# Intro to Bracket ### **Powering the world's alpha. Bracket delivers a mature yield infrastructure for funds and strategy managers to run onchain yield and tokenize their product.** **Bracket provides vault managers with restricted accounts to insure user safety:** * Funds cannot be removed by the vault manager * The investment policy is clearly disclosed and is followed in terms of allowed chains, assets, protocols, functions, and leverage limits * The returns of the vault are computed and reported, accurately and consistently. * Any withdrawals and deposits are processed fairly * Transparent multi-vault view of the underlying holdings and exposures ## Getting Started with Bracket ### Jump right in {% content-ref url="/pages/j3y2UPd7jXxZTFPzgZmV" %} [Real-Yield Powered by Bracket](/bracket/real-yield-powered-by-bracket) {% endcontent-ref %} ### Learn more about Bracket as infrastructure {% content-ref url="/pages/g7iy245rPlpmNiBDLJm1" %} [Bracket as Infrastructure](/product/bracket-as-infrastructure) {% endcontent-ref %} ### # Liquid Staking Tokens (LSTs) On September 15th, 2022, the Ethereum network switched from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS). This means that to validate on the network, one needs to stake Ethereum. To stake, a user must deposit 32 ETH to become a validator and have the infrastructure to create new transaction blocks on the Ethereum blockchain when called upon.\ \ For those who may not have 32 ETH or are uncomfortable running validator infrastructures, pooled staking as a service is an option via LSTs. Pooled staking allows for users to deposit less than 32 ETH to a third-party service like Lido that stakes ETH in 32 ETH blocks and runs the infrastructure nodes. In exchange for someone using their service, a **Liquid Staking Token (LST)** is typically allocated/given to the stakers. When the validator receives block rewards, the rewards are distributed proportionately to the holders of the LSTs. LSTs accrue rewards in two different ways: * **Rebasing LSTs** - With these LSTs, the **amount** of your holdings goes up over time, but the **value** remains pegged to ETHs value. * **Non-Rebasing LSTs** - With these LSTs, the **amount** of your holdings never changes, but the **value** as denominated in ETH increases over time. A Rebasing LST can be turned into a Non-Rebasing LST via "wrapping". For Lido, the stETH is the symbol for the rebasing LST and wstETH is the symbol for the wrapped Non-Rebasing version of stETH.\ \ The benefit of LSTs include participating in the upside of Ethereum while also getting a constant flow of block rewards.\ \ **Popular Liquid Staking Products Include:**\ \ [Lido ](https://lido.fi/ethereum)\ [Rocket Pool ](https://rocketpool.net/)\ [Binance Staked ETH](https://www.binance.com/en/ethereum-staking)\ [Coinbase ETH](https://www.coinbase.com/price/coinbase-wrapped-staked-eth)\ and more... [More on Ethereum Staking and Pooled Staking](https://ethereum.org/en/staking/pools/)\ \ *LSTs are third-party products that carry their own risks, such as a slashing risk where the LST can be penalized for processing their blocks incorrectly or not rapidly enough.*
# Liquid Restaking Tokens (LRTs) Liquid Staking Tokens provided a tremendous innovation for DeFi, the ability to use a block-reward-earning token in day-to-day activity on-chain. The term "Restaking" refers to any protocol that allows holders to earn more rewards by staking LSTs again. Ecosystems like [EigenLayer](https://www.eigenlayer.xyz/) realized that restaking could be used to help extend Ethereum's security to other services. Thus, EigenLayer created a way for new services to use the pooled cryptoeconomic security provided by LSTs to power a new market of Actively Validated Services (AVSs). These services have the advantage of not having to bootstrap their own trust networks. \ \ Products such as [Etherfi](https://www.ether.fi/) and [Renzo Protocol](https://www.renzoprotocol.com/) have emerged to capture the interest in restaking. These and other similar protocols allocate assets called **Liquid Restaking Tokens (LRTs)** that represent the underlying ETH stake + rewards + any rewards that may accrue from Eigenlayer via restaking. \ \ **Liquid Restaking is just getting started and will extend far beyond EigenLayer.** Restaking tokens are typically restaked multiple times to earn rewards. This practice allows users to simultaneously accrue points from multiple LRT protocols at the same time based on one underlying LST holding. Users accrue points in the hope of participating in a protocol reward.\ \ *Liquid Restaking Tokens carry their own risks associated with slashing and other events that could lead to the devaluation/depegging of the asset. AVSs may not provide any yield at all, users should do their own research before buying any LRT asset.*
# Real-Yield Powered by Bracket Bracket platform ### Bracket's platform connects onchain assets to actively managed yield ### Motivation Bracket began its journey developing individual derivatives protocols. Bracket has years of experience delivering innovative products to market with collaborators like Binance Labs, GMX, and more. \ \ As markets matured, users and institutions alike demanded more passive products. Looking at the field, onchain yield and asset management markets were replete with inflationary rewards that mislead users about yield or simply reported them inconsistent with preexisting professional standards. ### What's missing to make onchain asset management work ? #### **High quality collateral** Bracket maintains that high quality collateral is the building block for yield. USDC, ETH, BTC are widely available and LPs are looking to deploy these assets preferentially. #### **Safeguards** A depositor entrusting a manager to implement a strategy would like to be on a platform that ensures the manager is staying within their stated investment mandate and is unable to remove funds from the platform. Today, strategy management products either provide no safety rails whatsoever or are so complex and require smart contract level integration that new managers can't easily interact with the platform. **Bracket is creating the best infrastructure for professional strategy managers to run their programs in a secure, transparent, and controlled environment. Users deserve to know where their funds are, what their asset exposure is, and to get consistent reporting. Bracket does this using administration roles within MPC wallets, related controls, and even supports custodial use-cases.** ### **Cohesive model to scale onchain asset management** A platform using digital assets as collateral must be able to handle:
* Asynchronous NAV updates * Non-custodial, and custodial control depending on the product * Familiar model for funds * Improved settlement times * MPC and wallet transfer controls * KYC/KYB * Lot level accounting * Reporting * Transparency * Data availability ### **Enter Bracket** **Bracket delivers the best way for users to deploy top on-chain collateral in yield opportunities while retaining their long exposure, all from a single platform with security and transparency. Bracket serves as a platform AND infrastructure for funds or protocols seeking to build on-chain TVL and deliver yield.** ### Benefits for stakeholders: **FOR USERS** * Access to top actively managed strategies with professional managers * Move between strategies that use a consistent and familiar UI * Performance will be calculated in a consistent and comparable way across strategies to maximize comparability using third party NAV administration * View balances consolidated across all strategies * Active managers, protocols, and on-chain strategies will be controlled and reported on transparently to the user with visible addresses. Users will know how funds are deployed by managers at all times, and can monitor individual positions if they so choose (e.g. debank real-time or API position reporting on platform) * Users will be able to see the white listed capabilities of the manager * For participating strategies, get access to transferrable tokens that can be used in markets and peer to peer with other allowlisted individuals
**FOR MANAGERS** * Build onchain AUM * Save time to market and improve distribution * Become an approved strategy manager to list your strategy opportunities on the platform or spin up a white-labeled solution * Get funds to deploy into your strategies to earn fees * Deploy tokens in your strategy as you normally would using browser injected wallets. Bracket's technology will permit whitelisted activity and only block activities outside of those boundaries. * Tokenized shares for approved allowlisted users unlocks liquidity and composability in DeFi * Cut settlement times down to instant * Manage front and back office in one place
**FOR TREASURIES** * Deploy latent assets to managers on the platform, get access to actively managed products without long lockups, or extremely high minimums * Select strategies based on your risk tolerances * Get faster liquidity than traditional fund lockups ## Why us? **Bracket is the right team to execute** * We have extensive experience building complex, on-chain products that have been successfully in production for over 18 months without incident * We have deep experience in Web3 dating back over 5 years * Deep traditional finance experience * Backed by Binance Labs * Our smart contract code is audited by Zellic and Guardian # Bracket Strategies: ETH+ Yield Bracket is an on-chain strategy management platform that connects the highest quality assets, LSTs, to the best yield opportunities while maintaining long ETH exposure. ### ETH+ refers to the ability to generate yield on top of ETH exposure. We believe in ETH as an asset and therefore believe that maintaining ETH exposure, plus additional yield is a smart strategy. \ \ Simply investing in an LST/LRT is a great start as it gives you exposure to block rewards as a base. Depositing that LST/LRT into the Bracket Platform provides additional yield opportunities via strategy vaults offered by top crypto managers. Each of the strategy vaults is designed to deliver yield on top of the block rewards you receive by simply holding an LST/LRT. In addition, you will receive [Bracket \[Bars\]](/product/bracket-bars), and if the LRT also has an active points program, you will stack those points as well. \ **ETH + LST/LRT block rewards + Strategy Vault Yield + Bracket \[BARS] + LRT points (if any)** \ \ So, in summary, Bracket Strategies allow holders of $brktETH will receive: * The native ETH return, **+** * Aggregate ETH staking block rewards, **+** * Continue to accrue points on their deposited LRTs (if any), **+** * Receive [Bracket \[BARS\]](/product/bracket-bars), **+** * Potentially earn high-returns by deploying brktETH in [Bracket Platform strategies](/product/bracket-platform) [While no returns are ever gua](#user-content-fn-1)[^1]ranteed, stacking on top of ETH with ETH+ we believe is a **winning combination.** [^1]: # Phased Launch Program Bracket is in Phase I of a three-phase launch of our Liquid Staked DeFi platform vision to deliver [ETH+](/bracket/real-yield-powered-by-bracket/bracket-strategies-eth+-yield) ### **PHASE I - Stake LSTs in Escrow (LIVE)** **Get first access to brktETH by staking in the platform.** \ *Subject to the terms and conditions then in effect.* * Bracket will accept supported LSTs/LRTs into our escrow until brktETH is launched in Phase II * Users will earn their LST/LRTs return + LRT points (if any) + Bracket \[BARS] during this phase * There are no restrictions on withdrawals * Users who withdraw early will keep their \[BARS] earned up to that point {% hint style="info" %} **WHY STAKE IN PHASE I** * **Earn more \[BARS]** the earlier and more that you stake * **Get first access to brktETH** claim and future rewards * Receive brktETH in Phase II, subject to the terms and conditions then in effect * **Best chance at highest yield tiers** in Phase II {% endhint %} ### **PHASE II - Get and use brktETH on the platform** **Deploy your brktETH into strategies** * Escrow stakers can claim their $brktETH from the smart contract escrow. * ***Bracket's first strategies will become available on the platform*** * BrktETH can now be deploy into professionally managed strategies to generate additional yield. * There is a [withdrawal process](/product/brkteth/redemption-and-withdrawals) where a user can trade in their brktETH and receive back their choice of an equivalent value of LST/LRT treasury collateral. * Users can deposit LST/LRT collateral and instantly receive brktETH ### **Phase III - Community programs to be announced** # Phase I: Stake Stake supported LSTs/LRTs into escrow to receive $brktETH in Phase II **Incentivized Liquidity Staking** {% hint style="info" %} **WHY STAKE IN PHASE I** * **Earn more \[BARS]** the earlier and more that you stake * **Get first access to brktETH** claim and future rewards * Receive brktETH in Phase II, subject to the terms and conditions then in effect * **Best chance at highest yield tiers** in Phase II {% endhint %} Stake supported LSTs/LRTs into escrow to be eligible to receive brktETH in Phase II. The first phase of your journey is to build the treasury in anticipation of launching brktETH in Phase II. Stakers may earn \[BARS] rewards points. Please see the [Bracket \[BARS\] section](/product/bracket-bars) for more info. In addition, stakers will continue earning the native rewards and points generated from the LST/LRTs staked. You may withdraw at any time, subject to the terms set forth in the [redemptions section here](/product/brkteth/redemption-and-withdrawals). You will keep any Bracket Rewards accrued and will get the value of the collateral staked in Phase 1. If a withdrawal is partial, your will continue to accrue points on the remaining assets. *** \ **Supported Assets on Ethereum and Arbitrum in Phase I**
AssetTickerSupported
EthereumETH, wETHYes
Lido Staked ETHstETH (Ethereum only), wstETHYes
Rocket Pool ETHrETHYes
Ether.fi ETHeETH (Ethereum only), weETHYes
Kelp Restaked ETHrsETHYes
Ankr ETHAnkrETHYes
Stakewise ETHosETHYes
StakestoneSTONEYes
Coinbase ETHcbETHYes
Staked Frax EthersfrxETHYes
*Note: Fo*[*r all staked assets, you will continue to accrue your LRT points thoug*](#user-content-fn-1)[^1]*hout all phases.* ### **Staking ETH Requires Swapping** If a user wishes to stake ETH or wETH, they will be required to swap into one of the supported LST/LRTs, before having that asset deposited into escrow. Bracket will use *Uniswap* as our DEX for this purpose. ### Why Stake with Bracket? * **Stake large and stake early to get more \[BARS]** * **Early stakers get first access to brktETH and highest tier strategy yield** * Receive brktETH in Phase II, subject to the terms and conditions then in effect * **Stack LST/LRT rewards** * **Incentivized liquidity for brktETH, which will be used on the platform to participate in strategies** ### **Staking Flow** 1. **Go to** [**bracket.fi**](https://www.bracket.fi) 2. **Select the Asset you would like to deposit.** 3. **Enter the amount you wish to stake** 4. **If you entered ETH or wETH, you will be prompted to SWAP into one of the supported LST/LRT assets. The swap process will sequence you through the swap and stake process.** 5. **Push stake and confirm transaction** 6. **Stake Success!** ## Claiming your brktETH After the Phase I escrow period is completed, you will be able to claim your $brktETH. All claims will occur on the Etereum network, even if you staked on Arbitrum. Please see [Phase II: Get and use brktETH](/product/phase-ii-get-and-use-brkteth) for escrow break process and supported assets in Phase II. [^1]: # Bracket Platform ### Bracket is the best platform to access actively managed yield Bracket introduces an onchain asset management marketplace and platform for qualified users. Opportunities can be denominated in Stablecoins and EVM assets. ### What makes Bracket a platform? What distinguishes Bracket as a platform vs just a set of applications is the following: * Choose from a list of vetted strategy mangers, with transparent and enforced investment policies * [Bracket Protector](/product/bracket-platform/bracket-protector) protects depositors by restricting strategy managers from straying from their stated investment policy. * For[ strategy vaults](/product/bracket-platform/strategy-vaults) you will be able to see at all time how your funds are being invested in terms of exposure to protocols, assets, and chains with visible addresses. For instance, general positions can be available by looking up the policy managed wallet provided for the strategy on an explorer like debank or octave. Bracket has these available in it's own dashboard. * Performance will be calculated consistently across strategies to maximize comparability * View balances consolidated across all strategies * Move between strategies that uses a consistent and familiar UI # Strategy Vaults On-chain strategies provided by top crypto-managers The approved strategy managers on the Bracket Platform will offer their various yield generating strategies as strategy vaults. Strategy vaults are where users deposit their tokens to participate in passive-investment opportunities. Vaults will have denominations including, ETH, USDC, and more. Professional strategy managers will offer **onchain strategies** in the form of vaults. **These are typically actively managed products. Bracket vault receipt tokens are NOT stablecoins.** ### Each Vault will Show: * Asset in which the vault is denominated * The investment statement from the manager of how they intend to generate returns * A history of return or, a target return for newly launched vaults * Any restrictions on deposits or withdrawals, and the associated delays of each * Fees that will be charged * The NAV value for the strategy, and the update schedule * The whitelist of investment capabilities the manager is allowed to invest in * Strategies may show or link to on-chain or other statistics on the current asset distribution including. * Chains * Protocols * Assets * Leverage used * Bracket works with third-party NAV providers such as Pennyworks on data for performance and subsequent NAV accounting. Bracket managers are not permitted to self-report NAV. * Transparency of positions are reported directly from Pennyworks to show exactly what is being used to calculate NAV. ### Safety **While no product is 100% safe, Bracket will provide a number of important services to improve safety.** Specifically, strategies will be controlled through a policy managed wallet (e.g. Fordefi)
* Managers will interact only with whitelisted on-chain activities * Some aspects of their stated investment strategy will be monitored and enforced by the platform * Performance will be calculated in a consistent way across strategies to maximize comparability * All terms set by the managers such as fees, withdrawal queuing, investment minimums and so on, will be enforced and managed fairly by the platform * The description of strategies and other details will be in a uniform and comparable format (as much as possible) * A process for a manager to[ change a vault's investment policy](/product/bracket-platform/changing-a-vaults-investment-policy). Users will not have a significantly change made to one of their investments vaults without the user explicitly being notified ahead of time with the ability to withdraw prior. * Custodial implementations will follow a different model, including off-exchange settlement such as copper clearloop, and managers/allocator/custodian will be encouraged to engage in triparty agreements to enforce the return of funds and whitelisted addresses. ### Rebasing Token A rebasing token is issued for each vault so the user can track their investment. A rebasing token has a number of shares and a balance. The balance is reported in the denominated asset of the vault and changes based on the vaults more recent Net Asset Value (NAV) per share. These values are reported via our front-end, but are also available via the shareOf and balanceOf calls directly on the smart contract. When an investment is made, the user specifies the amount of the denominated asset they would like to deposit. When a withdrawal is made, the number of shares to be sold must be specified. \ \ Wallets such as MetaMask use the balanceOf function to determine the value of your holdings for your shares. So can view your value in the denominated asset in your wallet in addition to the number of shares. ### Non-Rebasing Token A non-rebasing token (balance does not change) is required for most external markets. Bracket has a "wrapping" contract that allows eligible users to wrap their rebasing token. The wrapping tutorial can be reviewed [here](/user-guides/wrapping-and-unwrapping). ### NAV Each vault will periodically report official **Net Asset Values**, which is the value of the vault's assets per share *after* all fees, denominated in the asset of the vault (e.g USDC etc.). The NAV update frequency policy will be stated on the investment details page. The NAV is required to be updated on a regular schedule by the manager at a specific time of day. The schedule of NAV updates is detailed on each fund manager's detail page on the app. NAVs are provided by a third party administrator. \ \ **Once an NAV update time has passed, the vault will be temporarily locked until the NAV is updated.** Withdrawal requests are for future NAV updates, so they can still be entered at any time. When the NAV is updated, pending deposits and withdrawals that are scheduled to process that NAV will be valued according to that NAV. We also ensure the withdrawals are fully funded by the manager prior to accepting the NAV.\ \ To help avoid any bad NAV's being entered by managers, a set of rules are in place in terms of maximum deviation since the prior NAV evaluation, based on the market's performance. If our safety rules are triggered, there must be additional sign off on the change, perhaps after re-verifying the unexpected deviation with the manager is indeed correct. While Bracket *cannot* update NAV for a Managers, the manual review process is there to ensure the official NAV is accurate before it's accepted. ### Deposits Deposits entered before a NAV's update time are processed when the **next** NAV is updated. At the time the deposit is entered the amount of the denominated asset is known, but the number of shares cannot be determined until the next NAV is updated. Emails are sent to notify users when a deposit is made and then a second email when the number of shares are determined. ### Withdrawals Withdrawal requests are processed at future NAV update times. Please check each vault's withdrawal time delay policy. The reason for this is that the managers needs time to unwind their positions and fund the withdrawal amount. When a withdrawal is first entered, it is a *requested* withdrawal and a future timestamp is assigned when the user can come and claim their withdraw after the NAV update is updated for that claim time. So a user cannot actually claim at that exact claim time, and has to wait until the NAV is updated. The number of shares is known at the time of request, but the amount of the asset they receive for those shares is not known the next NAV update (similar to deposits). Even if the user comes back long after their claim timestamp, their claim amount of the asset is frozen as of that time.\ \ [**Timeline example**](#user-content-fn-1)[^1] **w/ ETH:** 1. Time X: The user requests a withdrawal of 10 shares. A time of time Y's NAV update is returned. 2. The next NAV will be calculated at time Y, and the amount of ETH returned for the 10 shares is known. 3. Time Y: The NAV is not yet processed so the user still cannot claim their withdrawal. 4. When the NAV is updated after time Y: Now the user can claim their withdrawal at the NAV previously calculated after time Y (step 2 above). We will send out an email at the time of request, a reminder email when the withdrawal is ready to be claimed, and a last email once the claim has been made. ### Fund Closing and Transitioning In the case of a fund closing, users will be notified and have to manually request withdrawals / manually claim on the platform. In the case of a fund transitioning to a new investment policy far different than the stated policy, the vault will be closed, users will be notified, and users will have to manually request withdrawal / manually claim their assets. \ \ *If a vault is to transition, notice will be provided and users can choose to make a withdrawal request or simply transition to the next vault. This happens when a vault is substantially upgraded, such as a new denominated asset is assigned by the manager and the vault must migrate to accommodate.* ### Vault Startup When a new vault is launched it has no funding. It is advantageous to give a short period of time for the fund to build up a minimum amount of capital before actually starting the fund management. During this pre-started period a user that deposits funds can withdraw their money immediately, with no delay or fees taken. When a vault starts, it begins with the NAV of 1.0 of the denominated asset per share, and any pre-deposited funds are brought in at that 1.0 valuation. After the vault starts, users are subject to the normal withdrawal period delays as described above. ### Calculations Descriptions **Vault APY estimation**\ \ Vaults will have an APY estimation that is annualized based on return since inception of the strategy. These figures are updated as managers post their NAV updates, either Vanity NAV and the Official NAV. ### **Vault tokens** **Transferability** \ \ Shares of the strategy vault *can* be made transferrable. These users will have to agree to the terms of the vault, which may involve onboarding, KYC, a wait time, etc. If an allowlist is required for transfers, users will be approved and allowlisted and the shares of the vault will unlock for transferability. There also may be circumstances where withdrawal policies require KYC. These situations are handled based on individual manager policies, products, and other factors. \ \ **What can you do with vault tokens?** Vault tokens are a claim on the underlying assets deposited in the vault at the corresponding NAV value. Further, managers may make these tokens transferable and available in DeFi / permissioned markets. Since most external markets take non-rebasing tokens, eligible users would need to wrap the token on Bracket. [^1]: # brETH Last update: June 6, 2026 ## wETH+ Alpha DeFi Yield Strategy Bracket is pleased to present the ETH+ Alpha DeFi DeFi Yield Strategy.\ \ **Administrator:**\ [Boreal](https://boreal.xyz/)\ \ **Deposits:** Daily\ **Withdrawals Requests:** t+1 \ \ **About the Strategy:**\ The strategy deploys to vetted DeFi protocols seeking risk-adjusted ETH-denominated yields. When appropriate, the strategy will borrow stablecoins against ETH to generate dollar denominated yields and continually purchase ETH to maintain 1:1 parity. Its objective is to generate market-neutral returns in DeFi by capitalizing on yield opportunities while managing risk and limiting exposure to market volatility. The administrator employs investment strategies adapted from traditional finance, such as liquidity provision, futures basis, yield arbitrage, and tactical leverage, to build robust systems designed to generate desirable risk-adjusted returns. The approach focuses on leading Layer-1 and Layer-2 blockchains and protocols and relies on extensive risk management expertise developed over multiple market cycles, ensuring strong performance and security. \ \ **DISCLAIMER: *****The strategy includes leverage, please review the wallet for your own due diligence.*** | Policy managed wallet | | ------------------------------------------ | | 0x8C2527051D0E98ad09211749FafbE1Aa590c01B3 |
Vault Token Symbol DescriptionContract Address
brETHRebasing vault token0x3588e6Cb5DCa99E35bA2E2a5D42cdDb46365e71B
Wrapped Vault Token (non-rebasing)DescriptionContract Address
wbrETHNon-rebasing vault token that may be deployable in external markets0x91094D333e018f81874D62E27522479BEC131b5f
Deposit assets supported
wETH
**Fees:** | Fee type | Fee | Notes | | ----------- | ---- | ------------------------------------------ | | Performance | 15% | Must exceed water mark for positive return | | TVL | 1.0% | Bracket platform flat fee | **Source of yield:** * **Liquidity provisioning**\ Identify the highest risk-adjusted yield opportunities by providing liquidity to leading decentralized exchanges and protocols * **Futures basis**\ Decentralized perps offer a basis premium to CeFi futures, while providing the opportunity to earn additional yield vs holding the spot * **Yield arbitrage**\ Risk infrastructure that maximizes capital efficiency safely via inexpensive tactical leverage against yield-bearing collateral * **Special situations**\ Actively seeks out opportunities to earn competitive yield while betting against assets with flawed fundamentals (eg, stablecoin depeg) **Enforced Capabilities:**\ \ **Policy Managed Wallet Address:** \ **0x8C2527051D0E98ad09211749FafbE1Aa590c01B3**\ \ Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the Vault Administrator can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges:\ \ **Chains:**\ Ethereum, Base, Arbitrum, Avalanche, Polygon, Optimism, Sonic\ \ **Decentralized Exchanges (DEXs)** The strategy leverages top DEXs to enable efficient asset swapping, liquidity provision, and yield opportunities: * Uniswap v3: Versatile DEX with concentrated liquidity * 1inch: Aggregates rates across DEXs for optimal pricing * Curve & Convex: Specialized in stablecoin trading with efficient liquidity * Balancer V3: Provides flexible liquidity pools * Aerodrome: Enhances liquidity and trading capabilities * Pendle: Tokenizes and enables trading of future yield * Spectra**:** Integrates AI-powered optimization for liquidity provision and trading efficiency **Lending and Borrowing Protocols** The strategy optimizes capital efficiency by employing robust lending and borrowing protocols: * AAVE & Compound: Trustless lending and borrowing platforms * Morpho Blue: Enhances peer-to-peer lending efficiency * Dolomite: Combines lending with margin trading * Frax Lend: Focused on stablecoin lending * Silo Finance**:** A decentralized lending protocol that creates isolated lending markets to minimize risk between assets * Euler: A non-custodial DeFi lending protocol that enables permissionless borrowing and lending with innovative risk management **Leverage and Advanced Lending** The strategy incorporates advanced tools for leveraging positions and unique borrowing solutions: * Gearbox: Offers composable leverage solutions **Cross-Chain Bridges** The strategy integrates various cross-chain bridges: * Stargate, Optimism Bridge, Base Bridge, Avalanche Core Bridge: Secure and efficient cross-chain solutions * Debridge & Across: Fast bridges for low-latency transfers * CCTP: Circle-powered stablecoin transfers * Superbridge & Arbitrum Bridge: Flexible bridging options **Supported Assets** The strategy supports a wide range of assets for liquidity, stability, and innovation: * LSTs (Liquid Staking Tokens): stETH, wstETH, rETH, weETH, cbETH, WBETH, * Ethereum-Based Tokens: ETH, wETH, savETH * Stablecoins: USDC, DAI, USDT, FRAXBP, TUSD, GUSD, LUSD, PYUSD, sDAI, USDS, USDe, crvUSD. * Other Lending/borrow assets: Pendle PT * wBTC: A wrapped version of Bitcoin for DeFi use cases on Ethereum **Blockchain Networks** The strategy ensures interoperability by utilizing multiple blockchain networks:\ Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche **Enforced Deposit and Withdrawal Policies:**\ \ ***Note that withdrawals are locked during the NAV update period.***
Action TypeCutoff
Deposit RequestDaily, submit prior to 17:30 UTC (1:30pm EDT)
Deposit Processed17:30 UTC (1:30pm EDT) + ~2hrs
Withdrawal RequestSubmit prior to 17:30 UTC (2:00pm EDT)
Withdrawal ProcessedDaily requests, but rolling daily schedule. Submit prior to 17:30 UTC, (1:30pm EDT); Typically available 1 day later + ~2hrs for processing
***Disclaimer**: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with* [Changing A Vault's Investment Policy](/product/bracket-platform/changing-a-vaults-investment-policy) *rules. \*Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see* [*Terms and Conditions*](https://www.bracket.fi/terms-of-service) *for more information.* # bravUSDC Last update: June 6, 2026 ## Avant+ DeFi Yield Bracket is pleased to present the Avant+ DeFi Yield Strategy. **Administrator:**\ [Boreal](https://boreal.xyz/)\ \ **Deposit:** Daily\ **Withdrawals Requests:** t+1 \ \ **About the Strategy:**\ The strategy is to deploy USDC into the Avant ecosystem which by default will be savUSD, but will also take advantage of incentivized liquidity pools, borrow/lend arbitrage, and fixed rate yield opportunities once available.
***DISCLAIMER: This strategy includes layered leveraged exposure, including exposure to Avant managed assets, which should be considered a more aggressive risk profile. Please review the wallets for your own due diligence.*** \ \ ***bravUSDC and the corresponding wrapped aset wbravUSDC are NOT stablecoins, they are vault receipt tokens.*** | Policy Managed Wallet | | ------------------------------------------ | | 0x8DFC158aE5EF57996950a219122F3D925457Eb0E |
Vault Token SymbolDescriptionContract Address
bravUSDCRebasing vault token0x9f96E4B65059b0398B922792d3fF9F10B4567533
Wrapped Vault Token (non-rebasing)DescriptionContract Address
wbravUSDCNon-rebasing vault token that may be deployable in external markets 0x7309E1E2e74af170c69bdE8FCB30397f8697D5FF
Deposit assets supported
USDC (ETH L1)
**Fees:** | Fee type | Fee | Notes | | ----------- | ---- | --------------------------------------------------------------- | | Performance | 20% | Must exceed water mark for positive return | | TVL | 1.5% | Bracket platform flat fee (1.0%) + Boreal management fee (0.5%) | **Source of yield:** * As the ecosystem matures and additional opportunities arise, the strategy will dynamically allocate capital to higher-yielding Avant-native protocols. * **Incentivized Liquidity Pools:**\ Participating in protocol-native liquidity pools where yield is enhanced through Avant or partner token rewards. These pools provide both base yield and ecosystem incentives, compounding potential returns. * **Borrowing /Lending Arbitrage:**\ Taking advantage of interest rate inefficiencies between Avant’s borrowing / lending markets and external protocols * **Fixed-Rate Yield Opportunities:**\ When fixed-income vaults or tranches become available within Avant or affiliated protocols, capital will be rotated into these positions to lock in stable yields, ideal for predictable income generation and risk management. The strategy is designed to be capital-efficient, modular, and responsive to yield opportunities as they emerge in the Avant ecosystem. Risk is managed by limiting exposure to concentration or liquidity fragmentation risks. Over time, as Avant introduces additional primitives or integrates with other protocols, the strategy will adapt.
**Enforced Capabilities:**\ \ **Policy Managed Wallet Address:** \ **0x8DFC158aE5EF57996950a219122F3D925457Eb0E**\ \ Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the Vault Administrator can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges:\ \ **Chains:**\ Ethereum, Avalanche (primary), Base (as available), Hyperliquid (as available), Plasma\ \ **Decentralized Exchanges (DEXs)** The strategy leverages top DEXs to enable efficient asset swapping, liquidity provisioning, and yield opportunities:
* Trader Joe: A leading DEX on Avalanche C-Chain * Pharaoh: Next Generation DEX, Concentrated Liquidity on Avalanche C-Chain * Uniswap V2/V3: Versatile DEX with concentrated liquidity * Pendle: Typically a yield protocol, however, this strategy uses for some swaps * Rewards : Blackhole DEX on avalanche protocol - used for BLACK rewards opportunities and some LP positions. WXPL - Wrapped Plasma token, received as rewards **Lending and Borrowing Protocols** The strategy optimizes capital efficiency by employing robust borrowing / lending protocols: * Silo Finance: A decentralized lending protocol that creates isolated lending markets to minimize risk between assets. * Euler: A non-custodial DeFi lending protocol that enables permissionless borrowing and lending with innovative risk management. * Benqi: A decentralized finance DeFi protocol on Avalanche that offers liquid staking and algorithmic lending markets, enabling users to earn yield on AVAX and other assets while maintaining on-chain liquidity. **Yield - Other** * The strategy integrates Avant protocol to access Avant assets. These carry native yields. * Avant: a decentralized stablecoin protocol on Avalanche that enables users to mint yield-bearing assets backed by strategies including delta-neutral, and market-neutral yields. * To find out more about Avant, please visit * ***\*Avant has risks including protocol risk, manager risk, and oracle risks. Please read through the risks before participation.*** [***https://docs.avantprotocol.com/disclaimers-and-other/risks***](https://docs.avantprotocol.com/disclaimers-and-other/risks) **Cross-Chain Bridges** The strategy integrates various cross-chain bridges: * Stargate, Avalanche Core Bridge: Secure and efficient cross-chain solutions * CCTP: Circle-powered stablecoin transfers **Supported Assets** The strategy supports a wide range of assets for liquidity, stability, and innovation:
* Avant Assets: avUSD, savUSD (staked), savBTC * Other BTC assets: BTC.b * Stablecoins: USDC, USDT, USDT0, USDC.e * Other native tokens: AVAX, wAVAX * Related LP assets: Silo/Euler have respective LP assets that are issued, the strategy will have exposure to these assets by participating in those markets **Blockchain Networks** The strategy ensures interoperability by utilizing multiple blockchain networks:\ Ethereum, Avalanche (primary), Base (as available), Hyperliquid (as available) **Enforced Deposit and Withdrawal Policies:**\ \ ***Note that withdrawals are locked during the NAV update period, 18:00 UTC (2:00pm EDT) + \~2hrs***\ ***Deposits can be made during the lock period.*** \ \ ***--***
Action TypeCutoff
Deposit RequestDaily, submit prior to 18:00 UTC (2:00pm EDT)
Deposit Processed18:00 UTC (2:00pm EDT) + ~2hrs
Withdrawal RequestSubmit prior to 18:00 UTC (2:00pm EDT)
Withdrawal ProcessedDaily requests, but rolling daily schedule. Submit prior to 18:00 UTC, (2:00pm EDT); Typically available 1 day later + ~2hrs for processing
\ ***--***\ \ ***Disclaimer**: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with* [Changing A Vault's Investment Policy](/product/bracket-platform/changing-a-vaults-investment-policy) *rules. \*Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see* [*Terms and Conditions*](https://www.bracket.fi/terms-of-service) *for more information.* # ETH+ Looping DeFi Yield Strategy Last update: Sept 19th Bracket is pleased to present the ETH+ Looping DeFi Yield Strategy **Administrator:**\ [Boreal](https://boreal.xyz/)\ \ **Deposit:** Daily\ **Withdrawals:** Weekly (t+7)\ \ **About the Strategy:**\ The strategy is to loop the [brETH](/product/bracket-platform/strategy-vaults/breth) token on Morpho up to 7x leverage, depending on market conditions. Risk management aims to maximize returns and minimize drawdowns by monitoring on-chain LTV and borrow costs. Typically this is maintaining <86% LTV. | Policy managed wallet | Vault Contract | | ------------------------------------------ | ------------------------------------------ | | 0xdE72B3D479076A230442a8E189F6b3e2EAccaAED | 0x1eF942401C74650a54319D4BD67D1CB69F548c96 |
Vault Token Symbol (a-token)
brETH-L
Deposit assets supported
wETH
**Fees:** | Fee type | Fee | Notes | | ----------- | ---- | ------------------------------------------ | | Performance | 15% | Must exceed water mark for positive return | | TVL | 0.5% | Bracket platform flat fee | **Source of yield:** * Leverage looping brETH to 7x in Morpho **Enforced Capabilities:**\ \ **Policy Managed Wallet Address:** \ \ **0xdE72B3D479076A230442a8E189F6b3e2EAccaAED**\ \ Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the Vault Administrator can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges:\ \ **Chains:**\ Ethereum **Lending and Other Protocols** The strategy optimizes capital efficiency by deploying assets in: * **Morpho -** Enhances peer-to-peer lending efficiency * **Bracket -** Strategy buys the brETH token to leverage loop it on Morpho
**Supported Assets** The strategy supports
* wETH * brETH * brETH-L
**Enforced Deposit and Withdrawal Policies:**\ \ ***Note that withdrawals are locked during the NAV update period, 17:30 UTC (1:30pm EDT) + \~2hrs***\ ***Deposits can be made during the lock period.*** \ \ ***--***
Action TypeCutoff
Deposit RequestDaily, submit prior to 17:30 UTC (1:30pm EDT)
Deposit Processed17:30 UTC (1:30pm EDT) + ~2hrs
Withdrawal RequestSubmit prior to 17:30 UTC (1:30pm EDT)
Withdrawal ProcessedDaily requests, but rolling weekly schedule. Submit prior to 17:30 UTC, (1:30pm EDT); available 7 days later + ~2hrs for processing
**Initial Calendar Example** | Action type | Date/Cutoff | Notes | | -------------------------- | ----------- | ------------------------------------------------------------------------------------------- | | Initial Deposit Request | TBD | Begins accepting deposits | | Deposit Processed | TBD | Cutoff by which time you need to deposit | | First Withdrawal Request | TBD | Cutoff to request withdrawal | | First Withdrawal Processed | TBD | When withdrawals will be processed and claimable. You'll have to manually claim on platform | \ ***--***\ \ ***Disclaimer**: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with* [Changing A Vault's Investment Policy](/product/bracket-platform/changing-a-vaults-investment-policy) *rules. \*Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see* [*Terms and Conditions*](https://www.bracket.fi/terms-of-service) *for more information.* # brUSDC Last update: Nov 3, 2025 ## USDC+ DeFi Yield Bracket is pleased to present the DeFi Yield USDC+ DeFi Yield Strategy. **Administrator:**\ [Boreal](https://boreal.xyz/)\ \ **Deposits:** Daily\ **Withdrawal Requests:** t+1 \ \ **About the Strategy:**\ The strategy deploys to vetted DeFi protocols seeking risk-adjusted USDC-denominated yields. Its objective is to generate market-neutral returns in DeFi by capitalizing on yield opportunities while managing risk and limiting exposure to market volatility. The strategy will be exposed to stablecoins at all times. The Vault Administrator employs investment strategies adapted from traditional finance, such as liquidity provision, futures basis, yield farming, yield arbitrage, and tactical leverage, to build robust systems designed to generate desirable risk-adjusted returns. The approach focuses on leading Layer-1 and Layer-2 EVM blockchains and protocols and relies on extensive risk management expertise developed over multiple market cycles, ensuring strong performance and security. Strategically allocates capital to low-risk trades, building a diversified portfolio of 7–12 positions with a turnover period of 2+ weeks. \ \ **DISCLAIMER: *****The strategy maintains some exposure to leveraged risk, including Avant. brUSDC and the corresponding wrapped asset wbrUSDC are NOT stablecoins, they are vault receipt tokens. Please review the wallets for your own due diligence.*** | Policy Managed Wallet | | ------------------------------------------ | | 0xB0d73407076aDd4a9A49C75C023990Ac34526714 |
Vault Token SymbolDescriptionContract Address
brUSDCRebasing token0xb8ca40E2c5d77F0Bc1Aa88B2689dddB279F7a5eb
Vault Token SymbolDescriptionContract Address
wbrUSDCNon-rebasing vault token that may be deployable in external markets0x3EBFa39649EFb8aa0B4e8dCCCd25884D8223c1ee
Deposit assets supported
USDC (ETH L1)
**Fees:** | Fee type | Fee | Notes | | ----------- | ---- | --------------------------------------------------------------- | | Performance | 30% | Must exceed water mark for positive return | | TVL | 1.5% | Bracket platform flat fee (1.0%) + Boreal management fee (0.5%) | **Source of yield:** * **Liquidity provisioning**\ Identify the highest risk-adjusted yield opportunities by providing liquidity to leading decentralized exchanges and protocols * **Futures basis**\ Decentralized perps offer a basis premium to CeFi futures, while providing the opportunity to earn additional yield vs holding the spot * **Yield arbitrage**\ Risk infrastructure that maximizes capital efficiency safely via inexpensive tactical leverage against yield-bearing collateral * **Special situations**\ Actively seeks out opportunities to earn competitive yield while betting against assets with flawed fundamentals (eg, stablecoin depeg) * **Yield Farming**\ Strategy can farm protocol incentives/rewards for liquidity and then liquidates these rewards **Enforced Capabilities:**\ \ **Policy Managed Wallet Address:** \ **0xB0d73407076aDd4a9A49C75C023990Ac34526714**\ \ Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the Vault Administrator can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges:\ \ **Chains:**\ Ethereum, Base, Arbitrum, Avalanche, Polygon, Optimism, Sonic\ \ **Decentralized Exchanges (DEXs)** The strategy leverages top DEXs to enable efficient asset swapping, liquidity provision, and yield opportunities: * Uniswap v3: Versatile DEX with concentrated liquidity * 1inch: Aggregates rates across DEXs for optimal pricing * Curve & Convex: Specialized in stablecoin trading with efficient liquidity * Balancer V3: Provides flexible liquidity pools * Aerodrome: Enhances liquidity and trading capabilities * Pendle: Tokenizes and enables trading of future yield * Spectra**:** Integrates AI-powered optimization for liquidity provision and trading efficiency * Trader Joe: offers users a comprehensive suite of DeFi services including token swaps, liquidity provision, yield farming, staking, and lending, all within a user-friendly platform **Lending and Borrowing Protocols** The strategy optimizes capital efficiency by employing robust lending and borrowing protocols: * AAVE & Compound: Trustless lending and borrowing platforms * Morpho Blue: Enhances peer-to-peer lending efficiency * Dolomite: Combines lending with margin trading * Frax Lend: Focused on stablecoin lending * Silo Finance**:** A decentralized lending protocol that creates isolated lending markets to minimize risk between assets * Euler: A non-custodial DeFi lending protocol that enables permissionless borrowing and lending with innovative risk management **Leverage and Advanced Lending** The strategy incorporates advanced tools for leveraging positions and unique borrowing solutions: * Gearbox: Offers composable leverage solutions **Yield - Other** * Avant: Yield protocol offering stable-value tokens like avUSD and yield-bearing counterparts such as savUSD, designed to provide users with accessible, risk-adjusted financial solutions through market-neutral strategies. The strategy maintains some exposure to Avant. **Cross-Chain Bridges** The strategy integrates various cross-chain bridges: * Stargate, Optimism Bridge, Base Bridge, Avalanche Core Bridge: Secure and efficient cross-chain solutions * Debridge & Across: Fast bridges for low-latency transfers * CCTP: Circle-powered stablecoin transfers * Superbridge & Arbitrum Bridge: Flexible bridging options **Supported Assets** The strategy supports a wide range of assets for liquidity, stability, and innovation: * Stablecoins: USDC, DAI, USDT, FRAXBP, TUSD, GUSD, LUSD, PYUSD, sDAI, USDS, USDe, crvUSD, LvlUSDC, avUSD, savUSD * Wrapped/Receipt/Reward tokens corresponding to approved protocols. * Various PT-tokens related to Pendle positions (variable) **Blockchain Networks** The strategy ensures interoperability by utilizing multiple blockchain networks:\ Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche **Enforced Deposit and Withdrawal Policies:**\ \ ***Note that withdrawals are locked during the NAV update period. Deposits can be made during the lock period.*** \ \ ***--***
Action TypeCutoff
Deposit Request1:30pm EST Monday (17:30:00 UTC)
Deposit Processed1:30pm EST Monday (17:30:00 UTC) + ~ 2hrs
Withdrawal RequestBy 1:30pm EST (17:30:00 UTC)
Withdrawal ProcessedDaily requests, but rolling daily schedule. Submit prior to 1:30pm EST, 17:30:00 UTC, Typically available 1 day later + ~2hrs for processing
\ ***--***\ \ ***Disclaimer**: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with* [Changing A Vault's Investment Policy](/product/bracket-platform/changing-a-vaults-investment-policy) *rules. \*Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see* [*Terms and Conditions*](https://www.bracket.fi/terms-of-service) *for more information.* # ETH+ DeFi Yield, \*CLOSED\* Last update: Aug 15th, 2025 {% hint style="info" %} **This existing ETH+ vault will transition to an UPGRADED**[ **ETH+ Alpha** ](/product/bracket-platform/strategy-vaults/breth) **vault on August 20th + up to 48hrs for last NAV update**. **Users of the existing vault have until August 11th to submit a withdrawal request**. **The vault will no longer take deposits after the 11th.** If no submission is made, funds will **automatically** transition to the upgraded [ETH+ Alpha vault](/product/bracket-platform/strategy-vaults/breth), which is denominated in wETH. If you transition, you receive shares at parity with prior investment in ETH+. This move is to improve potential returns for users. \ \ *Users can ALSO wait to withdraw after the transition, receiving equivalent amount of **wETH instead of brtkETH when claimable.** BrktETH will continue functioning normally as an aggregate token for LST rewards but NO LONGER serve as the denominated asset of the new ETH+ strategy.*
👉 ETH+ DeFi Yield vault will no longer accept deposits on Aug 11th 👉 Withdraws before Aug 11th: you’ll get back your brktETH > LSTs\ \ 👉 Final withdrawals will be processed on the last NAV lock, August 18th + 48hrs. The vault page will remain up so that any withdraw claims can be made after closure. 👉 If you remain in the vault through the last NAV lock: you’ll be transtioned to [ETH+ Alpha](/product/bracket-platform/strategy-vaults/breth) - if you'd like, you can submit a withdrawal from the upgraded vault after it starts, >August 21st 2pm EDT. {% endhint %} \ Bracket is pleased to present the first actively managed vault on the platform, the DeFi Yield ETH+ 10% Target rate vault\*\ \ **Administrator:**\ [Boreal](https://boreal.xyz/)\ \ **Target yield:** 10%\*\ *\*Target rate net of fees.* \ \ **Liquidity:** Weekly\ \ **About the Strategy:**\ The strategy deploys to vetted DeFi protocols seeking risk-adjusted ETH-denominated yields. Its objective is to generate market-neutral returns in DeFi by capitalizing on yield opportunities while managing risk and limiting exposure to market volatility. The administrator employs investment strategies adapted from traditional finance, such as liquidity provision, futures basis, yield arbitrage, and tactical leverage, to build robust systems designed to generate desirable risk-adjusted returns. The approach focuses on leading Layer-1 and Layer-2 blockchains and protocols and relies on extensive risk management expertise developed over multiple market cycles, ensuring strong performance and security.
Vault Token Symbol (a-token)
BBOR1
Deposit assets supported
brktETH
**Fees:** | Fee type | Fee | Notes | | ----------- | ---- | --------------------------------------------------------------- | | Performance | 30% | Must exceed water mark for positive return | | TVL | 1.5% | Bracket platform flat fee (1.0%) + Boreal management fee (0.5%) | **Source of yield:** * **Liquidity provisioning**\ Identify the highest risk-adjusted yield opportunities by providing liquidity to leading decentralized exchanges and protocols * **Futures basis**\ Decentralized perps offer a basis premium to CeFi futures, while providing the opportunity to earn additional yield vs holding the spot * **Yield arbitrage**\ Risk infrastructure that maximizes capital efficiency safely via inexpensive tactical leverage against yield-bearing collateral * **Special situations**\ Actively seeks out opportunities to earn competitive yield while betting against assets with flawed fundamentals (eg, stablecoin depeg) **Enforced Capabilities:**\ \ **Policy Managed Wallet Address:** \ **0xD40a658E89170B3FD28009aE55c4D98fe2ad6fb0**\ \ Funds movement is limited by the Bracket Protector for MPC wallets, the Policy Managed Wallet, with Bracket Platform serving as a policy administrator. Neither Bracket nor the fund manager/advisor can unilaterally withdraw funds out of this wallet. Funds are non-custodial and limited to the following protocols, assets, and bridges:\ \ **Chains:**\ Ethereum, Base, Arbitrum, Avalanche, Polygon, Optimism, Sonic\ \ **Decentralized Exchanges (DEXs)** The strategy leverages top DEXs to enable efficient asset swapping, liquidity provision, and yield opportunities: * Uniswap v3: Versatile DEX with concentrated liquidity * 1inch: Aggregates rates across DEXs for optimal pricing * Curve & Convex: Specialized in stablecoin trading with efficient liquidity * Balancer: Provides flexible liquidity pools * Aerodrome: Enhances liquidity and trading capabilities * Pendle: Tokenizes and enables trading of future yield * Umami: Focuses on providing sustainable and real yield strategies for DeFi users * Yieldnest: Enables cross-platform yield optimization by aggregating liquidity opportunities * Spectra**:** Integrates AI-powered optimization for liquidity provision and trading efficiency **Lending and Borrowing Protocols** The strategy optimizes capital efficiency by employing robust lending and borrowing protocols: * AAVE & Compound: Trustless lending and borrowing platforms * Morpho Blue: Enhances peer-to-peer lending efficiency * Dolomite: Combines lending with margin trading * Frax Lend: Focused on stablecoin lending * Moonwell: Decentralized lending and borrowing protocol native to the Base network, optimized for security and scalability * Silo Finance**:** A decentralized lending protocol that creates isolated lending markets to minimize risk between assets * Euler: A non-custodial DeFi lending protocol that enables permissionless borrowing and lending with innovative risk management **Leverage and Advanced Lending** The strategy incorporates advanced tools for leveraging positions and unique borrowing solutions: * Gearbox: Offers composable leverage solutions * Contango: Enables fixed-income and forward trading strategies * Beets (Beethoven X): A decentralized investment and trading platform built on Balancer, offering customizable liquidity pools and yield opportunities **Cross-Chain Bridges** The strategy integrates various cross-chain bridges: * Stargate, Optimism Bridge, Base Bridge, Avalanche Core Bridge: Secure and efficient cross-chain solutions * Debridge & Across: Fast bridges for low-latency transfers * CCTP: Circle-powered stablecoin transfers * Superbridge & Arbitrum Bridge: Flexible bridging options **Supported Assets** The strategy supports a wide range of assets for liquidity, stability, and innovation: * LSTs (Liquid Staking Tokens): stETH, wstETH, rETH, weETH, sfrxETH, cbETH, WBETH, METH, pufETH, liquidberaETH, ynETHx, stS, scETH, scUSD * Ethereum-Based Tokens: ETH, wETH. * Stablecoins: USDC, DAI, USDT, FRAXBP, TUSD, GUSD, LUSD, PYUSD, sDAI, USDS, USDe, USD0, crvUSD, USDR. * Other Lending/borrow assets: mwETH, GMWETH, Pendle PT * Other Native Tokens: OS, S * Other Wrapped Assets: wBTC: A wrapped version of Bitcoin for DeFi use cases on Ethereum, wOS, wS **Blockchain Networks** The strategy ensures interoperability by utilizing multiple blockchain networks:\ Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche, Sonic **Enforced Deposit and Withdrawal Policies:**\ \ ***Note that withdrawals AND deposits are locked during the NAV update period, 7pm EST Monday - 7pm EST Wednesday, weekly.***
Action TypeCutoff
Deposit RequestBy 7pm EST Monday (00:00 UTC Tuesday)
Deposit ProcessedBy 7pm EST Monday (00:00 UTC Tuesday)
Withdrawal RequestBy 7pm EST Monday (00:00 UTC Tuesday)
Withdrawal Processed1 week + approx 48hrs to finalize NAV after cutoff for the week, 00:00 UTC Tuesday. (8pm EST Monday)
**Initial Calendar Example** | Action type | Date/Cutoff | Notes | | -------------------------- | ----------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | | Initial Deposit Request | Opens Tuesday Jan 28th, 9am EST | Begins accepting deposits | | Deposit Processed | Monday Feb 3rd, 7pm EST (00:00 UTC Tuesday) | Cutoff by which time you need to deposit | | First Withdrawal Request | Monday Feb 10th, 7pm EST (00:00 UTC Tuesday) | Cutoff to request withdrawal | | First Withdrawal Processed | Monday Feb 17th, 7pm EST (00:00 UTC Tuesday) + approximately 48 hours to strike NAV | When withdrawals will be processed and claimable. You'll have to manually claim on platform | ***Disclaimer**: Dates listed above may be subject to change with or without notice. Supported assets, wallets, and/or protocols may be updated in line with* [Changing A Vault's Investment Policy](/product/bracket-platform/changing-a-vaults-investment-policy) *rules. \*Target rate for the vault is illustrative and the reported rate will depend on actual performance. Eligible users only, please see* [*Terms and Conditions*](https://www.bracket.fi/terms-of-service) *for more information.* # Bracket Protector Bracket utilizes MPC wallet administration and can support custodial wallet use cases The Bracket Protector is the technical implementation ensure the security of the [Strategy Vaults](/product/bracket-platform/strategy-vaults). Our security protects the users who entrusted their assets to the strategy manager. Bracket Protector limits what a strategy manager can do what is approved within their whitelist, which includes: * Moving between chains and using allowed bridges * Assets that can be held * Managing the withdrawal queue to ensuring users get their requested withdrawals ### **Policy Managed Wallets: non-custodial MPC wallet implementation** The Bracket Platform extends its security into MPC (e.g. Fordefi) wallets by serving as a policy administrator, whitelisting protocols and addresses, with the ability to set permissions, limit withdrawals to the platform, and approve certain changes to the policies via administrative quorum within the wallet infrastructure. \ \ **This flow would involve an EVM chain, smart contract controls, MPC policy managed wallet, and supported DeFi protocols** ### Custodial use-cases Bracket can also support custodial solutions where Bracket serves as a connecting infrastructure linking onchain assets to funds using custodial solutions like Zodia or Copper. These settlement networks combined with tri-party agreements can enable a custodial product for fund managers looking for a more traditional issuance approach. ### Bridging Since a Bracket Protector contract has been deployed for each strategy on each chain, managers can bridge their Strategy vault's funds between chains, if allowed based on their investment policy. In the case Policy managed MPC wallets are used, similar bridging restrictions are enforced by their restriction mechanisms.
# Manager Lending Managers lock up their depositor's brktETH to generate additional yield. ## Required for [ETH](/bracket/real-yield-powered-by-bracket/bracket-strategies-eth+-yield)[+](/bracket/real-yield-powered-by-bracket/bracket-strategies-eth+-yield) Returns Users deposit brktETH into Strategy Vaults so managers can attempt to generate[ ETH+](/bracket/real-yield-powered-by-bracket/bracket-strategies-eth+-yield) returns. The manager wants to maintain ETH exposure at all times. Therefore, managers lock up their brktETH as collateral and can either utilize the LSTs directly or borrow against them to maintain long ETH exposure. Locking up brktETH (or underlying collateral) is already giving them ETH exposure plus the block rewards for brktETH. In the case the LSTs are used as collateral for on-chain lending, the manager is charged an interest rate for the loan and must generate a return that exceeds the interest rate they are required to pay. ### Lending Facilities Bracket has approved three primary lending facilities for managers, AAVE, Compound, Morpho Blue. These facilities should have sufficient depth to borrow against LST collateral if required. Managers must monitor and manage their positions in order to avoid liquidation as well as generate a positive return. \ \ These protocols are whitelisted by default. # Strategy Manager Experience Making it an easy experience for Strategy Managers It is important to make the experience of using the Bracket Platform as easy as possible in order to both attract the best strategy managers, and to quickly on-board new strategies. {% hint style="info" %} **To apply to become a Strategy Manager on Bracket, or to inquire about using Bracket infrastructure as a service, please reach out to us at** [**contact@bracket.fi** ]() {% endhint %} After being vetted and accepted by Bracket as a Strategy Manager, managers will have the ability to list Strategy Vaults. This basic fund information will be stored offline in a database and accessed via screens in the manager only section of the platform. The specific information required is listed [here](/product/bracket-platform/strategy-vaults#each-vault-will-show). The [Bracket Protector](/product/bracket-platform/bracket-protector) model allows the manager to use their Policy Managed Wallets in the convenient ways they use them today on these various sites. The only difference is that the Policy Managed Wallet or Bracket Protector's logic (whichever is being used for the implementation) will stop them from doing any actions not specifically whitelisted. Managers will receive the denominated asset of strategy from qualified investors to then earn. Investors will then get shares of the strategy that CAN be made transferrable depending on the type of strategy and regulatory compliance. \ \ *In the case of brktETH, the manager must pledge their brktETH to receive underlying LST collateral. The manager can either deploy the LSTs directly or borrow against the LST at one of the approved lending protocols. The managers mission is to have their investments rate of return exceed the borrowing cost.* ### Platform Manager Conveniences Another advantage of using the Bracket Platform as a manager is that Bracket handles many of the services needed on behalf of the managers: * Manages the withdrawal queue * Tracks and reports performance * Communicates their performance and asset allocation to their depositors * Displays the NAV to the investors which is used for deposits/withdrawals * Allows them to make investment policy changes when needed as detailed [here](/product/bracket-platform/changing-a-vaults-investment-policy) ### **Vault Receipt Tokens** Using Bracket, shares of the strategy vaults can be made liquid and transferrable given users agree to specific terms of the vault/fund, and are KYC/AML approved. These users will then be put on an allowlist allowing transferability to others *also* on this allowlist. \ \ **Why is this important for funds and strategy managers?** * Today, high yielding or even custodial structures are limited to traditional onboarding and redemptions. There are no easy choices to get leverage or liquidity for these positions. Bracket infrastructure unlocks the potential liquidity for these assets and delivers a way to onboard, track, and manage who is able to use these tokens * Liquidity in vault tokens allows new users and institutions who would otherwise shy away from crypto fund structures or strategies to engage, providing more flexibility and potential for AUM * Users can eventually access permissioned markets for the vault tokens to gain leverage # Changing A Vault's Investment Policy Strategy manager's are forced by the [Bracket Protector](/product/bracket-platform/bracket-protector) and Policy Managed Wallet implementation to adhere to their investment policy. Over time, a manager may want to change their investment policy's capabilities. For example, they may want to add new assets, protocols, or chains. \ \ Therefore, when a manager requests a change to Bracket management, we assess the proposal as follows: * **LOW RISK:** Easily approved. For example: * Using a different “major” DEX or lending markets such sushiswap instead of Uniswap * Using a different high-market cap stable coin, e.g. DAI, USDC, USDT * Adding a select group of highest quality assets, e.g. BTC, some LSTs, etc. * **MID RISK:** Requires approval * Adding a new DeFi protocol * Adding a lower than highest quality asset * Small changes to investment policy * **HIGHER RISK:** In this case it is considered a major change, then the manager can put together a proposal. The fund will transition to the new rules on a given day as stated in the proposal. Investors who do not explicitly approve to be transitioned before the transition date will automatically have their funds returned shortly after the transition * **CLOSING THE VAULT:** If the manager wants to close a vault, investors will be notified. They will be required to manually submit withdrawal requests and manually claim their withdrawals once ready ### MESSAGING: For **significant, mid-risk** changes, a message will be delivered to the users to notify them of the change. A vault manager will also have the ability to send an arbitrary communication to their vault investors. The manager forwards their communication to Bracket and then once approved by Bracket it will be distributed. This could make sense in instances such as if there is an extraordinary and unexpected loss or gain. # Bracket as Infrastructure Vaults as a Service (VaaS) **Bracket is a powerful new tool enabling the onboarding of AUM in web3 and connecting assets to actively managed yield in a secure and transparent way.** Bracket currently works with the following stakeholders as a service provider: * Fund Managers * Treasuries * Protocols * Infrastructure providers/distributors If you are a fund manager or protocol seeking a way to onboard users to either a DeFi or Custodial yield experience starting from onchain, Bracket may be a fit.
{% hint style="info" %} **To inquire about using Bracket infrastructure, please contact us at: ** {% endhint %} ### **White Label Offering** \- Smart contracts\ \- Strategy/fund tokenization\ \- White labeled UI\ \- Notifications\ \- Email confirms\ \- Lot level accounting\ \- Graph QL / database services\ \- Onboarding flow integration with whichever service provider is required for KYC etc. by the strategy manager. We typically standardize this through our partner, Persona but are able to accomodate specific providers. Please inquire. ### **Fund Tokenization** Tokenization is the cornerstorne to liquidity and modularity for any vault. This added feature can improve accessibility of the strategy, allow markets to emerge, and improve chances for AUM growth for token holders. ### Fund onboarding * Fund permissioning can be added with KYC/KYB * Subscription services can be implemented to onboard users directly to the fund * Manage white list of users (transfers) ### **Transparency** Traditional hedge funds are not typically able to provide extreme transparency to activities both on and offchain for many reasons. However, as markets mature and more assets start their journey onchain, transparency of where these assets are being used, how, and in what protocols or exchanges becomes critical to building trust (see Ethena). \ \ Bracket can deliver a robust dashboard, plugging into existing onchain tools like octav, debank, and more, as well as APIs directly from exchanges / settlement networks to display real-time balances. Users need to know where assets are and what exposure they have to build confidence in the offer. ### **Time to Market** With Bracket, Funds, Protocols, and other distributors can reduce time to market, reduce startup costs, and ultimately work with a trusted technology partner. # Bracket \[BARS] Bracket \[BARS], our Points Program Backet has released its \[BARS] program to foster community and loyalty in the Bracket Community. The following describes how \[BARS] work and how they are distributed. The \[BARS] program will reward our community for staking in our escrow staking app, using our platform, participating in quests, and more. Boosts can "stack" and add up to more rewards. \ \ Please see the [examples](#example-calculations) at the end of this document for calculations and scenarios. \ \ \*\***Please be aware that the \[BARS] calculation is on a 24hrs schedule so please be patient after staking to see your \[BARS] balance.\*\*** *------*\ *For disclaimer, please see the* [*legal*](/resources-and-links/legal) *section.* # Phase I Staking ### **Conversion** Bracket \[BARS] = 1 point for notional $ per day\ *ETH / LST / LRT will be converted into notional $* ### TVL incentives #### TVL multipliers Deposits within each TVL Cap will receive a continuous points boost for Phase 1. | TVL cap | Boost % | | ----------- | ------- | | $0-50mm | 100% | | $51-100mm | 50% | | $101-$250mm | 20% | #### Size multipliers Boosts for larger deposits | Deposit size $ | Boost % | | -------------- | ------- | | $100K+ | 15% | | $500K+ | 25% | #### Asset multipliers Boosts for select assets will be announced\* | Asset | Boost | Start | End | | ------------ | ----- | --------------------------------------- | ---------------------------------------- | | stETH | 100% | August 5, 2024, 9:00 AM EST (14:00 UTC) | August 16, 2024, 5:00 PM EST (14:00 UTC) | | rETH | TBD | | | | eETH | 100% | September 2 9:00 AM EST (14:00 UTC) | September 14 9:00 AM EST (14:00 UTC) | | rsETH | 100% | August 19 9:00 AM EST (14:00 UTC) | September 14 9:00 AM EST (14:00 UTC) | | osETH | 100% | September 16 9:00 AM EST (14:00 UTC) | September 28 9:00 AM EST (14:00 UTC) | | STONE | 100% | September 30 9:00 AM EST (14:00 UTC) | October 12 9:00 AM EST (14:00 UTC) | | AnkrETH | TBD | October 14 9:00 AM EST (14:00 UTC) | October 26 9:00 AM EST (14:00 UTC) | | *Others TBA* | TBD | | | *\*Note: boosts will run for limited time periods, will not be available for the entire season.* ### Time incentives #### Early deposit Boosts for early staking deposits | Time staked (hrs) | Boost % | | ----------------- | ------- | | 0 - 72 hours | 300% | | 72 - 120 hours | 100% | | 120 - 192 hours | 50% | #### Continuous staking Boosts for long-term stakers | Phase | Boost % | | ------- | ------------------------------------------- | | Phase 1 | 0% | | Phase 2 | 25% boost for 4 weeks of staking in Phase 1 | #### Phase boost Boosts during certain Phases | Phase | Boost % | | ------- | ------- | | Phase 1 | 100% | | Phase 2 | 0% | ### Social incentives #### Referral boost Refer your friends and earn a boost | Referral | Boost % | | ------------------------------------------------------------------------------------------------------------------------------------------- | ------- | |

Example: you refer 5 friends who deposit $50,000 worth of LST / LRT. You will accrue 20% of their 50,000 points per day


| 20% | #### Social activity boost Boosts for completing social activities | \[BARS] per day | | --------------------------------------------------------------------------------- | | 50K points per wallet available for completing certain social activity and quests | #### Community boost Boosts for Bracket NFT, OG, buyers and LP providers | \[BARS] available | | -------------------------------------------------------------------------------------------------------------- | | 2 billion \[BARS] available for NFT holders, OG, buyers, LP providers, and other active community contributors | ### Example calculations: **1. Maximizing Example** **User deposits 150 stETH when staking in the $0-50mm TVL cap bucket and within the 0-72 hours window and remains staking into Phase II.** User will receive base points + 5 additional boosts (TVL, Early Deposit, Phase boost, Size, Continuous staking). | Points Boost | Calculation | Total Points | | ---------------------------------------------------------------------------- | ------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------- | | Base points | Assume 150 stETH = $525,000 USD = 525,000 points | 525,000 per day | | TVL boost | 100% x 525,000 Base points = 525,000 | 525,000 per day until the end of Phase I | | Early Deposit boost | 300% x 525,000 Base points = 1,575,000 | 1,575,000 per day until the end of 72 hours | | Phase boost | 100% x 525,000 Base points = 525,000 | 525,000 per day until the end of Phase I | | Size boost | 25% x 525,000 Base points = 131,250 | 131,250 per day until the end of Phase I | | Continuous staking boost (must stake at least 4 continuous weeks in Phase I) | 25% x Phase II Base points | Phase II base points will receive 25% boost per day | | Total |


|

3,281,250 per day until the boosts expire


Phase II start with 525,000 bonus + will receive 25% boost on Base points per day

| **2. Phase I Early Deposit Example**\ \ **User deposits $3,500 of stETH when staking is within the $0-50mm TVL bucket and within the 0-72 hours window.** User will receive base points + 3 additional boosts (TVL, Early Deposit and Phase boost).
| Points Boost | Calculation | Total Points | | ------------------- | ------------------------------------------ | ---------------------------------------- | | Base points | Assume 1 stETH = $3,500 USD = 3,500 points | 3,500 per day | | TVL boost | 100% x 3,500 Base points = 3,500 | 3,500 per day until the end of Phase I | | Early Deposit boost | 300% x 3,500 Base points = 10,500 | 10,500 per day until the end of 72 hours | | Phase boost | 100% x 3,500 Base points = 3,500 | 3,500 per day until the end of Phase I | | Total |


| 21,000 per day until the boosts expire | **3. Phase I Late Deposit Example**\ \ **User deposits $3,500 of stETH when staking is in the $101-250mm TVL bucket and within the 120 - 192 hours window.** User will receive base points + 3 additional boosts (TVL, Early Deposit and Phase boost). | Points Boost | Calculation | | | ------------------- | ------------------------------------------ | ---------------------------------------- | | Base points | Assume 1 stETH = $3,500 USD = 3,500 points | 3,500 per day | | TVL boost | 20% x 3,500 Base points = 3,500 | 700 per day until the end of Phase I | | Early Deposit boost | 50% x 3,500 Base points = 10,500 | 1,750 per day until the end of 192 hours | | Phase boost | 100% x 3,500 Base points = 3,500 | 3,500 per day until the end of Phase I | | Total |


| 9,450 per day until the boosts expire | *\*Users can also get additional rewards from social incentives, asset boosts, and more. These will stack with the previous boosts.*
**4. Carrying Deposit into Phase II Example** **User deposits $3,500 in stETH when staking is in the $101-250mm TVL bucket and within the 120 - 192 hours window and remains staking into Phase II after brtkETH issuance** User will receive base points + 4 additional boosts (TVL, Early Deposit, Phase boost, Continuous staking).
| Points Boost | Calculation | Total Points | | ---------------------------------------------------------------------------- | ------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------- | | Base points | Assume 1 stETH = $3,500 USD = 3,500 points | 3,500 per day | | TVL boost | 20% x 3,500 Base points = 3,500 | 700 per day until the end of Phase I | | Early Deposit boost | 50% x 3,500 Base points = 10,500 | 1,750 per day until the end of 192 hours | | Phase boost | 100% x 3,500 Base points = 3,500 | 3,500 per day until the end of Phase I | | Continuous staking boost (must stake at least 4 continuous weeks in Phase I) | 25% x Phase II Base points | Phase II base points will receive 25% boost per day | | Total |


|

9,450 per day until the boosts expire

Phase II start with 3,500 bonus + will receive 25% boost on Base points per day

| \ ***Note:** Phase 1 balance start at 0 and will rollover to Phase 2* \ ***For all examples:** Users can also get additional rewards from social incentives, asset boosts, and more. These will stack with the previous boosts.* \ *------*\ *For disclaimer, please see the* [*legal*](/resources-and-links/legal) *section.* # Phase II Platform ### **Conversion** Bracket \[BARS] = 1 point for notional $ per day\ *ETH / LST / LRT will be converted into notional $* ### Incentives #### Claim $brktETH Fixed boost to claim your $brktETH | \[BARS] per wallet | | ----------------------------------------------------------------------------------------- | | 25K points per wallet available for all Phase I stakers who claim $brktETH on ETH mainnet | #### Early deposit into ETH+ vault Boosts for early staking deposits | Time staked (hrs) | Boost % | | --------------------------------------------------------------------------- | ------- | |

Start: Jan, 28th, 2025 @ 14:00 UTC
End: Feb 3rd, 2025 @ 14:00 UTC

| 200% | #### Vault boost Boosts during certain vaults | Vault | Boost % | | ----------------------------------------------------------------------------------- | ------- | |

ETH+
\[Completed]

| 100% | |

USDC+
Start: June 5th, 2025 @ 00:00 UTC
End: June 17, 2025 @ 00:00 UTC

| 100% | #### Continuous staking Boosts for long-term stakers | Phase | Boost % | | ------- | ------------------------------------------- | | Phase 1 | 0% | | Phase 2 | 25% boost for 4 weeks of staking in Phase 1 | ### Social incentives #### Social activity boost Boosts for completing social activities | \[BARS] per day | | --------------------------------------------------------------------------------- | | 50K points per wallet available for completing certain social activity and quests | ***For all examples:** Users can also get additional rewards from social incentives, asset boosts, and more. These will stack with the previous boosts.*\ *------*\ *For disclaimer, please see the* [*legal*](/resources-and-links/legal) *section.* # \[IN] or OUT Game ### Intro We're thrilled to announce the launch of Bracket's very first game: \[IN] or OUT. This fast-paced, engaging game brings the excitement of crypto price prediction right to your fingertips. We've designed it to be both entertaining and fun, offering our community a unique way to interact with crypto markets. ### How It Works The game challenges you to predict short-term price movements of popular crypto assets like BTC and ETH. Here's how it works: 1. We present you with a price chart showing a specific range. 2. Your task? Predict if the price will stay "\[IN]" this range or break "OUT" within the next 10 seconds. 3. Make your choice, and watch as the market unfold in real time! Each round is a brief but thrilling 10-second adventure in price prediction. It's quick, it's exciting, and it's an excellent way to test and refine your market instincts. ### How to Play We've made \[IN] or OUT incredibly easy to access and play: 1. Connect your wallet to our app 2. Head to the "Play" page 3. Choose your prediction: Will the price stay IN or break OUT? 4. Sit back and watch the 10-second round unfold! \[IN] or Out is currently the star of our "Play" page, making it super easy for you to dive right in and stack more \[BARS]. ### Rules and Rewards We believe in rewarding our community, which is why we've implemented a player-friendly point system: * Earn up to 100 Bracket Points for each correct prediction. * No point deductions for incorrect guesses - it's a no-loss game! * Daily limit of 1000 Bracket Points per wallet to keep things fair. This system allows you to accumulate points risk-free, making every round an opportunity to win. ### More Than Just a Game While \[IN] or OUT is designed to be fun, we also see it as a tool for our community to hone crypto trading skills. By playing, you can: * Be a chad * Practice identifying short-term trends * High energy, infinite aura decision-making development ### Ready to Play? We can't wait for you to experience our first game, and it is more than just a game - it's a new way to engage with crypto, test your skills, and be part of our growing community. \ \ Head over to app.bracket.fi, navigate to the "Play" page, and join in the excitement. Whether you're a seasoned trader or new to the crypto world, the game offers a unique, fast-paced way to interact with market movements.
# brktETH {% hint style="info" %} As of August 11th, brktETH will no longer be utilized as denominated deposit asset in the [ETH+ DeFi Yield +10% Target Rate vault](/product/bracket-platform/strategy-vaults/eth+-defi-yield-closed). Please see the [ETH+ DeFi Yield 10% Target Rate vault page for more details](/product/bracket-platform/strategy-vaults/eth+-defi-yield-closed). BrktETH will remain as an asset for aggretated LST rewards on Bracket, deposits and withdrawals remain active. {% endhint %} **Bracket's smart contracts will allocate a new asset called brktETH.** brktETH is backed by a blended treasury of LSTs and LRTs. brktETH is a non-rebasing token, this means that holders of brktETH may not see their holding grow, but may instead see the value grow relative to ETH via the brktETH to ETH conversion rate. ### **Why brktETH?** * Blended composite of LST/LRTs creates fungibility in the underlying LST collateral * Diversifies exposure to any one treasury asset * More capital efficient due to the fungibility * Receive aggregate ETH block rewards + continue to accrue points on your deposited LRTs + receive Bracket \[BARS] * There is a withdrawal process where a user can trade in their brktETH and receive back their choice of an equivalent value of LRT/LST treasury collateral. # Escrow Staking ### How will Escrow Staking (Phase I) work and how is brktETH allocated? Users can deposit supported LSTs and LRTs into Escrow on either the Ethereum or Arbitrum networks. In Phase II when escrow breaks, users will receive an equivalent value of newly minted brktETH based on the collateral's value at the time escrow breaks. A user may withdraw at any time during Escrow with no penalty and will keep any [Bracket \[BARS\]](/product/bracket-bars) that have accrued. A partial withdrawal may continue to accrue points on the remaining amount. If a user does not want to participate in Phase II and receive brktETH, they must withdraw their collateral prior to Phase II escrow break. The user will receive back exactly the tokens the deposited. The mechanics of how the Escrow contract functions is detailed in the [Phase I section](/product/phase-i-stake).\ \ **At the time of escrow break, brktETH will have an initial brktETH to ETH conversion rate of exactly 1.0.** All escrowed assets will be valued at their conversion rate to ETH at that time, based on the LST protocol's official conversion rate. For example, if a deposit of 2.0 wstETH was made and each wstETH is worth 1.3 ETH at time of escrow break, then the user would be allocated 2.6 brktETH at a 1:1 conversion rate with ETH.\ \ This initial 1:1 conversion rate will then begin to rise overtime as brktETH's value grows due to the LST/LRT treasury's growing in value. There will be a one-time lock period for up to 7 days to allow time for the Arbitrum funds to bridge to Ethereum mainnet. The block rewards on brktETH will continue to accrue during that time. At the end of that short lock period, one brktETH will be worth slightly more than 1.0 ETH, and can then be invested in strategies or redeemed.\ \ **If a user remains in the protocol during the lock, they will be REQUIRED to claim brktETH. Underlying assets will not be redeemable until the user claims brktETH.** ### How will brktETH be allocated by the smart contract *after* Escrow Staking? **After** Escrow Staking (i.e. Phase II), users can deposit supported LSTs and LRTs and receive an equivalent value of brktETH **immediately.** New brktETH can only be allocated or redeemed on Ethereum. # Contract ### brktETH's contract live on Ethereum Although our escrow contract was deployed on both Ethereum and Arbitrum networks, after brktETH is allocated, the **brktETH contract will live on Ethereum**. Technically, the escrow contract will call the brktETH contract to mint brktETH in exchange for its escrow collateral. The escrow contract will receive brktETH that can now be claimed by users, and the brktETH contract will have it's treasury funded with the assets that were previously in the escrow contract. Like other LST/LRTs, you will be able to bridge your tokens to other chains. However because the most common use case will be to invest in strategies within the Bracket Platform, we anticipate the vast majority of users will keep their brktETH on Ethereum. As we describe in the [Bracket Platform](/product/bracket-platform) section, Strategy managers will be able to bridge assets multi-chain to generate yield for their strategy depositors.\ \ **Address**: 0x6C8550167BbD06D4610a6A443eCbEd84Bd1AccD6 # Determining Price ### How is brktETH's value/price determined? The price of brktETH relative to ETH is based solely on the aggregate value of its treasury's assets. The amount of assets will be available on-chain and be transparent for anyone to query. The value of the underlying assets will be determined by calling the collateral protocol's contracts to provide conversion price of their LST to ETH, and not market price.\ \ The price of brktETH relative to ETH will be calculated as the ETH equivalent value of all the underlying collateral divided by the amount of brktETH allocated by the smart contract. This price will be dynamically calculated on the Ethereum network via an on-chain smart contract function. **BrktETH Block Reward Rate Estimation** brktETH has an estimated APY rate shown on the application. Soon after launch, this APY will be calculated based on a weekly period, 00:00 UTC to 00:00 UTC. Below is an **example** calculation of brktETH value based on weekly brktETH/ETH conversion rates\ \ TODAY: brktEthConvTODAY 00 UTC = 1.001862141078718353 LAST WEEK: brktETHConvONEWEEKago 00 UTC = 1.001321264743294901 **Calculation estimation** estBlockRewards = 100 \* (( 1 + (brktEthConvTODAY - brktETHConvONEWEEKago))^52 - 1) = **2.851698933%**\ \ **--** # Redemption and Withdrawals ### Redeem your brktETH **Users will have the option to redeem brktETH at zero fees (not including gas) for underlying collateral on Ethereum.** ### Token Availability and Swaps * Users can request to redeem any available asset in the treasury. #### Redemption Fee Policy No redemption fees will be charged, however, we reserve the right to institute a fee later if the withdrawal function is being used too frequently for arbitrage. **All redemptions are delayed 5 days.** Redemptions are priced based on the LST’s redemption conversion rates to acquire the underlying ETH at the time the deposit is requested. No pricing oracles are used. Users will need to return to the site to redeem their underlying assets after 5 days. **Redemption Price Example:** If xLST has a redemption conversion factor of 3.0 to ETH and brktETH’s conversion factor is 1.5 to ETH. Regardless of the current price market price of the assets, a user receives 0.5 of xLST for each one brktETH redeemed, in 5 days. *** **Note:** The reason we have a 5 day delay is to discourage users from using brktETH as a zero-cost swap facility. This strategy is designed to ensure fair and transparent redemption processes while maintaining the flexibility and security of our treasury funds. # Rewards and Points Accruals ### Rewards Holders of brktETH can stack and accrue rewards and points. They will receive: * The native of ETH return, + * Aggregate ETH staking block rewards, + * Continue to accrue points on their deposited LRTs (if any), **+** * Receive [Bracket \[BARS\]](/product/bracket-bars), + * Potentially earn high-returns by deploying brktETH in [Bracket Platform strategies](/product/bracket-platform) ### Points Distribution Policy As highlighted above in purple, some LRTs still have active point programs running. Bracket understands that users want to stack their points within brktETH in addition to earning [Bracket \[BARS\]](/product/bracket-bars). Although users are no longer tied to any specific asset for withdrawals as they were during Phase I, Bracket still tracks off-chain who deposited each asset and its value in USD at the time of deposit. This is used for points accounting. Bracket has relationships with all of the LST protocols on our platform, and exchange data with them daily to track points. Points are distributed based on the proportionate net value of assets deposited that still remain in the platform at the time points are distributed. *Please see the* [*Bracket \[BARS\]*](/product/bracket-bars) *page for more detail about the Bracket points you an earn.* **Example:** For a hypothetical LST's xETH and yETH, if User 1 deposits $10k of xETH and later User 2 deposits $40k of xETH, but User 3 withdraws some xETH leaving the total holdings at $25k xETH, any points received from xETH will be distributed proportionately. * User 1: Receives 20% of the points (equivalent to $5k of xETH). * User 2: Receives 80% of the points (equivalent to $20k of xETH). Partial withdrawals (or transfers) are handled proportionately. In the example above, the total holding of xETH was less than deposited due to User 3 taking out xETH. However, this can also work to the user’s benefit. If a user deposits xETH but then takes out yETH, there is then excess xETH in the treasury, so each xETH depositor will receive more points than they would have normally have expected by holding the underlying xETH asset.\ \ **Bracket does NOT collect your points, we tell the various LST protocols which wallet to credit and you continue to accrue and redeem points at their websites.** # Fees ### Fees We take platform fees when our users are profiting. Therefore, we intend to minimize the fees for brktETH to the direct expenses we incur in the administration of the token. Bracket charges a small fee to cover the administrative costs for brktETH. Bracket expenses of running brktETH include: * Occasional treasury re-balancing costs * Working with new LST/LRTs to expand the assets accepted by our treasury * Monitoring the risk of the assets accepted in the treasury * Upgrading the brktETH smart contract when needed * Manage the unallocated-points from partner LSTs/LRTs, not allocated to a particular depositor * Other administrative tasks **To cover these costs we will initially be charging a 0.02% annual fee on the treasury assets.** The fee will accrue continuously. So for example, if the treasury base rewards returned 3.5% annually, we would return 3.48% in value to the holders of brktETH. We reserve the right to adjust this fee over time, in which case adequate prior notice will be given. # brktETH Treasury ### Automating the Management of the Treasury brktETH will be available on the Ethereum networks and the treasury will be held within that Ethereum smart contract. The treasury will be managed based on a policy document that will be updated from time to time. **Bracket will not be applying discretion in how the treasury is managed or re-balanced.** *Bracket may make changes to this policy in the best interest of all users and the platform.* The mix of accepted LSTs/LRTs will change over time mostly due to the balance of deposits vs withdrawals. Further, we will also add new eligible LST/LRTs as new issuers enter the crypto space. Based on the policy, bracket may also need to remove an asset from the treasury. This would usually be due to: * One LST/LRT is no longer producing competitive block rewords and is dragging down the treasury's return. * The LST/LRT's protocol has become overly risky in some way such as: * Too many slashes * TVL has dropped below our thresholds * Swap pool liquidity has dropped too low * The issuer had a major security incident In most case the treasury would need to swap an asset for a more acceptable asset, which may involve either a DEX swap or via the issuer. ### Asset Allocation If the asset mix has drifted too far from the original mix at launch or a published pre-defined target, an occasional reallocation may be needed. The other asset reallocation process the platform will employ is in the way ETH and wETH deposits are processed. If a user deposits an LST, we take the asset provided. In the case of ETH and wETH, Bracket will automatically cycle through all available LSTs and select the most liquid. However, Bracket may predefine the way these assets are selected to keep balance to the original mix. In this case, Bracket protocol will buy the asset that is the furthest away from it's target allocation and will bring the asset allocation closer into alignment with the target. **IMPORTANT NOTE:** Because strategy managers will be using the underlying collateral within lending protocols to generate their ETH+ yield, the asset allocation will be based on the assets within the brktETH contract and the assets that are held in the lending protocols by the manager wallets. # Asset Selection Criteria ### Asset Selection Criteria For each asset we choose to accept, we may either accept it unconditionally, or with a maximum caped limit. For example, for an asset with a limited number of holders and or low circulating supply, we would establish a maximum limit we would be willing to accept within the treasury before pausing further deposits of that asset. When considering a new LST/LRT to be accepted within our treasury, we look at the following factors. **Minimum TVL threshold:**\ LST/LRT protocols must have at least 15,000 ETH staked. For projects that have substantial TVL drops, we will review the asset’s viability. **DeFi:**\ Protocols must have swap markets with ample liquidity against ETH, wETH, or wstETH on L1 Ethereum. **Security and Audits:** \ Protocols must have verifiable public audits and responsible key management. All severe/high risk issues must be resolved. Medium risks issues must have been addressed, or adequately explained. **Team:**\ Team must be contactable and able to offer support. **Slashing:**\ Must have rigorous validator selection criteria and remediation practices.\ \ **Staking Rate:**\ Competitive rate.\ \ \ *Disclaimer: Bracket reserves the right to update these criteria at any time, without notice.*
# Risk Management Some risks associated with $brktETH and the underlying treasury ## **Risks** brktETH treasury is backed by a blended composite of LSTs/LRTs selected based on the above criteria. Below is an explanation of various circumstances that could arise and how Bracket would address the issue should it transpire: ### **Temporary Collateral Depeg** A depeg event is when the market price in public DEX markets is trading below the LST/LRT’s protocol's conversion price to ETH that the protocol offers on redemptions. Bracket ignores the market price and only uses the LST/LRT protocol's conversion factor for it's own valuating and when processing withdrawals. Therefore we are somewhat insulated from market price depegging.\ \ To further reduce potential depegging arbitrage opportunities, brtkETH will have a withdrawal queue of 5 days, based on the conversion factor at the time the withdrawal was requested. Further, we reserve the right to add a withdrawal fee at a later time. ### **Collateral Impairment & Slashing** While Bracket does not stake ETH directly, brktETH can still be affected by slashing events for assets within its treasury. * **Slashing**\ \ **Slashing** refers to the penalty enforced when validators in Proof-of-Stake (PoS) networks act maliciously, negligently, but usually simply not rapidly enough, which leads to a portion of the validator's staked tokens being confiscated. Assets that experience non-trivial slashing event will be revaluated for participation in the composite.
* **Compound Slashing**\ \ **Compound Slashing** refers to the compound slashing risks of LRTs, because LRTs are already subject to Ethereum’s slashing conditions. However, when LRTs are restaked on EigenLayer, they become susceptible to the slashing conditions of both Ethereum and EigenLayer AVSs. Assets that experience significant or frequent slashing events will be reevaluated for participation in the treasury.\ \ In the case some collateral within the treasury becomes impaired for any reason (slashing penalties or other), that drop in permanent value could be reflected in the asset’s conversion factor from the protocol. In this case, the value of brktETH will decrease by the corresponding percentage weight of that asset within the treasury. **If a slashing event should occur, it will be reflected in the price of brktETH since it is an aggregate of the underlying collateral.** \ \ If a slashing event is more than 0.01% of the asset's value, Bracket will investigate the event to determine if the event is due to a systemic issue or a one-time issue. If Bracket feels the event is adequately addressed, no further action needs to be taken. If Bracket does not feel it’s adequately addressed, then the protocol will give the asset a warning. If the protocol is unable to provide a plan to remedy within a reasonable period, then Bracket reserves the ability to remove the asset from the pool. \ \ To do so, Bracket may redeem the staked asset directly from the protocol and then deposit that ETH into a more suitable staked asset at a different protocol. ### **Cross-Network and Validator Dependencies** The dependency on multiple smart contracts across different networks increases the risk of failure if any one contract is compromised. There is also a risk that validators act negligently or experience a hack, in which case the underlying ETH value may be compromised. If a composite asset’s contract is compromised, Bracket may use emergency measures to secure the treasury and reduce exposure to the compromised asset. ### **Contract Risk** For any smart contract, there are general risks that users should understand. * **Bugs and Exploits:** bugs or vulnerabilities can be exploited by malicious actors. In liquid staking, this can result in loss of staked assets or derivative tokens. * **Complexity:** Liquid staking protocols often involve intricate logic to manage staking, liquidity, and rewards. The complexity increases the likelihood of undetected bugs. * **Malicious code:** While rare among mainstream assets like stETH, it is possible that malicious actors have access to the codebase and manipulate the asset, leading to possible loss of value ### **Governance** * DAO Votes: Some assets have Decentralized Autonomous Organizations (DAOs) controlling some governance components of the asset or protocol. These may include votes on fees, treasury, utility, or other proposals. These votes could impact holders of the tokens as well as the potential value of the tokens. * For example, stETH token is the upgradable contract behind AppProxyUpgradeable proxy at and can be changed or stopped by a successful DAO vote. In the above instance, operations changing stETH balances can be performed on the stopped contract. Read more [here](https://docs.lido.fi/token-guides/steth-superuser-functions/). * The Protocol DAO has the power to change settings on the protocol. Setting changes are proposed & voted on by members. * In the case of Rocket Pool, a [Node DAO](https://rocketpool.net/governance/protocol-dao) comprised of Rocket Pool node operators can vote on proposals using the RPL (governance token) stake of the node. ### **Conversion Factor or Oracle Risk** On-chain pricing relies on oracle systems to report the proper network prices. Because we use the protocol's conversion price in most circumstances, brktETH is not usually not overly affected by market prices due to oracle risks. \ \ brktETH does rely heavily on the protocols to provide us with the LST/LRT’s ETH conversion factor. This is particularly relevant during redemptions as protocols need to know what amount of ETH to provide for the staked asset, and during deposits to know how many brktETH to allocate for a given amount of collateral deposited. If there is a disruption, dishonesty, or other issue, brktETH deposits/redemptions could be miss-calculated and more underlying treasury assets could be given to the user, or more brktETH will be allocated than should have been due. Unlike market prices that can vary wildly, a staked asset’s conversion rates should stay extremely stable. It should continually go up at approximately the rate of block rewards. For example, 3%. Any huge jump is probably a sign of manipulation. Similarly, a drop in the assets conversion rate can only happen if there is a slashing or other negative event. Historically, slashing events have been minimal. \ \ To mitigate this risk, brktETH will have logic to watch for large/sudden changes in conversion rates. If a large/sudden change is detected, deposits and withdrawals of that asset will be temporarily halted. ### Other Liquidity Risk During bank runs or other massive deleveraging events, the value of liquid staked assets may trade lower than the protocol's internal conversion factor leading to arbitrage and lack of liquidity as described in the depeg section. This is a market risk that was observed during the [Celsius Collapse](https://www.coindesk.com/markets/2022/07/15/the-fall-of-celsius-network-a-timeline-of-the-crypto-lenders-descent-into-insolvency/) as holders rushed to swap out of stETH before withdrawals could be processed at the protocol (Lido) \ \ These types of liquidity risks can lead to a number of problems for assets locked on centralized exchanges, where liquidations cannot occur naturally on-chain.

# Phase II: Get and use brktETH Receive your brktETH and deploy it to earn with Bracket strategies. ### Claiming b**rktETH** Phase II will be an exciting time for the Bracket Protocol and our community. It will be where brktETH can be redeemed and put to work within the [Bracket Platform](/product/bracket-platform) within [Strategy Vaults](/product/bracket-platform/strategy-vaults). brktETH holders will be in complete control of what Bracket strategies, if any, they choose to deploy their brktETH into. At the start of Phase II, Bracket protocol will cease any further escrow deposits or withdrawals. The escrowed collateral will now become the pooled treasury collateral for the newly minted brktETH. Users will then be able to claim their brktETH on [bracket.fi](https://www.bracket.fi) on the Ethereum Network. Once Phase II is open, you will be able to return to [bracket.fi](https://www.bracket.fi) and access the claim screen. It will display your holdings with values at the time escrow closed, the total amount of equivalent ETH, and the amount of brktETH available to claim. ### **Escrow Break Process** **Phase II will involve a breaking of staking escrow. There will be a few important steps the protocol will take to brktETH is properly allocated by the smart contract.** \ \ 1\. Assets currently on Arbitrum will be **LOCKED 8-days prior** to escrow break\ 2\. These assets will bridge from Arbitrum to Ethereum to enable the brktETH allocation process on Ethereum\ 3\. The process will be announced to the community prior to locking date\ 4\. Certain assets that have de minimis balances will no longer be supported but will be withdrawable prior to locking, as well as redeemable via the brktETH redemption feature via redeem-swap to the asset after escrow break. See [Escrow Staking](/product/brkteth/escrow-staking)for more information on the conversion calculation. \ \ **Claiming brktETH is MANDATORY if you have assets in the protocol after lock and after the 28th. There is NOT OTHER WAY to get assets out of the treasury.**
**Schedule for Phase II Asset Locks** | Chain | Lock Date | Duration | | -------- | --------------------------------------- | ------------------------ | | Arbitrum |

January 14, 2025
9:00AM EST

| Until launch on the 28th | | Ethereum |

January 21nd, 2025
9:00AM EST

| Until launch on the 28th | | | | | **BrktETH Claim** | Date | | -------------------------------------- | | Starting Tuesday January 28th, 9am EST | \ \ **Supported assets in Phase II**
AssetTickerSupported
EthereumETH, wETHYes
Lido Staked ETHstETH, wstETHYes
Rocket Pool ETHrETHYes
Ether.fi ETHeETH, weETHYes
Kelp Restaked ETHrsETHYes
StakestoneSTONEYes
Coinbase ETHcbETHYes
### Third-Party Points Accounting Some assets like eETH and rsETH still have active points programs. In Phase I, points were accounted for directly via your balances staked and provided to partners via an API. In other words, these protocols knew Bracket was a partner and points were accounted for. \ \ **In Phase II, points will be accounted for a bit differently:**\ \ Once assets commit to the treasury in Phase II, Bracket still looks what a user has but as a **pro-rata** share of the treasury. \ \ Because brktETH holders users can swap into **any** supported assets from the treasury, the total amount of an asset in treasury can change. However, the user still is accounted for using a pro-rata share of that new balance. \ \ E.g. 100 eETH in treasury and User A has 3% share. If balance is reduced by 50 eETH, User A still receives 3%, but of the 50 eETH balance. \ \ The opposite is also true: If someone adds 50 eETH to the 100eETH so that the treasury balance is 150 eETH, User A still receives 3% of the new higher balance. ### Deploy your brktETH After claiming your brktETH you can now put it to work in the [various strategies](/product/bracket-platform/strategy-vaults) run by strategy managers.\ \ **Go to the next page to learn more about the Bracket Platform.**
# Audits Bracket Vault Upgrades, Wrapping: Guardian {% file src="/files/NUHogT51C4wC5fSEfdEx" %} \ Bracket Vault Whitelist Update: Guardian {% file src="/files/OFRfRuEaUFc99YCZ8DUZ" %} As of May 12, 2025 {% endfile %} Bracket Vault Audit: Guardian {% file src="/files/PmM91dlQOWDtT4mOt0wk" %} As of March 21st, 2025. {% endfile %} {% file src="/files/nB0siEan3dQKo500sxDz" %} As of Jan 20, 2025. {% endfile %} Staking Contract Audit: Zellic {% file src="/files/i5GaJjgWZgVJJbfAObj7" %} # Wrapping and unwrapping At the time of NAV publishing, Bracket's contract provides shares/tokens representing a claim on the position. \ \ The token received is rebasing (increases in balance). For external markets or where users may want a non-rebasing version, Bracket's wrapper contracts will wrap and create a non-rebasing version:\ \ **Step 1** To wrap, you must first have the vault asset itself. For instance, if you have deposited wETH into brETH vault, you will receive brETH tokens at the next NAV. **Step 2** Navigate to the vault's investment details page and look for the deposit section. One of the tabs will read "Wrap/Unwrap." Click on that tab **Step 3**\ With your vault token asset, make sure you are on the wrap version. You'll see "BrETH--> wbrETH" as the direction of the wrap in the field. Enter the amount you wish to wrap. Select wrap. \ \ **Step 4** Approve the limit and transaction in your wallet, and you will receive wrapped tokens *For unwrapping, simply do the same but at step 3, click "Unwrap" and you'll see the direction of the wrap from "wbrETH-->brETH".*

# Stake How to stake ### Get your invite code ### Visit [bracket.fi](https://www.bracket.fi) Enter your code and connect your wallet
### Enter the amount Enter the amount of the supported asset you'd like to stake. $ETH will require you to SWAP, which will be prompted if selected.
### Click Stake You will be prompted to confirm in your wallet, then you will get a successful staking message. You will also see your balance in the staking dashboard under "Balances." **The balance will take \~15 seconds to update.** \
### Unstake **Bracket staking allows unstaking at anytime prior to Phase II.** To withdraw, navigate to the stake page, select the "Balances" tab, and then enter the amount you'd like to unstake. You will be prompted with a transaction confirmation in your wallet. \
### \[BARS] To view your points, simply go to the "\[BARS]" page and review the leaderboard. **The \[BARS] calculation is on a 24hrs schedule so please be patient after staking to see your \[BARS] balance.** \
# Onboarding to Bracket ### Visit app.bracket.fi and Connect to Bracket Platform Connect your web3 wallet ### Go to the invest page Here you will be able to select a strategy
### Decide how much you'd like to invest and follow the onboarding flow (KYC/AML and Terms). Upon investing, you will be staged to enter the strategy and committed at the NEXT OFFICIAL NAV UPDATE as indicated in the UI. Please note that the VALUE of your shares cannot be known until the NAV is posted.

Once deposited AND you are successfully entered into the strategy (at the indicated NAV updated timeframe + processing time, typically 48hrs from that date), you will receive shares of the strategy in line with value based on that NAV update. ### Add the vault token to your wallet Each vault will have a receipt token representing shares of the strategy. Click "Add token" to add the token to your wallet. \ \ ![](/files/7O7xk0oDaKkttjaQmLtW) ### Add token to your wallet in the upper right hand corner of the header, you will see a button that indicates what token to add, click that and add to your wallet.
### KYC/Complete Terms To enable transferability of a strategy token, you may have to fill out KYC/AML and Terms documentation on your investment for the shares you'd wish to be allowlisted for. This can be done via the Account Settings page (cog icon at top right of screen).
# Legacy products We have a live volatility product called Passage. It is currently live on Arbitrum and Binance. Please see the following user guide for assistance with the product. \ \ You can visit the app directly at:\ [https://app.bracket.fi/](https://app.bracketx.fi/buy)\ \ Or check out more information at:\
# Passage Passage is a long/short volatility market. It is designed for traders looking to take on short-term volatility positions without a directional bias. {% embed url="" %} # Connect to App Head on over to bracket.fi to get started. Click on connect wallet and follow the prompts to connect your wallet. # Select Asset ## Once connected to BracketX, you should see "Passage" on the top of the screen Your navigation is at the top of the page on desktop (bottom on mobile) and your selected page will be in green. Make sure you are on the “**Passage**” page. Click “**BUY."** \ \ Next, you will find a drop-down with the asset (only BTC and ETH are on testnet right now) as well as the current market price. # Select Side Passage creates a range based on the current asset price and allows traders to select "**Stay In**" or "**Breakout**." Passage will provide a **DEFAULT RANGE**, which is an algorithmically determined range based on recent volatility, or allow traders to set custom ranges with a limit order. # Placing Order ## Reading the Passage Range Chart
The passage chart will show you two very important pieces of information. First is the RANGE of the passage. In this example, it is $26,954 at the top end and $26,315 at the bottom. These are the breakout points. You will also see a percentage in the upper right-hand corner of the chart indicating the % width above and below spot for the range itself. In this example, the range is 1.2% above and below spot. \ \ ![](/files/D4aAx4eqFznv7vpvN6Qr) The next piece of information is the **PAYOFF.** This is represented as a green line with brackets at the ends. The payoff of a passage is based on time. To learn more about that, check out this section [**HERE**](broken://pages/K4mxNOZCJHgwknXCcteS)**.**\ \ You will see since we selected a STAY IN, the return starts at $0 and accumulates based on time in the range up to a max profit 100%, while a breakout would be the inverse, starting at $200 (100% profit) and losing value over time. Your breakeven is 1 day on a 2 day Passage.\ \ ***While you can place custom limit orders outside of the default range, ALL orders are limits.*** ## Enter your investment In Passage, the default trading market is denominated in ETH. However, there will be future markets denominated in other cryptocurrencies like stETH, ARB etc. \ \ For now, we are in the **ETH market** and can enter our ETH investment. After choosing a side, enter the amount you want to trade. *You can enter in dollar amount or in ETH using the green selector button to swap if necessary.* \ \ Let's enter **$100.** Once we do this, we will get a prompt that tells us in plain text what our position entails. \ \ ![](/files/XW03qrn80kySoN8fvaIf)
## Understanding your Stay In Order In the above, you will see that you are entering an order with the following details: * A Good-until-canceled (GTC) order for **STAY IN** * **2 Day** contract * The value of your contract starts at **$0 dollars** and **increases in value** until BTC first breaks out of the range indicated + slippage * **Slippage**: you can select slippage to better match with the closest order * The range of BTC price is **$26,341 - $26,927,** meaning as a STAY IN buyer, the longer the BTC price stays within the range, the more time you can accrue returns
## Understanding your Breakout Order In the above, you will see that you are entering an order with the following details: * A Good-until-canceled (GTC) order for **STAY IN** * **2 Day** contract * The value of your contract starts at **$200 dollars** and **decreases in value** until BTC first breaks out of the range indicated + slippage * **Slippage**: you can select slippage to better match with the closest order * The range of BTC price is **$26,341 - $26,927,** meaning as a Breakout buyer, the sooner BTC breaks out of the range the more return ### Clicking Buy No matter the side of the trade, you will need to hit the "Buy" button and submit. This will trigger a transaction in your connected wallet, which must be approved. \ \ Once complete, you will receive a confirmation message that the order was placed and the status of your order will then be listed in the **MY TRADES** section. # Placing a Custom Limit Order For more advanced users, we offer the option of placing **CUSTOM** **LIMIT ORDERS**, that is, a **CUSTOM RANGE** for your Passage. The DEFAULT range is always generated algorithmically based on recent volatility. However, traders may want to make custom orders and place them on the order book based on their own assessment of markets. ![](/files/s8yo70tKZIVjjVtavMAR)\ \ To place a **CUSTOM LIMIT ORDER** on Passage, simply select the ⚙️ icon. You will then see a series of buttons that allow you to **WIDEN** or **NARROW** the range. These changes will be reflected on the price chart in real-time. Each "+" will add 0.1% to the width on either side of spot while each "++" will add 1.0%. For narrowing, each "-" will reduce the width 0.1% on either side of spot while "--" will reduce it by 1.0%. \ \ ![](/files/lyt5Ea78n5ceBHv5hcOl) Once done adjusting the range, you can enter your investment and place your order. Your order will show up as volume in the DEPTH CHART within a minute. To see the DEPTH CHART, select it from the options above the chart as indicated below:\ \ ![](/files/5SXlBuJXKjrQDxkx9yen) # Liquidity Depth The order book will appear under the "Liquidity Depth" section, which is next to the BTC Chart section. Once you click the selection, you will see all orders and their size. \ \ ![](/files/IGOXwBELKroINDz9AUT6) **Recommended Price** In the center of the chart, you will see a dotted line that represents the current algorithmically determined range width, 1.1% above and below spot. This is the price that you should achieve a better chance at fast execution. \ \ **To the right of the dotted line**\ \ The right of the dotted line shows WIDER orders, these are typically **STAY IN** orders as they want to have the widest possible passage. **To the left of the dotted line** The left of the dotted line shows NARROWER orders, these are typically **BREAKOUT** orders as they want to have the narrowest possible passage. ### Scrolling At the top of the screen, you will see two arrows that allow you to scroll left and right to see the entire depth chart. By selecting the dotted line icon, you will recenter the chart.
# My Trades How to check your positions, sell, and cancel {% embed url="" %} # Overview Once you place a passage order, you can then monitor your positions on the **MY TRADES** screen. \ \ To get to the **MY TRADES** screen, select the button at the top of the screen. \ \ **INSERT IMAGE** From the main MY TRADES screen you will see your **ACTIVE PASSAGES.** **Active Passages**\ View the Passages you OWNED as a buyer or have SOLD as a funder. Select between ACTIVE or EXPIRED Passages. Control the sort order via the dropdown list. The totals are based on all available data, but the view of on-screen transactions is limited to the last 1,000 records\ \ **Product Filter**\ Passage is default and should be selected. We will have other products listed here for legacy product trade history. **Asset Filter**\ The asset drop-down filter will allow you to select the asset for which you'd like to see active trades **Trade Status Filter**\ In this dropdown, you can filter by ACTIVE, CLOSED, VAULTS, or WITHDRAWS **Trade Sort**\ Sort your trades in order of when they started, amount, unfilled, or width of the passage ### Portfolio Stats Beneath the filter and sort options, your My Trades page will display some portfolio stats. **ACTIVE VALUE**\ The total estimated value of all your active holdings\ \ **INVESTMENT**\ The total investments you have made **PAYMENTS/PAYOUTS**\ The payouts that have been made **UNFILLED**\ The amount of investments that have not yet been matched and can still be canceled\ \ **PROFIT**\ The profit and loss, which is payments PLUS the market value of the open positions PLUS the unfilled amount MINUS the investment made\ \ **#ACTIVE/#TOTAL**\ The total number of investments made with ACTIVE / TOTAL # Trades The My Page screen for Passage will have a list of all trades, which includes several important fields to understand. \ \ First, we need to understand that trades once placed will be **ACTIVE**. These trades can be **FILLED, UNFILLED** (in whole or in part) or **CLOSED**. \ \ **ACTIVE** trades are trades that are active and have not fully settled **CLOSED** trades have run their course and have paid out their settlements\ \ Let's take a look at a few sample trades and what each field is showing:
## **BTC BREAKOUT TRADE, FILLED** Let's start with the "Breakout" trade ID starting with ID #1474 at the top of the list. \ \ This trade has the **BTC asset symbol** indicating it is a BTC trade. You will then see a **WIDTH LIMIT**, which indicates that this position was a custom order at 1.3% width. You will then see the **DATE STARTED** and a link to the transaction receipt on-chain. \ \ The next three fields are **AMOUNT,** the initial investment, the **ESTIMATED VALUE** of the total order that is determined using Passage's fair value model for reference purposes, and the status of the trade. Since it is open and not settled, it is **ACTIVE and FULLY FILLED.** \ \ You will notice the trade cannot be **CANCELED** if it is **FULLY FILLED**.\ \ **Expanding the trade information**\ \ If we hit the first drop-down arrow at far right, we will see even more detail on the trade:
After expanding you will see a new row of data appear under the **ORDER FILLS** header. This section will start by letting you know which fills belong to which passage. In the case of this particular Breakout trade, it was a complete fill in a single trade and that happened to occur in Passage #17. \ \ Next you will see **COST, which** is the amount you paid for the trade in totality. This section will show the estimated estimated value of the fill at that particular point in time based on the Passage fair value model. \ \ For ease of monitoring your position, you will also be presented with a linear chart of the position, with the brackets showing the breakout points that trigger settlement and an arrow indicating where the current price is between those two points. \ \ Finally, you will have an expiration date, 2 days from the start of date of execution as it is a 2 day contract, and the time that has elapsed since the order was filled. We will discuss the **SELL** function in the next section [**HERE**](/user-guides/legacy-products/passage/my-trades/selling-a-passage). ### **BTC STAY IN TRADE, UNFILLED** In this next example, we will see an active STAY IN trade that is yet to be filled.
For trades that are OUTSTANDING and have not been filled yet, you can **CANCEL** the trade. To do so, simply hit the CANCEL button next to the unfilled order and confirm the transaction. # Selling a Passage In some instances, selling your Passage position is possible. Let's explore how that works and when you can do it.
\ In the above example, you will see a breakout position that has been **FULLY FILLED.** In this circumstance, your Passage is now locked in and is actively accruing. Since breakouts start at 2x and tick down over time, you may find yourself in a position where you think your position won't breakout and you want to sell. \ \ Luckily, there is now an option to **SELL** your position to the Passage Vault. If this option is available, you will see a green SELL button and then you will be given an offer that is likely a discount to the current estimated fair value of the position. \ \ **Let's click sell and see what we are offered:**
In this offer, we are being offered a discount to fair value for the orderfill. This offer will vary depending on market conditions and the status of the vault. We can choose to **ACCEPT** or **REJECT** this offer within the allotted time provided.\ \ Accepting the offer will instantly expire the particular filled order, closing it. Remember that a single order can fill in part or in whole and smaller filled parts may be able to be sold independently. # My Account and Withdrawal {% embed url="" %} For any connected wallet, you will see a few links to your balance and withdrawable amount at the top of the screen:
\ By selecting the button with your Wallet ID, you will be brought to the **MY ACCOUNT** page. The My Account page will show funds that have accrued from trade earnings/profits that are available for withdrawal. In the above example, there are no funds available with withdrawal at this time.\ \ **Alternatively, these funds can also be used to fund new trades when you purchase a passage.** \ \ To withdrawal funds, simply hit the green button and confirm the transaction in your wallet. Your funds will appear in your wallet once the transaction has been completed. # Volatility Trading Take a position on volatility in any market condition ## How will Passage change in the Bracket LSTfi Platform? Passage is our volatility trading product in production today on Arbitrum. This section describes Passage as it exist today, denominated in $ETH. In Phase II, Bracket will be modified to accept $brktETH instead of $ETH, so staking rewards will be constantly accruing while users trade. ## What is Passage? {% embed url="" %} Passage is designed for traders looking to take on short-term volatility positions without a directional bias. Passages allow traders to set a range of asset price (e.g. BTC $20,000 - 20,655) and take the “Stay In” or “Breakout” side of the trade, returning based on the time until the first range breakout. “Stay In” traders make a return the longer the asset (e.g. BTC) stays in the range, profiting if in the range longer than 1 day. “Breakout” traders make a return if the asset breaks out of the range more quickly, profiting if breakout occurs in less than 1 day. There is a maximum return of 2x (100% profit) over a 2-day contract and claims are made automatically at first breakout. \ \ *The breakeven is 1 day, so if it breaks out in less than one day the breakout is more profitable, if it stays in more than one day, the stay in side is more profitable.* # Buying a Passage **Purchasing a Passage involves the following:** * Select an underlying asset from the drop-down menu (e.g. BTC) * Based on the estimate range, decide if you believe the asset will stay in long enough to at least breakeven (1 day) or breakout faster than 1 day * The payoff range diagrams provided show the range of price as well as the linear payoff depending on the side of the trade the user takes * If you'd like to place a custom order, you can adjust using the ⚙️icon.
![](/files/6YXI5Bwr9BnPFOz1nMAw)\ Example: “Stay in” position with $100 investment - starts at $0 and accumulates over time until the first price breakout. Maximum duration (2 days within the range) is 100% profit ($200). ![](/files/4MmPtdF2a92jAZJ4VsUR)\ Example: “Breakout” position with $100 investment - starts at $200 (100% profit) and clicks down over time until the first breakout * Specify the amount you would like to buy. This is denominated in the native coin of the chain (e.g. ETH for Arbitrum, BNB for Binance, etc.) * Claims are rewarded in the same asset used to invest ### Select Slippage \ You will also have the choice of applying "slippage" or a 0.1% amount that will be subtracted from the order placed. E.g., an order at ± 1.2% range w/slippage of 0.1% would match with an order at ±1.1%. Slippage is designed to improve order matching P2P. \ \ ![](/files/V0NQX6oh6nKYjElEmmWA) ### Trade with existing balance If you have funds on the smart contract that have not been withdrawn, Passage will ask you if you would like to use them toward a new trade. You can toggle this on or off. **Check out Passage** [**MY TRADES**](broken://pages/P3VOYQERWw6bXOLTGIHo) **in the** [**USER GUIDES**](broken://pages/tmDpToPFY7Z7qgE4bsdm) **section to learn how to monitor your trades.**
# Term and Expiration All Passage contracts have a "term" e.g. 2 days, etc. The terms will start at the time of purchase and do not have common expiry. Example: a 2-day Passage purchased at 2:35pm will expire at 2:35pm in exactly 2 days' worth of time.\ \ Passages will automatically settle at the first breakout. **Buyers will be compensated for the fraction of time the asset's spot price remains in the price range until it terminates relative to the full term.** At expiration, Passage will use Chainlink Automation to automatically settle the Passage contract. Chainlink Automation uses a decentralized network to monitor automation logic securely and cost-efficiently off-chain, and then initiate an on-chain transaction to execute the smart contract function when predefined conditions are met. To learn more, read about Chainlink Automation[ ](https://chain.link/automation)[**HERE.**](https://chain.link/automation) # Payoff Dynamics The following diagram shows the payoff dynamics for a Passage (2-day, 2x) with a BTC spot price of $16,500 and a width of 2% above and below spot. The high range is $16,830 and the low range is $16,170. BTC spot price must remain within that price range for the full 48 hours to achieve 100% profit (2x). The breakeven of a Passage would be the term divided by the multiple, so a 2x (48 hr) would breakeven in 24 hours.\
**Scenario, Matched Trade between Stay In and Breakout investors** **Stay In Investor**\ Asset: BTC\ Spot price: $16,500\ Investment: Stay in, $100 Range width (%): 2%\ Range ($): $16,830 - 16,170\ Contract term: 2-day\ Contract max profit: 100%\ First breakout: 12 hrs\ \ **Breakout Investor**\ Asset: BTC\ Spot price: $16,500\ Investment: Breakout, $100 Range width (%): 2%\ Range ($): $16,830 - 16,170\ Contract term: 2-day\ Contract max profit: 100% \ First breakout: 12 hrs\ \ **Payoff calculation for 2x 2 day contract above**\ \ 2X \* Fraction of term (12/48hrs) 0.25 = 0.5X\ \ **Stay In: 200\*0.5X = $50**\ **Breakout: 200 - ($50.00) = $150** # Settlement After purchase, a **STAY IN** trader’s payout accrues continuously from $0 until termination at either an early breakout or at full term, with a max profit of 100%. A **BREAKOUT** trader’s position starts at the max 100% profit and decreases until the first breakout or expiration. **The payout is based on the fraction of time the asset's spot price remains within the price range until it terminates relative to the full term.** The protocol will automatically terminate and settle once the passage first breaks out of the range or the full term is reached. All settlement payouts are in the asset used to purchase a passage. (e.g. if ETH was used to buy, ETH will be received in a claim). Any settlements will sit within the user’s balance within the bracket smart contract. The balance can either be used to purchase another passage or can be withdrawn back to their wallet.
# Order and Order Matching First, a trader can accept the “suggested” width based on an algorithmic width provided by the protocol and place an order on the book. Second, a trader can hit the ⚙️icon and “increase” or “decrease” the width of the passage and place an order on the book. Keep in mind, orders farther away from the current market width may not fill. \ \ All orders, including those placed at the suggested width, are good-until-canceled (GTC). There will be plain text beneath the pending order to describe the exact order being placed:\ \ ![](/files/rKSltiOIZSUN3AaJkObG)\ Example: Placing an order, plain text description\ \ Orders are matched if they “cross” e.g. have the same width (range). Orders can fill in whole or in part depending on the size of the order. Should orders remain on the book without a match for several minutes, the Passage Vault may serve as the counterparty. ### Liquidity Depth Orders that are entered on the order book will also appear in the Liquidity Depth Chart, accessible from the main Passage screen. The center line represents the suggested width based on Passage's volatility estimation. To the right of the dotted line are the wider STAY IN limit orders, while to the left are the narrower BREAKOUT limit orders.\
# Pricing and Fees **Passage controls the structure of the offers in terms of:** * The term in seconds from the time of purchase (e.g. 2 days of time from the second of purchase until expiration) * The multiple being offered, e.g. 2x (100% max profit) * The assets allowed as we only allow assets that have high-quality on-chain oracles The protocol calculates payoffs based on the time in the channel as a fraction of the total term and multiplies it by the premium paid and leverage ratio to deliver the payout.\ \ **Fees:**\ Passage generates revenue by charging fees on the total invested into each side of the "stay in" or "breakout" side: Contract purchased tiered based on trading volume: | **Order Size** | **Fees** | | ------------------ | -------- | | Less than $50 | 3.00% | | $50 to <$100 | 2.50% | | $100 to <$250 | 2.00% | | $250 to <$1000 | 1.75% | | $1,000 to <$5,000 | 1.50% | | $5,000 to <$10,000 | 1.25% | | $10,000 or more | 1.00% | # Passage Vault **The Passage Vault exists to serve as a counterparty to increase the number and speed of passage order matches.** When a user enters an order they must wait until a counterparty takes the other side of the trade. Users can get frustrated if their trades are not executed within a reasonable amount of time. The vault auto trades using the vault's funds to take the opposing side of user trades.\ \ We intend to have the vault to be open to outside depositors/wallet addresses who choose to deposit and lock up their funds (ETH) for a period of 30 days. At the end of which, depositors can choose to “auto-roll” funds or withdraw their funds to be used on the platform, or withdraw to their self-custodial wallet. We will give an estimated return rate based on an assumed utilization rate and fees paid to the vault over the 30 days. Actual returns will be based on the utilization rate, the fees paid, and the trading PnL of the passages purchased by the vault. # Vault Mechanics Overview The Passage Vault exists to help increase the frequency of order matching on the Passage platform. \ \ Should a passage order remain open (unmatched), the vault may take the opposing side of the trade if it believes it is profitable. In most cases, the “suggested price” we shown will give a vault execution within a few minutes. The vault will not immediately take the opposing side of a trade to give time for users to organically trade against each other. \ \ The trading is algorithmic and automated based on an algorithm developed by Bracket Labs. There are many reasons why the vault may not choose to take a trade even at the suggested price, which may include reasons such as: too much exposure already, not enough available funds, a belief that the currently recommended price is about to change due to short term price movements, and so on. \ \ From a user's perspective, it is an identical experience if the opposing trade side was purchased by another user or the vault. # Early Termination Buyer The Passage Vault is also the designated counterparty for “early termination offers,” if a passage trader wishes to “close” or “sell” their position prior to expiration. On the active passage tab of the My Trades page, the user can request a sell-price quote from the Vault, which will be at a discount to the current value shown. \ \ The discount will vary based on many different factors. The reason it is discounted is because the current value assumes both sides hold their positions until the contract terminates. There is a penalty for breaking a contract early, as the seller is denying the other side of the trade a potentially larger profit opportunity. # Technical Overview The Passage Vault is implemented as a combination of an on-chain smart contract and off-chain logic that lives in Amazon Web Services. The on-chain smart contract is upgradable based on a 3 of 5 multi-signature wallet (i.e Gnosis SAFE). Bracket’s smart contracts have been audited by Halborn. Some of the computation logic used by the vault is performed off-chain within AWS. The vault’s smart contract logic guarantees that any computations from AWS can only affect creating passage orders for the vault and generating buy offers for traders attempting to sell their active passage trades prior to expiration. The computations from AWS can not request withdrawals or affect any other transaction that could possibly lead to a malicious transfer. # Technical Architecture ## Technical Architecture These are the major components we use in our technical architecture: * Smart Contracts: * Our solidity smart contracts are owned by a multi-sig wallet, use OpenZeppelin's upgradeable design pattern, and use of OpenZeppelin's Defender to perform the contract administration * The on-chain pricing uses [Chainlink](https://chain.link/) as our oracle * We use both off-line and online automation to automate many tasks, including auto-claiming all contracts at expiry, determining the time of channel breakout for Channel / Epoch, creating/starting Epochs, etc. * This will be open sourced at some point after our audits are complete * Front End UI: * The front end is hosted at AWS and is written in ReactJS * It is globally cached at edge servers and made highly available using AWS CloudFront, which also protects it against various types of web DOS attacks * We have various AWS uptime monitors running against the front end * We use geo-fencing using AWS CloudFront's functionality to restrict production access * We check and restrict wallets on the OFAC restricted account lists * We use [Alchemy](https://www.alchemy.com/) RPCs to access the blockchain * Charts and financial information are provided by [TradingView](https://www.tradingview.com/), a popular trading and charting platform. Check out the gold chart or explore [bitcoin](https://www.tradingview.com/symbols/BTCUSD/) chart directly from their website. * This will not be open sourced * Front end off-chain Price Indication Server: * In order to minimize direct load to get Chainlink prices for the front end, we implemented an off-chain price server on AWS that is accessible via REST web service calls with highly scalable AWS lambda functions as part of the AWS's API Gateway * The official pricing is done on-chain via Chainlink's oracles * This is not open sourced * GraphQL: * We use [the Graph](https://thegraph.com/en/) as our database of on-chain events * Our schema and mapping code is not open sourced * Partner Integration Services: * For our integration partners only, we offer REST API calls hosted on AWS and secured by individual API keys to get supported assets and offers to display * Making purchases and claims must be done directly to the smart contract by the integration partner in order to safeguard their private keys. * We provide example code to help with this process * Please contact us at [partners@bracket.fi ](mailto:partners@bracket.fi)to learn more # Brand Kit Brand kit for logos, symbols, and more **Primary logo, black**
**Primary logo, white**
**Primary logo, green**
**Bracket \[BARS] logo, black**
**Bracket \[BARS] logo, white**
**Bracket symbol, black**
**Bracket symbol, white**\ \ ![](/files/S8PesQWupA0xQprV3IRd) **Bracket icon, black**
**Bracket symbol, green**\ \ ![](/files/bJGAyb7tcjTRWZPXZzVM) \ **Bracket \[BARS] secondary logo, black**
**Bracket \[BARS] secondary logo, white**
**Bracket \[BARS] symbol**
**brktETH symbol, main**
**brktETH symbol, main white**
**brktETH symbol, black transparent**
**brktETH symbol, white transparent**
# FAQ 1. **What is Bracket?** \ Bracket provides key services to securely scale both on and off-chain yield vaults.
2. **When did Bracket begin operating?**\ Bracket Labs started in 2021-2022 by creating DeFi derivatives protocols. In 2023, the team was recognized by Binance and joined the Binance Labs Incubator, Season 5, where they were overall runner-up in the Build-the-Block competition.
3. **Why is Bracket now building vault infrastructure?** \ There is a large market need to connect on-chain assets to professional, actively managed vaults. Bracket built the technology to enable this union and provide the key infrastructure needed for investors to feel comfortable and funds to gather more AUM.
4. **What is brktETH?** \ brktETH is a token comprised of a composite of liquid staking tokens. brktETH is backed by a blended treasury of reward-bearing assets and provides broad-based exposure to the Liquid Staking Market.
5. **When are NAVs calculated?** \ Each vault may have a different schedule, please check with the vault itself on the app or the documentation page for the vault.
6. **How do vaults work?** \ Bracket vaults are custom asynchronous vaults that stage funds, account for deposits and withdrawals, post updated NAV and lot level accounting, and provides vetted manages with policy managed wallets to activate yield.
7. **Can I use Bracket?**\ Bracket may not be available in your region, please see the [Terms and Conditions](https://www.bracket.fi/terms-of-service) to find out more.
8. **What asset denominations and strategies will you support other than brktETH?**\ Bracket supports USDC and ETH denominated strategies and will soon support BTC, wrapped/L2 BTC EVMs, and Stablecoin denominated strategies
9. **How does the points \[BARS] system work?** \ Please go [here](/product/bracket-bars) for more on \[BARS] and how to accumulate. \ \
# Legal [Terms and Conditions](https://www.bracket.fi/terms-of-service)\ [Privacy Policy](https://www.bracket.fi/privacy-policy)\ \ \ **Disclaimer** The material provided herein is for informational purposes only. It does not constitute an offer to sell, or a solicitation of an offer to buy, any interests in any securities. Certain statements herein may constitute forward-looking statements. When used herein, the words “may,” “will,” “should,” “project,” “anticipate,” “believe,” “estimate,” “intend,” “expect,” “continue,” and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions relating to, and performance objectives of, the Bracket project (“Bracket”) involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of Bracket and the development of the system, network, its components, and the tokens to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements herein speak only as of the date hereof. We expressly disclaim any obligation or undertaking to disseminate any updates of revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. You are not to construe this document as investment, legal, tax, regulatory, financial, accounting or other advice, and this document is not intended to provide the basis for any evaluation of an investment in an interest. This document does not constitute and should not be interpreted as either an investment recommendation or advice, including legal, tax or accounting advice. Neither tokens or points nor rights to purchase tokens or points will be offered or sold in the United States or to U.S. persons or to residents of certain other prohibited jurisdictions. In other jurisdictions, offers and sales of tokens or points or rights to purchase tokens, when made, may be subject to significant restrictions, including, where applicable, requirements that the offeree or purchaser meets certain qualifications in the jurisdiction in which they are resident and/or that any such offer or sale be accompanied by a prospectus or other disclosure document. The Bracket project is under development and subject to change. As such, the documentation and contents of this document may not reflect the current state of the project at any given time.
# Links Website: Discord: Twitter: [
]() Telegram: [ ]() Email: [contact@bracket.fi](mailto:)\