Bera Vault Update
MAY
06
Event date
Tuesday 06 May 2025, UTC
Event description
- Lombard Finance, developer of LBTC (liquid staked Bitcoin), miscommunicated the withdrawal date for its Bitcoin Bera Vault, a 90-day ROYCO market where funds are locked to earn yield; the correct date is May 6, 2025, not April 14 as previously stated.
- The ROYCO protocol, as per docs.royco.org, enables Incentivized Action Markets (IAMs) where participants negotiate incentives for onchain actions, ensuring non-custodial, automated execution of transactions while funds remain locked, which aligns with the vault's structure.
- To address user inconvenience from the error, Lombard increased reward points from 4x to 5x and confirmed vault tokens are transferable, though community reactions highlight trust issues due to the late notice and perceived inadequate compensation.
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