Products

Staking & Locking

Locking $BCF (or a basket LP) into the bcLocker converts it into a non-transferable veBCF NFT. veBCF grants three rights: (a) gauge vote weight, (b) boosted emissions on any basket you hold, and (c) a pro-rata share of protocol fees.

Lock parameters

Min Lock

6 months

≈ 26 weeks

Max Lock

48 months

≈ 208 weeks

Decay

Linear

toward 0 at expiry

Early exit

50% penalty

to insurance module

Vote-weight decay

A lock's voting and boost weight decays linearly to zero at expiry. This forces active re-commitment and prevents zombie lockers from siphoning fee flow indefinitely.

veBCF weight decay — ve(t) = amount · (T_end − t)/T_max10,000 BCF locked · T_max = 48 mo

48 mo lock24 mo lock12 mo lock6 mo lock

ve_i(t)  =  amount_i  ·  max( 0 ,  ( T_end,i − t ) / T_max )

with T_max = 48 months.

Locking 10,000 BCF for 24 months:
   ve_i(t=0) = 10,000 · (24 / 48) = 5,000 veBCF
   ve_i(t=12 mo) = 10,000 · (12 / 48) = 2,500 veBCF
   ve_i(t=24 mo) = 0

Fee share

Every block, the FeeSplitter forwards 70% of protocol revenue to the bcLocker fee vault. A user's claim is proportional to their time-integrated veBCF balance:

FeeClaim_i(Δt)  =  ( ∫_Δt ve_i(t) dt )  /  ( ∫_Δt ve_total(t) dt )  ·  R_Δt

Where R_Δt is the total USDC revenue routed to lockers over Δt.

Revenue sources feeding the locker vault

Source	Rate	Locker share (70%)
Basket management fees	15–25 bps of TVL	10.5–17.5 bps
Redemption fees	5 bps of exits	3.5 bps
Borrow interest (bcUSD)	3–12% APR on debt	2.1–8.4%
Liquidation penalties	6% of liquidated collateral	4.2%
Rebalance internalized spread	≈2 bps of turnover	1.4 bps

Locker yield — worked example

Baseline: $500M TVL, 50% collateralized, 5% avg borrow APR.

Revenue waterfall → 70 / 20 / 10 split$500M TVL · 50% collateralized

to lockers · $9.84M insurance · $2.81M treasury · $1.41M

Annual protocol revenue:
   R_mgmt      =  0.0018 · 500,000,000  =    900,000  USDC
   R_borrow    =  0.05   · 250,000,000  = 12,500,000  USDC
   R_redeem    =  0.0005 · 100,000,000  =     50,000  USDC
   R_liquid    =  0.06   ·  10,000,000  =    600,000  USDC (est.)
   ────────────────────────────────────────────────────────
   R_total                                = 14,050,000  USDC

Locker share (70%):
   R_lockers  =  9,835,000  USDC

If 60% of circulating supply is locked, avg ve = 40% of amount:
   ve_total  ≈  0.60 · 300M · 0.40   =  72,000,000  veBCF

Yield per veBCF (annualized):
   9,835,000 / 72,000,000  =  $0.1366 / veBCF / year

Locker APR translation

A user who locks 10,000 BCF for 48 months receives 10,000 veBCF (max weight), earning ≈ $1,366 / yearin USDC fees. At a $0.85 $BCF price, the BCF principal is $8,500, so the raw fee APR is 16.1% — before boosted emissions and dividend passthrough.

Early exit

A locker can burn their lock early. The penalty is 50% of the current time-decayed amount, split 40% to the insurance module and 10% burned:

Withdraw_early(amount, t):
   returned  =  amount ·  ( 1 − 0.50 · ( T_end − t ) / T_max )

Example: 10,000 BCF locked for 48mo, exit at month 12
   returned  =  10,000 · ( 1 − 0.50 · (36/48) )
             =  10,000 · ( 1 − 0.375 )
             =  6,250 BCF
   penalty   =  3,750 BCF  →  3,000 to insurance, 750 burned

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