Mining Vaults
Brrito's mining vaults enable users to deposit ETH (and USDC soon) to earn various Base ecosystem tokens. Users can withdraw 100% of their assets at any time, and there are no fees.
Any ERC20 token that has liquidity can be mined by our vaults, starting with DEGEN, ElonRWA, and NFD (Feisty DAO). We will deploy vaults for 20+ of the top Base tokens by end of April 2024, and many more by EOY.
NOTE: "Mining", within the context of these vaults, is the act of converting yield earned from user assets into target tokens. Mining will have a positive impact on the market price of target tokens since they are purchased from an LP. Mining is entirely and automatically handled by the smart contracts - there are zero(!) asset-handling actions performed by the Brrito team.
An example scenario to better illustrate Brrito's mining vaults:
Alice has 1 ETH which is sitting idle in her wallet.
She learns about ElonRWA and thinks it's an exciting project, but doesn't want to let go her of 1 ETH (she believes that $10k ETH is programmed).
Alice deposits 1 ETH into Brrito's ElonRWA mining vault, which earns her ElonRWA every day.
Alice can withdraw at any time, but decides to wait 1 year.
1 year passes and Alice withdraws her 1 ETH and receives all the ElonRWA she earned.
Also, because the mining vault buys ElonRWA every day, which positively impacts the token's price, her ElonRWA is worth more than she expected!
Our vault contracts are permissionless (no admin privileges), non-upgradeable, and have multiple advantages for the participants:
Crypto investors can passively invest in more speculative assets, whilst maintaining complete ownership of their deposit assets (which can be withdrawn at any time).
Vault tokens will enjoy a constant, automatic flow of buying from vault depositors. The more deposits within the vault, the greater the buying pressure.
The goal of our vaults is to enable more individuals (and, one day, institutions) to gain exposure to speculative assets in a low-risk manner, by utilizing their interest earned to purchase those assets; the principal is never touched.
This may be worthwhile for investors because the right token could lead to outsized returns which dwarf the typical yield earned from ETH or USDC.
The core contract has been audited by KebabSec, a reputable security firm that has performed audits for Manifold Finance, Olympus DAO, and Redacted Cartel DAO. We will have at least 1 more follow-on audit soon.
Verified contract deployments: https://docs.brrito.xyz/contract-deployments.
Security audits
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