TBYs

Mint

TBYs have a minting period available twice per month. This will be a 3-day window where lender supply and borrower demand are matched. If you supply more than there is borrow demand for, your funds will be returned at the end of the 3-day period. If not, you will receive your TBY automatically. TBYs will begin accruing value as soon as the order is executed to purchase the underlying ib01. The underlying ib01 tokens are provided by Backed, and can take a day or two to issue. This is the "order filling period" which can take a maximum of two days. Once executed, interest starts accruing for TBYs until the Redeem Date.

Redeem

All TBYs have a 180 day duration from the time of execution. You can redeem for underlying USDC + interest at any time after the redeem date using the redeem function.

Naming

TBYs are named like this:

TBY(RedeemDate)(Batch)

So, let's imagine the first TBY mints on July 15th, Redeemable Jan 16. The TBY would be named TBYjan24(a).

Mint Schedule

In order to create ecosystem alignment, the core devs have proposed and implemented the following schedule for lenders and borrowers to meet, and TBYs to be minted. Going forward, governance will determine future minting schedules.

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