rlBTRFLY

What is rlBTRFLY?

rlBTRFLY is Reward Locked BTRFLY. It allows BTRFLY holders to lock their tokens for 16 to 17 week epochs to earn rewards generated by Redacted’s treasury and ecosystem of products. rlBTRFLY holders will also earn BTRFLY “pulse” emissions, which are paid in the form of inflationary BTRFLY supply.

What type of rewards will I earn after locking for rlBTRFLY?

Users will earn rewards from Redacted’s treasury and ecosystem of products paid in WETH. Users will also earn BTRFLY “pulse” emissions, which are paid in the form of new BTRFLY supply.

How do I get rlBTRFLY?

Users can lock their BTRFLY using the app: https://app.redacted.finance/.

When do rlBTRFLY epochs begin?

Weekly epochs begin every Thursday 0:00 UTC. BTRFLY deposited after the beginning of each epoch will not be able to participate in protocols in rewards until the start of the next weekly epoch.

I locked rlBTRFLY, why am I not earning rewards?

BTRFLY must be deposited before the start of each epoch, which starts every Thursday at 0:00 UTC. Any BTRFLY deposited after the beginning of the epoch will not be able to participate in protocols or share in rewards until the start of the next epoch.

If a user deposited before the start of an epoch, but it has been less than two weeks, then they have yet to receive their first distribution. Rewards are distributed to rlBTRFLY lockers every two weeks.

How often are rlBTRFLY rewards paid out?

Every two weeks.

How often can I claim my rlBTRFLY rewards?

Users can claim rlBTRFLY rewards as soon as they’re received.

What if I don't claim my rlBTRFLY rewards?

Unclaimed rewards will simply accrue until they are claimed. In order to save on Ethereum gas fees, users can wait until a few distributions have passed before claiming rewards.

Are rlBTRFLY rewards locked?

No, rlBTRFLY rewards are not locked. They can be claimed as soon as they’re received.

Can I lock my newly earned BTRFLY for rlBTRFLY?

Yes, of course. All BTRFLY can be locked for rlBTRFLY as soon as it's earned.

Can rlBTRFLY holders participate in governance?

Yes, rlBTRFLY holders can vote on governance proposals.

Where does rlBTRFLY rewards come from?

rlBTRFLY receives rewards from Redacted’s treasury and products (e.g. bribes).

  • 50% of Hidden Hand rewards goes to rlBTRFLY holders.

  • 42.5% of Pirex rewards goes to rlBTRFLY holders.

  • rlBTRFLY’s percentage of yield from the treasury is outlined below:

Can I vote in governance with my rlBTRFLY?

Yes, rlBTRFLY lockers can participate in governance. In fact, rlBTRFLY votes are worth 5 votes per rlBTRFLY on Snapshot, while unlocked BTRFLY is worth 1 vote per BTRFLY.

BTRFLY, rlBTRFLY and smart contract protocols

It is important to reiterate that smart contract protocols such as Redacted simply comprise a set of autonomous blockchain-based smart contracts deployed on the relevant blockchain network, operated directly by users calling functions on it (which allows them to stake and interact with other users and/or engage in trading or other activities in a multi-party peer-to-peer manner).

There is no further control by or interaction with the original entity which had deployed the smart contract, which entity solely functions as a provider of technical tools for users, and is not offering any sort of securities product or regulated service nor does it hold any user assets on custody. As such, any "bribes", tokens or other rewards which users potentially may earn from the protocol arise solely out of the user's involvement in the protocol by taking on the risk of interacting with other users.

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