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beeWhat is Apiary.Fi?

TLDR; numba go up tech.

Apiary.Fi is a protocol designed to perpetually accumulate $BGT (Berachain Governance Token) via participating in Proof of Liquidity. The protocol token, $APIARY, is minted when the token trades above the fair value of the protocol's treasury. This newly created $APIARY is sold to the open market via bonds and directs 100% of bond proceeds ($iBGT or $APIARY/$HONEY LP receipt tokens to the treasury.

Learn more about bonds here -> Bonds & Staking

In order to become a $BGT blackhole, the protocol will progress through 3 phases:

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Phase 1: Protocol Owned Liquidity Growth

Objective: Build foundational liquidity and establish price stability

Mechanics:

  • 50% of treasury yield -> $APIARY/$HONEY liquidity

  • 50% of treasury yield -> buy and burn $APIARY

Exit Criteria:

Both of the following must be met to transition from Phase 1 -> Phase 2

  1. $APIARY/$HONEY LP > $20k

  2. Liquidity Depth > $10k

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Phase 2: Treasury Expansion

Objective: Accumulate $iBGT and APIARY/HONEY LP with the goal to qualify for reward vault whitelistingarrow-up-right

Mechanics:

  • Issue bonds aggressively for $iBGT and APIARY/HONEY LP acquisition

  • Apply price management system (see Protocol Functionality)

  • Prepare Reward Vault mechanics

Exit Criteria:

Both of the following must be met to transition from Phase 2 -> Phase 3

  1. Reward Vault whitelisted and operational

  2. First $BGT emissions successfully received

Fallback Strategy: If whitelisting is not achieved within 1 month of transition to Phase 2, the protocol will continue Phase 1 mechanics and focus on liquidity growth + explore alternative yield strategies.

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Phase 3: Proof of Liquidity Integration

Objective: Leverage Berachain's PoL for maximum capital efficiency

Mechanics:

  • Use $iBGT to bribe reward vaults -> Earn $BGT emissions

    • See below for Emission Strategy

  • Claim $BGT as $vBGT through Vase Financearrow-up-right

  • Launch Apiary sub-validator on Berachain

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(Learn more about Sub-Validators -> Herearrow-up-right.)

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Price-Based Emission Strategy

$APIARY Price vs Treasury Value

$APIARY MC > 30% FV of Treasury

Max $BGT Emissions directed to Reward Vault

$APIARY MC within 30% of Treasury

Emissions directed to highest paying vaults, yield distributed to staked $APIARY

$APIARY < FV of Treasury

100% yield to buybacks

Note: During phase 3 there will be a 10% management fee that goes to the Apiary.Fi team

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