Search…
⌃K
3⃣

bYSL

bYSL is a protocol-specific token that has an algorithmic relationship with Treasury-held BUSD.

What is bYSL and its benefits?

bYSL provides a unique opportunity for users to share in the success of our protocol through the growth of Treasury-held BUSD.
This has been made possible thanks to the algorithmic link between bYSL and our treasury contract. Put simply, as the balance of BUSD held by our treasury increases, so too will the value of your bYSL. And there's more good news! we have purpose-built our protocol to generate BUSD for the treasury in not just one, but a total of 22 different ways!
But that's not all - a key utility for bYSL will be an exclusive lottery event that occurs every 8 hours, known as SuperNova. The lottery offers an amazing basket of prizes that can only be won by those who sacrifice bYSL for BSHARE via the BSHARE AceVault. With this in mind, we can expect there to be a continual demand for bYSL as users strive to gain access to the lottery for a chance at winning big. In addition to the SuperNova, a bYSL holder will be able to earn USDy rewards by staking their balance in the bYSL vault, providing yet another layer of utility and functionality for bYSL.
With its unique utility and potential for growth, bYSL provides an incredibly exciting opportunity. This will not only create a virtuous cycle to keep demand high but also provide an incentive for further adoption. As a result, bYSL represents another key part of our protocol, one that we believe will help ensure our ecosystem continues to grow and thrive in the long term.

Salient features of bYSL include:

How does the value of bYSL increase?

The value of our protocol token, bYSL, is directly linked with the growth and demand of our protocol. With this in mind, we have intrinsically linked the value of bYSL to Treasury-held BUSD - enabling holders to share in the success of the protocol.

Treasury-held BUSD increases -> Value of bYSL increases

  • We have designed our ecosystem to ensure there are multiple ways in which BUSD will be generated for the treasury. This includes things such as our token taxes, buy-backs, the growth of protocol-owned liquidity and the xBUSD Vault. By having these various mechanisms set in place, holders can be confident that the treasury will always benefit from multiple sources of BUSD - thus creating a direct link between the growth of our ecosystem and the value of bYSL.
  • As our ecosystem grows and becomes more successful, so too will the value of bYSL. This creates a powerful incentive for all holders and will also help support a cycle of value creation that is needed for the continued growth of our protocol.
👉 TWENTY-TWO ways Treasury-held BUSD increases

How is bYSL linked to Treasury-held BUSD?

A special characteristic of bYSL is how its value is determined. Unlike our other tokens, the value of bYSL will be algorithmically determined by the protocol based upon the balance of Treasury-held BUSD and the supply of bYSL. "Algorithm" can be an obfuscating word, It conjures up images of complex equations and impenetrable walls of code - but in reality, an algorithm is simply a set of instructions that carry out a specific task.
The unique algorithmic relationship between bYSL and the treasury essentially means the value of bYSL is directly influenced by the balance of Treasury-held BUSD. To make it clear, bYSL is NOT an algorithmic stablecoin, nor pegged to any token.
At all times, the protocol will maintain two separate prices for bYSL based on treasury-held BUSD - the protocol price and the backed price.
So what's the difference? The protocol price captures the full value of the Treasury-held BUSD against a nominal supply of bYSL and will always apply when bYSL is purchased or sacrificed for the SuperNova. However, when it comes to the sale of bYSL (when bYSL is burnt for BUSD) the backed price may apply if a holder is attempting to sell a percentage of their balance that is greater than their Sigma Portal Rate (SPR). The backed price is a result of our BUSD Reserve Model (BRM) - and will utilise a nominal value (25%) of treasury-held BUSD as a backstop for bYSL. As a result, holders can be confident that they're able to burn their entire bYSL holding for BUSD at a predictable rate.
So there you have it! two prices, two different calculations, both linked to treasury-held BUSD.
👉 Learn more about the BUSD Reserve Model (BRM) and its benefits.

bYSL Protocol Price

  • To determine the bYSL protocol price, the algorithm will utilise the current value of the Treasury-held BUSD and a nominal supply of 10,000 bYSL.
  • The protocol price will only apply when a holder sells a percentage of their balance that is less than or equal to their current Sigma Portal Rate (SPR).
  • In other words, when a holder attempts to sacrifice bYSL for BUSD, and the amount being burnt is less than or equal to their SPR - the protocol price will apply.

The bYSL Protocol Price is determined by the following formula:

👉 bYSL Protocol Price​ = [ V / NS ]
Where:
  • V = Value of Treasury-held BUSD.
  • N = Nominal supply of 10,000.
👉 When does the bYSL Protocol Price apply?

bYSL Backed Price

  • To determine the bYSL backed price, the algorithm will utilise a nominal value of the Treasury-held BUSD (25%) and a nominal supply of 10,000 bYSL.
  • The backed price will only apply when a holder sells a percentage of their balance that is greater than their current Sigma Portal Rate (SPR).
  • In other words, when a holder attempts to sacrifice bYSL for BUSD, and the amount being burnt is greater than their SPR - the backed price will apply.

The bYSL Backed Price is determined by the following formula:

👉 bYSL Backed Price = [ NV / NS ]
Where:
  • NV = Nominal value of Treasury-held BUSD.
  • NS = Nominal supply of 10,000.
👉 When does the bYSL Backed Price apply?
Last modified 1mo ago