acreBTC

acreBTC is a non-rebasing ERC4626 token that represents bitcoin deposited into Acre.

The ERC4626 standard is a tokenized vault standard, which is designed for the efficient management of vaults and rewards. acreBTC tokens are composable in DeFi and have diverse utility.

Future: Minting of acreBTC via Acre DApp

Today there is a visible receipt token on certain interfaces of the Acre DApp in addition to the smart contract of acreBTC, however with our bitcoin-first approach for launch there is no way to mint or move acreBTC. Any decision to allow for minting or moving acreBTC will be voted on by the Acre DAO.

How Mainnet Rewards will Accrue

When Acre vaults produce mainnet rewards for providing liquidity and economic security, these will automatically accrue to the acreBTC ERC4626 vault. When a user withdraws their bitcoin, or redeems acreBTC, they will receive their deposited bitcoin amount, plus rewards that have accrued during the period of their deposit.

Key Concept with Mainnet Rewards: Rebasing vs Non-rebasing

acreBTC is a non-rebasing token, which means that the balance of acreBTC does not increase in a users wallet as rewards accrue. Instead, the amount of bitcoin that acreBTC can be redeemed for increases.

Rebasing tokens, on the other hand, increase the token balance in the users wallet as rewards accrue to the vault.