looping with protocols like Dolomite and Beraborrow for dynamic position sizing on V3 and enhanced returns.
HyperBera USDC:
Expands on d2USDC's track-record of achieving ~20%+ APR, focusing on real yield over BGT maximization.
Balances conservative hedged strategies with robust risk-adjusted returns.
Vault Security Overview: Security Gitbook.
Dahlia
Dahlia is a permissionless, modular lending protocol that emphasizes advanced risk control and liquidity aggregation, built atop the Royco Protocol. Their markets will take in deposit assets to be borrowable on Berachain mainnet.
Asset Supply
Supply USDC or WETH into isolated markets:
- STONE/WETH
- WBERA/USDC
- sUSDe/USDC
Allowing other users to borrow the deposit asset by supplying the other as collateral later on Berachain mainnet.
Dolomite
Dolomite is a next-generation decentralized money market protocol that offers broad token support and capital efficiency with its virtual liquidity system. Their markets will take in assets as either supply-only or borrowable.
Asset Supply
Assets are deposited into Dolomite. If assets are borrowable, they are eligible to earn lending yield. Assets are enabled for withdrawal at the campaign's end date. Assets cannot be borrowed against.
Goldilocks
Goldilocks' yield splitting vaults enable users to trade the future earnings of yield bearing positions. Users can deposit assets into a yield splitting vault, and the vault will automatically use the assets to create yield bearing positions on supported platforms. Their Boyco markets will yield-split half of deposited assets, and LP the remainder against the OT (Ownership Token).
Yield Splitting + LP
Deposit XAsset on Ethereum Mainnet and bridge the asset to Berachain. On Berachain, mint XAsset-OT and XAsset-YT with a portion of the XAsset via Goldilocks, then pair the minted XAsset-OT and remaining XAsset to provide liquidity in the XAsset-XAsset-OT Kodiak Island, an automated liquidity management vault that tokenizes a "concentrated" range Uniswap V3 style liquidity position.
Infrared
Infrared is focused on building infrastructure around the Proof of Liquidity (PoL) mechanism pioneered by Berachain. The protocol aims to maximize value capture by providing easy-to-use liquid staking solutions for BGT and BERA, node infrastructure, and vaults. Deposits in specific Dolomite and Kodiak markets are eligible to be routed through Infrared.Note: Depositing into these vaults does not guarantee BGT emissions. Vaults will only receive BGT if a gauge is created for the LP and sufficient vote incentives are provided.
Kodiak: Infrared Vault
Deposit on Ethereum Mainnet and bridge the asset(s) to Berachain. On Berachain, provide liquidity in the respective Kodiak Island, an automated liquidity management vault that tokenizes a Uniswap V3 style liquidity position. Finally, stake the Island receipt token in the respective Infrared Vault.
Dolomite: Infrared Vault
Deposit on Ethereum Mainnet and bridge the asset(s) to Berachain. On Berachain, the assets are supplied in Dolomite, generating receipt tokens that are then placed into the corresponding Infrared vault.
These dTokens are eligible to earn Dolomite rewards and lending yield. From there, Dolomite can initiate the BGT whitelist process, and if approved, the Infrared vaults will begin earning iBGT.
Users may withdraw their tokens from Boyco at the end of the program. Lending yield is paid to the position in real time and additional rewards are paid in arrears. Upon withdrawal, users will receive an Infrared vault token. To get access to the underlying liquidity, users must withdraw their funds from Infrared, then redeem their dTokens on Dolomite via the Balances page.
Kodiak
Kodiak is a non-custodial DEX powered by concentrated and full-range AMMs. They also offer an Automated Liquidity Manager (ALM), known as Kodiak Islands, and a no-code Token Deployer, known as Panda Factory. Their Boyco markets will take in Univ2 LP tokens (either directly, or via a Zap), and then supply into a concentrated liquidity position in an Island on Berachain.
Kodiak: Volatile
Deposit on Ethereum Mainnet and bridge the asset(s) to Berachain. On Berachain, provide liquidity in the respective Kodiak Island, an automated liquidity management vault that tokenizes a "wide" range Uniswap V3 style liquidity position.
Kodiak: Stable
Deposit on Ethereum Mainnet and bridge the asset(s) to Berachain. On Berachain, provide liquidity in the respective Kodiak Island, an automated liquidity management vault that tokenizes a "concentrated" range Uniswap V3 style liquidity position.
Origami
Origami is an automated leverage protocol. Origami allows for folded Yield-Bearing Token (YBT) exposure with full automation, maximising capital efficiency whilst minimising risk of liquidation and bad debt. Their Berachain markets will take in stable deposits to farm BGT on Berachain Mainnet.
Origami BGT Stable Vault
Origami's market takes USDC deposits on Boyco. Deposits are then bridged to Berachain, with half minted into HONEY, then LP’d on BEX to generate a USDC/HONEY position. This LP token will then be staked into Proof of Liquidity - either natively or via infrared to farm (i)BGT rewards.
Audit
Vault Security Overview: Origami’s vault will be owned by a 2/4 multi-sig Gnosis. See more in their documentation.
SatLayer
SatLayer is a shared security platform designed to leverage Bitcoin as the primary security collateral. By deploying as a set of smart contracts on Babylon, SatLayer enables BTC restakers to secure any type of dApp or protocol as a Bitcoin Validated Service (BVS).
Restake BTC
Deposit Bitcoin LST (i.e. LBTC, SBTC, pumpBTC, solvBTC.BBN) into SatLayer, which is restaked to bring Bitcoin shared security to applications and infrastructure on Berachain and leading ecosystems.
Set & Forgetti, a THJ Joint
Set & Forgetti is the easiest way to farm native Proof of Liquidity rewards on Berachain. Just set it & forgetti about it.
S&F is built by The Honey Jar, the first and largest Berachain native venture studio & community chaos org, also the creators of Henlo and InterPoL.
S&F Stable Farm in Henlo Maxi mode
Users deposit USDC on Ethereum mainnet, which is then bridged and supplied into a vault. Deposits are incentived with Henlo points.
The vault is operated by a 3-of-7 multisig to swap half of the USDC to HONEY, add both assets to the USDC/HONEY liquidity pool on Bex, and secure the LP token in an InterPoL Locker. The LP is staked to earn BGT rewards, which are compounded into Henlo. At expiry, users can withdraw their stables plus accrued Henlo rewards.
Vault Security Overview: S&F will use a 3/7 Multisig to secure ownership.
