bcrvUSD+ Contract Mechanisms

Staked Curve Bond crvUSD (bcrvUSD+) tokens utilize four primary contracts in order to function and deliver secure and sustainable on-chain yield. 1. bcrvUSD Tokens. A non yield-bearing stablecoin pegged to crvUSD. Generated via Axelar's interchain token service which grants bcrvUSD built in cross-chain bridging capabilities, as well as DAO controlled mint and burn functionality. 2. bcrvUSD+ Tokens. A yield bearing stablecoin xERC-20 Token. Forked from Sushi Swaps xSushi token product. xERC-20 tokens function similarily to ERC4626 vaults, in that xERC-20 tokens are minted by staking an underlying token, which in this case are bcrvUSD tokens. bcrvUSD+ tokens can also be burned to unlock the underlying bcrvUSD tokens. Approved distributors can send additional bcrvUSD tokens to the bcrvUSD+ contract, which are then distributed as yield to all bcrvUSD+ token holders. As the bcrvUSD+ contract holds more bcrvUSD tokens, the rate at which bcrvUSD+ tokens can be converted to bcrvUSD and vice versa increases. 3. Curve Stable Pool Composed of scrvUSD, bcrvusd and bcrvUSD+. This pool utilizes the Oracle function to call getfullsharesrate() from the bcrvUSD+ contract in order to correctly value bcrvUSD+ tokens accord to the burn/mint ratio of bcrvUSD to bcrvUSD+. By utilizing this Curve Stable Pool, users no longer need to execute technically complicated burn and mint functions to utilize bcrvUSD+. Instead, using bcrvUSD+ tokens is as easy as swapping through the Curve Front-end Interface. 4. The Curve Bonds DAO Aragon Weighted Multisig. The Aragon DAO Contract owns the bcrvUSD and bcrvUSD+ contracts and holds the liquidity for the Curve bcrvUSD+ Stable Pool. When users purchase bcrvUSD+ or bcrvUSD tokens, the Aragon DAO mints additional bcrvUSD/bcrvUSD+ tokens and uses those tokens to swap for scrvUSD until the target balance of the Curve Stable Pool is achieved. scrvUSD tokens acquired this way are deployed into crvUSD/scrvUSD stable pools and Illamalend Markets to generate yield. As yield is generated, additional bcrvUSD tokens are minted and distributed to the bcrvUSD+ contract as rewards, thus providing yield to bcrvUSD+ token holders. When users sell bcrvUSD or bcrvUSD+ tokens, the Aragon DAO withdrawals scrvUSD from strategies and utilizes withdrawn scrvUSD to buy and buy bcrvUSD/bcrvUSD+ tokens until the target balance of the Curve Stable Pool is achieved. See the contracts page for the list of deployed contracts.