BTokens

Each asset supported by the Belugas Protocol is integrated through a bToken contract, which is an EIP-20 compliant representation of balances supplied to the protocol. By minting bTokens, users (1) earn interest through the bToken's exchange rate, which increases in value relative to the underlying asset, and (2) gain the ability to use bTokens as collateral.

bTokens are the primary means of interacting with the Belugas Protocol; when a user mints, redeems, borrows, repays a borrow, liquidates a borrow, or transfers bTokens, she will do so using the bToken contract.

There are currently two types of bTokens: BErc20 and CEther. Though both types expose the EIP-20 interface, BErc20 wraps an underlying ERC-20 asset, while CEther simply wraps Ether itself. As such, the core functions which involve transferring an asset into the protocol have slightly different interfaces depending on the type, each of which is shown below.

How do bTokens earn interest?

Each market has its own Supply interest rate (APR). Interest isn't distributed; instead, simply by holding bTokens, you'll earn interest.

bTokens accumulates interest through their exchange rate — over time, each bToken becomes convertible into an increasing amount of it's underlying asset, even while the number of bTokens in your wallet stays the same.

Can you walk me through an example?

Let’s say you supply 1,000 USDC to the Belugas protocol, when the exchange rate is 0.020070; you would receive 49,825.61 bUSDC (1,000/0.020070).

A few months later, you decide it’s time to withdraw your USDC from the protocol; the exchange rate is now 0.021591:

• Your 49,825.61 bUSDC is now equal to 1,075.78 USDC (49,825.61 * 0.021591)

• You could withdraw 1,075.78 USDC, which would redeem all 49,825.61 bUSDC

• Or, you could withdraw a portion, such as your original 1,000 USDC, which would redeem 46,315.59 bUSDC (keeping 3,510.01 bUSDC in your wallet)

How do I view my bTokens?

Each bToken is visible on Seitrace, and you should be able to view them in the list of tokens associated with your address

bToken balances have been integrated into Coinbase Wallet and MetaMask; other wallets may add bToken support

Can I transfer bTokens?

Yes, but exercise caution! By transferring bTokens, you’re transferring your balance of the underlying asset inside the Belugas protocol. If you send a bToken to your friend, your balance (viewable in the Belugas Interface) will decline, and your friend will see their balance increase.

A bToken transfer will fail if the account has entered that bToken market and the transfer would have put the account into a state of negative liquidity.