Overview

Executive Summary

bizUSDT0 is a USDT0-denominated yield vault on Flare, deployed via the Superform protocol and curated by Bizantine. The vault deploys depositor capital into Mystic Core USDT0 V2 to capture lending yields and FLR incentive rewards. A rules-based rebalancing engine maintains an 8% reserve buffer for instant redemptions, while accumulated WFLR emissions are converted to USDT0 through SparkDEX V4 on a time and threshold-triggered harvest cycle.

The vault targets a sustainable net yield above the US T-bill rate with full on-chain transparency, Fordefi MPC custody, and a 10% performance fee levied on gains above a high-water mark.

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Core Parameters

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Strategy Architecture — Capital Flow

Deposit Flow

Harvest & Rebalance

Redeem Flow

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Operating Stack

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Sleeve Design

Sleeve: Mystic Core USDT0 V2 (0xE8dd6A1e13244A27bDaa19CcBf33013647C675d1)

• Standard: ERC-4626 tokenized vault
• Asset: USDT0
• Yield Sources:
  • Lending spread from borrower demand on Mystic protocol
  • FLR incentive emissions distributed to USDT0 lenders
• Allocation Range: 87-92% of vault TVL (inverse of reserve target)
• Maximum single-sleeve concentration: 100% of deployable capital (by design, single-sleeve vault)

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Reward Conversion Leg

Accumulated WFLR emissions are harvested and converted to USDT0 through the following path:

FLR Exposure Policy: Total FLR-denominated exposure must remain within 2-3% of NAV at all times. If accumulated WFLR exceeds this band, an immediate harvest is triggered regardless of the standard schedule.

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Allocation Policy Bands

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Roles and Addresses

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Protocol Address Appendix

All addresses are verified on Flare mainnet:

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Operating Controls

FLR Emissions Control

• FLR exposure must stay within 2–3% of NAV.
• Harvest triggers enforce timely conversion.
• Volatility circuit breaker halts swaps during ≥10% hourly FLR moves.

Asset Control

• Only USDT0 is held at any layer of the vault.
• No leverage, no derivatives, no bridging to other chains.

Sleeve Control

• Single sleeve: Mystic Core USDT0 V2.
• Sleeve addition requires v1.1 amendment with full allocator review.

Swap Control

• Only authorized path: WFLR → USDT0 via SparkDEX V4.
• Slippage cap: 25 bps.
• Maximum per-swap size: $100K USDT0 equivalent.
• Router and pool addresses are hardcoded in the operational policy.

TVL Control

• Hard cap: $25M USDT0.
• Deposits are rejected when TVL is at or above the cap.

Reserve Control

• Target: 8% of TVL.
• Reserve is checked on every rebalance and deposit cycle.
• Rebalance triggers when reserve drifts by more than 1 percentage point from target.

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Authorized Action Set

No other actions are authorized. No leverage, no shorting, no cross-chain deployment.

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Deposit Flow

1. Depositor calls deposit on the Superform vault with USDT0.
2. If TVL cap ($25M) would be exceeded, the deposit is reverted.
3. USDT0 enters the reserve bucket.
4. On the next rebalance cycle, if reserve exceeds 8% target, excess USDT0 is deposited into the Mystic Core USDT0 V2 sleeve.
5. Depositor receives vault shares (ERC-20) proportional to their deposit.

Rebalance Flow

1. Calculate current reserve ratio: reserve / TVL.
2. If reserve ratio is above 9%: deposit excess into Mystic sleeve.
3. If reserve ratio is below 7%: withdraw from Mystic sleeve to top up reserve.
4. Rebalance is idempotent — no action if reserve is within 7–9% band.

Redemption Flow

1. Depositor calls redeem on the Superform vault, specifying share amount.
2. If reserve bucket has sufficient USDT0, redemption settles immediately.
3. If reserve is insufficient, the vault withdraws the required amount from the Mystic sleeve.
4. If Mystic withdrawal queue is active, redemption settlement is delayed until the queue clears.
5. USDT0 is transferred to the depositor.
6. Reserve is replenished on the next rebalance cycle if below target.

Reward Conversion Flow

1. Vault accumulates WFLR from Mystic incentive emissions.
2. When harvest trigger fires (time or balance), the vault initiates a swap:
   • Input: accumulated WFLR
   • Path: WFLR → USDT0 via SparkDEX V4 pool
   • Router: 0x8a1E35F5c98C4E85B36B7B253222eE17773b2781
3. Slippage is checked against the 25 bps cap. If exceeded, swap is aborted.
4. If swap size exceeds $100K equivalent, it is split into tranches.
5. Resulting USDT0 is allocated per rebalance rules (sleeve or reserve).