The xBRC Token
A copy of all BRC tokens deposited into the Cooking V2 contract (located in the Kitchen).
Last updated
A copy of all BRC tokens deposited into the Cooking V2 contract (located in the Kitchen).
Last updated
Whenever a user deposits BRC into the Cooking V2 contract (in the Kitchen), it generates a xBRC token at a 1:1 ratio.
User deposits BRC
xBRC is minted at a 1:1 ratio at the time of deposit, and then added to the users wallet.
User can then deposit their xBRC into a single sided SALSA pool to generate yield.
User must have the xBRC as liquid in the wallet, and not inside of any other pool in order to withdraw their BRC tokens from the Cooking V2 contract at a 1:1 ratio.
xBRC will then be burned forever as soon as they withdraw their BRC from the Cooking V2 contract.
Recap:
User deposits 1,000 BRC into the Cooking V2 contract, user receives 1,000 freshly minted xBRC.
User withdraws 1,000 BRC from the Cooking V2 contract, users liquid xBRC gets burned at a 1:1 ratio in order to successfully withdraw the requested amount from the Cooking V2 contract.
How We Control the Health of xBRC Being Added to Our Ecosystem:
We were very stragetic in how we added xBRC to our ecosystem. If we added it as any other token, it could have been used as a harmful arbitrage opportunity. Thankfully, we've solved that!
xBRC can never be added to any sort of liquidity pool nor sent to any other address. It can only be added to the Single Sided SALSA pool, as it's been whitelisted to only be able to be deposited and withdrawn from that address. It's also only whitelisted as being approve to be withdrawn to the original address who deposited it. In simple terms, the token is only capable of being deposited to the single sided pool, and withdrawn from it.
It's purest use case is to provide an additional option of yield for users who believe in the BRC token, and rewards users who deposit their tokens for longer periods of time by creating not only one, but two streams of yield opportunities!
