Moving Towards a New Era: The Comprehensive Transformation of Boyco to PoL

The initial purpose of Berachain launching Boyco was simple: to ensure that decentralized applications could obtain ample and stable liquidity on the first day of going live on the mainnet. This allows the project team to focus on product development without worrying about raising funds.

To this end, Berachain has established a pre-deposit market where users can deposit assets (such as ETH, BTC, and stablecoins) to receive future token rewards and early participation rights. In just a few weeks, the results have been remarkable: over $25 billion in total locked value has flowed into more than 100 markets, with approximately 150,000 wallets participating.

The lock-up period is about to end. Each early depositor will simultaneously receive BERA and liquidity provider (LP) voucher tokens, needing to find a new place for their funds.

This is the origin of the Boyco Rollover plan.

Opportunities After Migration

Based on the type of Boyco market you previously participated in, the assets you hold (ETH, BTC, or stablecoins), and the BERA rewards you earned throughout the event, there are various follow-up options. In addition to considering the type of assets, it is equally important to weigh all options before migrating funds.

It is recommended to first visit BeraHub or various liquid staking token (LST) platforms to personally understand the available strategies.

Would you like to deposit funds into the reward vault with a higher BGT capture rate, or choose the vault with the highest APR? Or maybe a combination of both? Once the target is set, Proof of Liquidity (PoL) is the best choice. If you're still hesitant, the following will highlight several fund migration strategies, the types of assets accepted by these vaults, and their differences in risk tolerance and BGT emission levels.

Let’s first take a look at some opportunities for reward vaults.

Partial Reward Vault Opportunities

The migration interface will list about 40 target options, here we have selected four vaults with different risk-return characteristics, from robust BTC collateral to aggressive HONEY investments. Each vault description includes: (a) LP token source; (b) current APR and BGT capture share; (c) the actual problem this vault solves for the Berachain ecosystem.

solvBTC.BBN/solvBTC

APR approximately 2.6% | BGT Capture Rate approximately 1.0% | Platform: Kodiak

SolvBTC can be seen as a yield-bearing, voucher-wrapped Bitcoin on Berachain; BBN adds benchmark BTC staking dividends. By depositing SolvBTC.BBN and SolvBTC into the Kodiak liquidity pool, you can mint staking receipt tokens. The yield is conservative: very suitable for those who just want to hold hard currency, receive moderate PoL dividends, and wish to preserve the value of their BTC holdings.

wBERA/HONEY

APR approximately 57% | BGT Capture Rate approximately 18.9% | Platform: Kodiak

The pool will pair the wrapped BERA with HONEY (Berachain's native over-collateralized stablecoin) to provide deep liquidity for the chain's core accounting unit. LPs earn two sources of income:

1. Exchange fees from BERA/stablecoin high trading volume paths;
2. Thanks to the large rewards for validators from this pool, a double-digit daily issuance of BGT can be obtained.

The risk of impermanent loss is asymmetric (when the HONEY price is close to $1, the BERA price may fluctuate). This is attractive to users who want to earn substantial PoL rewards but do not want to bear the volatility of small coins, but it is still necessary to track the BERA price with half of the position, so please increase your holdings cautiously.

byUSD/HONEY

APR approximately 2.8% | BGT Capture Rate approximately 3.2% | Platform: BeraHub

BYUSD is Berachain's native, dollar-pegged, yield-generating stablecoin. Paired with HONEY on Hub AMM, it provides a way for hedging funds to mine BGT without leaving the stable range, while also increasing liquidity for one of the tokens with the highest trading volume on the network. The APR is moderate, but stablecoin LPs place more emphasis on low slippage and stable returns.

wETH/WBERA

APR approximately 46.9% | BGT Capture Rate approximately 3.6% | Platform: Kodiak

For users holding bridged ETH and wishing to maintain a layer of exposure, the WETH-WBERA pair is an ideal choice: one side is ETH, and the other side is the underlying asset of Berachain. Providing liquidity on Kodiak and staking LP receipts can yield nearly 50% in comprehensive APR, thanks to trading fees from two highly correlated mainstream currencies and stable BGT earnings. This is a reliable neutral choice for users who prefer blue-chip assets but do not mind some price fluctuations.

BTC/ETH/Stability Coin Strategy

If the BGT mining model does not suit you, Berachain's currency market and credit layer allow for passive earnings through unilateral deposits, and in certain cases, you can also receive a portion of validator emissions. Here are some real-time strategies grouped by underlying assets.

These options are not part of the reward vault strategy (no need to stake LP vouchers on the Hub), but there are several options that provide BGT to assess whether the additional complexity is worth it.

BeraBorrow - SolvBTC / uniBTC / STONEBTC / PUMPBTC

Depositing any of the four BTC synthetic assets into the BeraBorrow currency market can yield a floating supply APR of approximately 8-18%, while maintaining a hard BTC exposure. There are no BGT earnings here, only pure interest income; for additional leverage, you can also choose to use revolving loan collateral.

Kodiak - Isolated wBTC Lending Pool

Kodiak's AMM offers a one-sided wBTC lending feature (looking for a wBTC silo, rather than an LP). The current deposit interest rate is around 10-25%, and the rate may surge when traders leverage buy BTC.

You can later transfer interest-bearing wBTC to the rewards vault, but this is a simple, BGT-neutral earning method.

Concrete - cIBTC and similar (BGT qualified)

Concrete tokenizes debt positions; minting cIBERABTC, cIBTC, or cIBeraUNI can yield approximately 12-22% base returns, and the protocol also offers a small BGT rebate to stakers. This achieves a good balance between pure lending and comprehensive PoL mining.

Dolomite - BeraETH and weETH deposits

BeraETH loop in the Dolomite UI. There is no BGT, but borrowing demand remains stable, and interest rates are attractive.

BeraBorrow - rsETH / BeraETH / WETH

For users who do not wish to use leverage, the simple deposit label on BeraBorrow generates about 6-15% returns on the same type of ETH. The collateral remains liquid (can later borrow stablecoins), and there are also no BGT returns.

Yearn - dHONEY vault

Yearn wraps dHONEY (a delta-neutral, yield-capturing pseudo-stablecoin) and automatically compounds perpetual funding and market-making rebates. The net annualized yield is approximately 12-25% APY, and it does not rely on BGT. For users who trust Yearn's strategy audits and mission, this is a good "set it and forget it" solution.

Dolomite - sUSDe Deposit

sUSDe synthetic stablecoin earns approximately 8-15% yield on Dolomite, supported by Maker's DSR and internal borrowing demand. This is currently the highest unconditional stablecoin rate on Berachain, but please note there are no BGT incentives.

Euler - HONEY Lending (BGT Qualified)

Euler's isolation pool allows for the lending of original HONEY at an interest rate of 20-40%. The team increases returns by rewarding validators, generating an additional approximately 2-4% BGT yield, which is automatically accumulated for the suppliers.

Kodiak - USDa-sUSDa and rUSD-HONEY LP (eligible for BGT)

If you want to participate in liquidity provision but do not want to bear volatility, the trading fee return rate for the two stablecoin and HONEY trading pairs on Kodiak is approximately 15-30%, and you are eligible for validator incentives. By directly staking LP tokens on BeraHub, you can enjoy stable BGT earnings as well as mining pool rewards.

Three Quick Paths of BERA

Boyco mining allows every early depositor to receive a large amount of BERA native tokens upon withdrawal. If the above strategies are not suitable, Berachain also offers three simple ways to maintain the productivity of the underlying assets. For users who do not want to deal with LP receipts, validator boosts, or circular dashboards, and just want to manage BERA, this can be considered the default setting of Berachain.

Staked to the vault

For users who only want to obtain stable returns without bearing impermanent loss, Berahub has launched vaults priced in BERA, such as gBERA-iBERA or wBERA-iBERA. Since both parties in the trading pair track the same underlying token, the price difference can be ignored; all returns come from trading fees and a large amount of validator rewards, with the current annual interest rate reaching about 150-165%. This is an ideal choice for holders who wish to hold 100% BERA while simultaneously obtaining the highest risk-adjusted returns on the network.

Deposit BERA into the lending agreement

If you completely want to avoid LP, you can simply lend BERA on Dolomite or Euler. The supply interest rate fluctuates between 20% and 100% APR based on borrowing demand, usually peaking when speculators leverage new token issuances. There is no BGT, no validator mechanism, only pure interest income. If you want to try later, you can borrow stablecoins with deposits. This is very suitable for passive income earners who want their principal to have liquidity and be re-collateralized.

BERA LST

Risk-averse investors can package BERA into liquid staking tokens (iBERA or gBERA) to achieve a stable base yield of 5-8%, while maintaining asset liquidity for future DeFi investments. LST will continuously and automatically calculate validator rewards without the need for manual claiming, and the tokens can still be deposited into any reward vault or money market.

Rollover Operating Mechanism

Boyco Rollover is essentially a guided exit channel that allows you to convert your pre-deposited positions into efficient Proof of Liquidity (PoL) collateral with just three clicks:

Claim and Display Options: When the vault is unlocked, Boyco will display the "Claim All" panel, summarizing all positions, the BERA to be earned, and the one-click buttons for migration or withdrawal. No need to wait for multi-signature, no need to copy and paste the contract address, directly enter the mainnet.

Smart Recommendation Priority: After receiving, the lightweight recommender will highlight certain whitelisted reward vaults based on real-time APR, BGT capture rate, and the dollar value per BGT. You can accept the preset or click "Explore All" to view the complete list of options.

One-click exchange and deposit: If the target vault requires other assets, the process will automatically route the transaction, for example, exchanging the original BERA for gBERA, then transferring it to the LP, and finally depositing it, all operations require only one confirmation. The UI will transmit the receipt token and immediately prompt you to stake it in the PoL of BeraHub to start earning BGT. You only need to verify the slippage on the path.

Staking LP, Mining, Recirculation: Once staked, you start earning BGT (as well as any external incentives provided by the treasury). The BGT you receive can be exchanged for BERA for compound interest or to increase the emission of BGT to the validators of your treasury.

When the newly minted BERA arrives in the wallet, the migration popup will provide three quick channels to reinvest: (a) invest in LS priced in BERA.