> For the complete documentation index, see [llms.txt](https://cicada-finance.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://cicada-finance.gitbook.io/docs/assets/rtbtc.md). # rtBTC rtBTC is a BTCB-linked asset issued by CICADA Finance. It represents a tokenised unit of participation in an underlying BTCB-denominated asset pool and is designed to provide users with onchain exposure to BTCB, the Binance-Peg BTC asset on BNB Smart Chain. Unlike assets with a fixed US dollar reference value, rtBTC is designed to track the value of BTCB. The reference value of rtBTC therefore moves in line with the market price of BTCB, subject to protocol rules, liquidity conditions, settlement processes, and applicable onchain pricing mechanisms. rtBTC is designed to provide users with exposure to a BTCB-linked asset framework while maintaining CICADA Finance’s standardized subscription, redemption, settlement, and onchain distribution mechanisms. * rtBTC Contract Address (CA): \[To be updated] * Underlying Reference Asset: BTCB * BTCB Contract Address on BNB Smart Chain: 0x7130d2a12b9bcbfae4f2634d864a1ee1ce3ead9c * Pricing Reference: BTCB market price on BNB Smart Chain ### Underlying Asset Framework The underlying asset framework of rtBTC is based on BTCB, a Bitcoin-pegged asset on BNB Smart Chain. rtBTC is intended to reflect participation in a BTCB-linked asset pool, with valuation and pricing designed to follow BTCB rather than a fixed US dollar NAV. rtBTC holders participate economically in the value movement of the underlying BTCB-linked asset framework, as reflected through CICADA Finance’s pricing, redemption, and settlement mechanisms, subject to product operation rules including redemption windows, settlement periods, liquidity conditions, and applicable protocol parameters. ### BTC-Denominated Quantitative Strategy Framework rtBTC is supported by a BTC-denominated quantitative strategy framework that follows a strategy logic similar to rtUSQ. Both rtBTC and rtUSQ are designed around **risk-managed quantitative asset management strategies**, with an emphasis on conservative execution, controlled exposure, and systematic risk monitoring. The key difference is the denomination of the underlying strategy. While rtUSQ is structured around a USD-denominated asset framework, rtBTC is structured around a BTCB-denominated framework. As a result, rtBTC should be evaluated in BTC terms rather than USD terms. The strategy objective is to generate additional BTC-denominated returns on top of the underlying BTCB-linked exposure, rather than to provide a fixed USD yield. Due to the BTC-denominated nature of the strategy and the lower-risk positioning of the underlying quantitative framework, the expected annualized return of rtBTC is lower than certain higher-risk or higher-volatility strategies. Under ordinary market conditions, the target APY of rtBTC is expected to be approximately **6.2%**, subject to strategy performance, market liquidity, execution conditions, risk controls, and product-level parameters. Users should note that the stated APY is a target or indicative figure and does not represent a guaranteed return. Since rtBTC is linked to BTCB, users remain exposed to BTCB price movements and broader Bitcoin market volatility. **The BTC-denominated yield may increase the amount of BTC-linked exposure over time, but it does not eliminate market risk, price volatility, settlement risk, or liquidity risk.** ### Value Support Framework rtBTC is structured with a reference value designed to track BTCB. Each rtBTC represents a tokenised unit of participation in the underlying BTCB-linked asset framework, with its value expected to fluctuate in accordance with the market price of BTCB. The value of rtBTC is supported by the following components: **(1) BTCB-Linked Underlying Asset Exposure**\ rtBTC is designed to provide exposure to BTCB, with the value of rtBTC referencing BTCB rather than a fixed US dollar target. As BTCB moves with the broader Bitcoin market, rtBTC’s reference value is expected to fluctuate accordingly. **(2) Custodied Principal and Asset Operation**\ Subscription proceeds and/or underlying assets may be operated through audited smart contract workflows and routed to designated custody, execution, or asset management arrangements where applicable. This supports structural separation between protocol logic and underlying asset operations. **(3) Protocol-Level Risk Management Framework**\ CICADA Finance maintains protocol-level risk controls and an insurance fund design intended to mitigate tail-risk events and support orderly operations across stress scenarios. **(4) BTCB-Based Pricing and Settlement Logic**\ The pricing and settlement logic of rtBTC is designed to align with the value of BTCB. Where applicable, valuation, redemption, and settlement are processed based on BTCB-linked reference values and protocol-defined rules. **(5) Orderly Redemption Process**\ To support liquidity management and orderly settlement, CICADA Finance operates scheduled monthly redemption windows. This buffered mechanism is intended to facilitate orderly exits aligned with the settlement cycle of the underlying BTCB-linked asset framework. CICADA Finance does not provide any guarantee of principal, yield, BTCB peg maintenance, or price stability. Participation is subject to market risk, BTCB-related risk, liquidity risk, operational and technical risk, and the rules described in this documentation. ### Token Structure and Pricing rtBTC is intended to represent a tokenised unit of participation in the underlying BTCB-linked asset framework. Its reference value is designed to follow BTCB rather than remain fixed at US$1.00. Depending on liquidity conditions and secondary market depth, the execution price of rtBTC in onchain trading venues may deviate from its BTCB-linked reference value. Such deviation may appear as a premium or discount relative to the underlying BTCB reference price. Where applicable, CICADA Finance may provide periodic reporting and/or mechanisms designed to promote orderly alignment between rtBTC pricing and the value of the underlying BTCB-linked assets, subject to operational feasibility, market constraints, and available liquidity. ### Subscription #### Subscription Availability Users may subscribe for rtBTC units at any time outside of the designated monthly redemption window and the applicable settlement period. #### T+0 Acceptance Subscription orders are accepted on a real-time (T+0) basis and become effective immediately upon acceptance. #### Subscription Pricing Subscription pricing for rtBTC is based on the BTCB-linked reference value at the time of subscription, subject to applicable protocol rules, supported payment assets, pricing sources, and execution conditions. #### Subscription Suspension Subscriptions are not permitted during the monthly redemption window and the associated settlement period. This design supports orderly liquidity management, consistent settlement processing, and the operational integrity of the underlying BTCB-linked asset framework. > Note:\ > Users must subscribe with a minimum of 100 USDT or an equivalent amount denominated in supported stablecoins, unless otherwise specified by CICADA Finance. ### Redemption #### Monthly Redemption Window A monthly redemption window of three (3) consecutive days is opened once per calendar month. Users may submit redemption requests for rtBTC units exclusively during the monthly redemption window, in exchange for the corresponding underlying assets or settlement value as determined by CICADA Finance’s product rules. Redemptions are processed on a batched basis at the level of the underlying BTCB-linked asset framework. #### Redemption Pricing Redemption pricing is designed to reference the BTCB-linked value of rtBTC, subject to settlement timing, asset availability, liquidity conditions, custody requirements, and protocol-defined valuation rules. #### Claim Interface and Status Tracking Upon submission of a redemption request, details of pending and claimable assets will be reflected in the Claim tab. This includes, as applicable, the requested redemption amount, the expected settlement status, and the corresponding claimable amount after settlement. ### Settlement Period and Claim Following the close of the redemption window, a separate settlement period of seven (7) consecutive days will commence with respect to the underlying assets. * The underlying assets are not available for claim during the settlement period. * The underlying assets may only be claimed after the settlement period has concluded. This settlement buffer is designed to support batched processing, orderly execution, and settlement at the level of the underlying BTCB-linked asset framework. > Note:\ > Redemptions are process-based under ordinary settlement conditions and are not unconditional guarantees. Settlement timelines may be extended due to custody, liquidity, settlement, compliance, market volatility, or technical requirements. ### Rebase and Distribution Mechanism #### BTCB-Linked Balance and Value Reflection rtBTC is designed to reflect exposure to BTCB through CICADA Finance’s tokenised asset framework. Where applicable, any protocol-defined distribution, adjustment, or rebase mechanism may be used to reflect changes in underlying asset value, realised returns, or product-level distribution rules. Unlike a US dollar-targeted asset, rtBTC’s value is expected to move with BTCB. Users should therefore evaluate rtBTC as a BTCB-linked asset rather than as a stable-value product. #### Definition of Ordinary Market Conditions “Ordinary market conditions” are defined as periods that exclude: * market dislocations * extreme volatility * liquidity freezes * force majeure events * regulatory interventions * material operational or technical failures that prevent the orderly execution, valuation, or settlement of transactions #### Suspension During Redemption and Settlement All rebasing, distribution, or adjustment mechanisms, where applicable, may be suspended during the redemption window and the subsequent settlement period. #### Catch-Up Adjustment for Non-Redeeming Investors For investors who do not submit a redemption request, any distribution or adjustment attributable to the suspended period may be reflected retrospectively through a catch-up adjustment immediately prior to the reopening of the next subscription, where applicable. This mechanism is intended to preserve the operational integrity of the redemption and settlement process while maintaining fair value reflection for continuing holders. ### Secondary Market Liquidity (AMM / Swap Pool) An automated market-making (“AMM”) liquidity pool may be available with limited onchain depth, enabling users to buy or sell rtBTC on supported trading platforms without waiting for scheduled redemption windows. #### Slippage and Execution Risk The AMM pool is designed primarily for retail-sized liquidity and has limited onchain depth. Large transactions may experience slippage or price deviation, and secondary market prices may trade above or below the BTCB-linked reference value depending on prevailing market depth, trading volume, and market volatility. Users assume all risks when trading via the AMM pool. #### BTCB Price and Liquidity Risk Because rtBTC is designed to follow BTCB, users are exposed to BTCB price movements and broader Bitcoin market volatility. In addition, BTCB liquidity conditions, onchain market depth, bridge-related considerations, and BNB Smart Chain market conditions may affect execution quality and redemption outcomes. #### Yield and Incentive Considerations Secondary market trading may result in users exiting the asset exposure earlier than through the scheduled redemption process. Doing so may result in the forfeiture of future distributions, product-level incentives, or ecosystem rewards associated with continued participation in the underlying BTCB-linked asset framework, where applicable. ### Suitability of the Swap Pool for Large Transactions At the initial stage of CICADA Finance, the AMM liquidity pool is intended primarily to support retail-sized transactions and provides limited onchain depth. As a result, large or block-sized trades executed through the pool may be subject to material slippage and execution risk. For large transactions or institutional-sized redemptions, users are encouraged to utilise the monthly redemption window, which is designed to provide more orderly execution and pricing more closely aligned with the value of the underlying BTCB-linked assets. CICADA Finance’s roadmap contemplates enhanced liquidity integrations and connectivity with other DeFi protocols, with the objective of improving market depth and transactional efficiency over time. ### Risk Reminder rtBTC is not a stablecoin and does not target a fixed US dollar value. Its value is designed to follow BTCB and may fluctuate significantly with the price of Bitcoin and BTCB market conditions. Users should carefully consider market risk, BTCB-related risk, smart contract risk, custody risk, liquidity risk, redemption risk, settlement risk, oracle or pricing risk, and regulatory risk before participating. CICADA Finance does not guarantee principal protection, fixed returns, continuous liquidity, redemption availability, BTCB peg stability, or any specific investment outcome.