GM, this is your Daily Bolt briefing
In today’s edition, we’re providing you with an inside look into Tangible, an onchain ecosystem for tokenized RWAs, and how they’re integrating with Beefy to boost liquidity.
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1/ Beefy Finance Twitter Spaces with Tangible
Preview: Jag and Michael join Beefy Finance Speaker to talk about Tangible, current events around Tangible, and their new products. Click here to listen to the full episode (33 mins).
Read our Note (4 mins) and save 29 mins.
Introduction to Tangible
Jag says that Tangible started building and tokenizing real-world assets (RWA) around 24 months ago. RWAs that they tokenize include assets such as gold bars and real estate.
He adds that Tangible also has a stablecoin called USDR backed by tokenized real estate, which offers a native yield since the properties are leased out to tenants, and therefore, it is inflation-resistant money.
Jag says that Tangible's integrations with Beefy involve $USDR farming on various Solidly forks. Tangible bribes the pools on these protocols.
Integration with Pearl
Jag says that Tangible has a partnership with Pearl Exchange, and the Pearl team helped design the auto bribes feature for $USDR.
He says that Tangible is working with LayerZero to bring cross-chain functionality to switch from WUSDR to native USDR for liquidity purposes.
He adds that the partnering with Pearl is due to their focus on RWAs and their requirement for other assets to list only if paired with $USDR.
Jag adds that Tangible aims to provide liquidity as a service for new real-world asset protocols by offering initial bribes and using their voting assets on various DEXs.
The large ve positions designed by by Pearl makes bribing more efficient for Tangible.
He adds that users are compounding different rewards by buying more $USDR through an AMM. This combination of rewards is highly desired by users due to its popularity. By investing one dollar, users can receive more than one dollar in emissions from different platforms.
Current Events for Tangible and $USDR
Michael says that $USDR is native to Polygon. Multichain was used to facilitate liquidity across various chains for $USDR.
Michael says that when the bridge stopped working, customers faced difficulties exiting positions and retrieving funds. Funds were trapped in liquidity pools on other chains or within the bridge itself.
Michael says that to address this issue, a new version of $USDR (Real USD v3) was deployed using LayerZero technology. The new version allows for easier fund retrieval and native rebasing on any chain.
He adds that approximately $7 million worth of $USDR customer funds were stuck on unsupported chains. An additional $450,000 was trapped in the Multichain bridge itself.
He says that by issuing new $USDR tokens and facilitating individual redemptions, all funds were successfully returned to users.
Introduction to CVR
Jag says that Solidly forks often face a death spiral where token prices decrease, bribes dry up, and the flywheel runs in reverse. Caviar ($CVR) addresses this issue by offering high APY rewards without requiring long-term asset lockups. It provides liquidity lockers with 300% APY while ensuring emissions are not exceeded.
He adds that the idea for $CVR is adapted from Liquid Driver. Some small changes were made to suit Tangible’s needs.
He says that basically, $CVR is a liquid wrapper for PEARL. It provides triple-digit APYs in stablecoins and it aims to simplify token locking, voting, and maximizing earnings.
Michael says that $CVR abstracts complexity for users. It also allows users to stake a single token and claim rewards without understanding voting or strategizing. It includes a vote optimizer to maximize earnings without user intervention. He adds that $CVR is marketed as a "mint, stake, and sit back" concept.
Michael adds that $CVR is well-suited for retail consumers and new entrants into DeFi and it offers an easy-to-use solution with automated processes.
Beefy Finance speaker says that four boosted vaults containing $USDR will be available on Optimism's Velodrome through Beefy Finance. Around $40,000 in OP tokens will be distributed over five weeks. Three boosted parallel vaults (USDR/USDC, USDR/USDT, USDR/DAI) will be available on Polygon. Each vault will receive $40,000 in rewards over five weeks.
New Features and Products
Jag says that the next product being developed by Tangible Finance is called "Baskets." Baskets are ERC-20 tokens representing a collection of TNFTs (Tangible Non-Fungible Tokens). Examples of baskets include tokenized real estate properties like single-family residential in Arizona or XAUT, PAXG paired with Tangible's gold basket. Baskets will provide opportunities for farming, trading, borrowing, and other activities similar to ERC-20 tokens.
Michael says that baskets offer an alternative way of owning tokenized real estate for those who may not want a stablecoin backed by real estate. Baskets provide stability and protection through multiple assets, reducing exposure to a single property. They generate yield and can be traded, borrowed against, and used for various purposes similar to ERC-20 tokens.