> 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/wrtbtc-wrapped-rtbtc.md). # wrtBTC (wrapped rtBTC) wrtBTC is the wrapped version of rtBTC issued within the CICADA Finance ecosystem. It is designed to provide a non-rebasing, ERC-4626-compatible representation of rtBTC for broader DeFi composability. While rtBTC is designed to reflect BTCB-linked value through CICADA Finance’s asset framework and applicable adjustment mechanisms, wrtBTC is structured as a share-based wrapper. Instead of changing user balances through rebase-style mechanics, wrtBTC reflects value changes through an evolving exchange rate between wrtBTC and rtBTC. This design allows users and protocols to interact with a fixed-balance token while still maintaining economic exposure to the underlying rtBTC position. * wrtBTC Contract Address (CA): \[To be updated] * Underlying Token: rtBTC * Underlying Reference Asset of rtBTC: BTCB * BTCB Contract Address on BNB Smart Chain: 0x7130d2a12b9bcbfae4f2634d864a1ee1ce3ead9c * Token Standard: ERC-4626-compatible wrapped asset structure, where applicable ### What is wrtBTC? wrtBTC is a wrapped, non-rebasing representation of rtBTC. When users wrap rtBTC into wrtBTC, their rtBTC is deposited into the wrapper contract, and they receive wrtBTC shares in return. These wrtBTC shares represent a proportional claim on the rtBTC held by the wrapper. When users unwrap wrtBTC, the wrtBTC shares are redeemed and the corresponding amount of rtBTC is returned to the user based on the prevailing exchange rate. In simple terms: * rtBTC is the underlying BTCB-linked asset. * wrtBTC is the wrapped share token representing a claim on rtBTC. * rtBTC may reflect value changes through CICADA Finance’s asset framework. * wrtBTC reflects those changes through its exchange rate to rtBTC rather than through balance increases. ### Why wrtBTC Exists rtBTC is designed as a BTCB-linked asset within CICADA Finance’s product framework. Depending on product parameters, rebase, distribution, or value-adjustment mechanics may be used to reflect changes in the underlying asset framework. However, rebasing tokens can create integration complexity for DeFi protocols, wallets, portfolio trackers, lending markets, AMMs, and accounting systems because user balances may change over time. wrtBTC is designed to solve this issue by providing a fixed-balance wrapper. The main purposes of wrtBTC include: **(1) DeFi Composability**\ wrtBTC is easier to integrate into AMMs, lending markets, collateral systems, vaults, routers, and other DeFi protocols because balances do not automatically change through rebase-style mechanics. **(2) Fixed-Balance Accounting**\ Users’ wrtBTC balances remain stable unless they transfer, wrap, unwrap, buy, or sell wrtBTC. Value changes are reflected through the wrtBTC-to-rtBTC exchange rate instead of balance changes. **(3) Improved Integration for AMM Pools**\ AMM pools generally operate more smoothly with non-rebasing tokens. wrtBTC may therefore be more suitable than rtBTC for liquidity pools and protocol-owned liquidity arrangements. **(4) BTCB-Linked Exposure**\ Although wrtBTC itself is a wrapper token, its economic exposure ultimately derives from rtBTC, which is designed to track BTCB-linked value. ### Relationship Between rtBTC and wrtBTC wrtBTC does not represent a separate asset pool. It is a wrapper around rtBTC. The relationship can be understood as follows: **rtBTC** * BTCB-linked asset issued by CICADA Finance * Designed to reflect exposure to BTCB * May involve rebase, distribution, or adjustment mechanisms, where applicable * Subject to CICADA Finance’s subscription, redemption, settlement, and asset operation rules **wrtBTC** * Wrapped version of rtBTC * Non-rebasing token balance * Represents a proportional claim on rtBTC held by the wrapper contract * Value is reflected through the wrtBTC-to-rtBTC exchange rate * More suitable for DeFi integrations, AMMs, and collateral use cases ### Exchange Rate Mechanism wrtBTC uses a share-based exchange rate mechanism. When rtBTC held by the wrapper increases or changes in value relative to the total wrtBTC supply, each wrtBTC share represents a different amount of rtBTC. The exchange rate can be conceptually understood as: wrtBTC exchange rate = total rtBTC held by the wrapper / total wrtBTC supply As a result: * The number of wrtBTC tokens held by a user does not automatically increase or decrease due to rebase-style mechanics. * The amount of rtBTC redeemable per wrtBTC may change over time. * The BTCB-linked value of wrtBTC is derived from the value of rtBTC and the prevailing wrtBTC-to-rtBTC exchange rate. ### Wrapping rtBTC into wrtBTC Users may wrap rtBTC into wrtBTC by depositing rtBTC into the wrapper contract. Upon wrapping: 1. The user deposits rtBTC into the wrapper. 2. The wrapper contract calculates the amount of wrtBTC shares to mint based on the prevailing exchange rate. 3. The user receives wrtBTC. 4. The deposited rtBTC remains held by the wrapper contract. Wrapping does not create new exposure to a separate asset. It simply converts the user’s rtBTC position into a non-rebasing wrapped representation. ### Unwrapping wrtBTC into rtBTC Users may unwrap wrtBTC back into rtBTC by redeeming wrtBTC through the wrapper contract. Upon unwrapping: 1. The user submits wrtBTC for redemption. 2. The wrapper contract calculates the corresponding amount of rtBTC based on the prevailing exchange rate. 3. The user receives rtBTC. 4. The redeemed wrtBTC is burned or otherwise removed from circulation according to the wrapper contract logic. After unwrapping, the user holds rtBTC directly and becomes subject to the normal rtBTC product rules, including any applicable subscription, redemption, settlement, rebase, distribution, and claim processes. ### Pricing of wrtBTC The value of wrtBTC is derived from two components: **(1) The BTCB-linked value of rtBTC**\ rtBTC is designed to follow BTCB-linked value rather than a fixed US dollar value. **(2) The wrtBTC-to-rtBTC exchange rate**\ wrtBTC represents a claim on rtBTC held by the wrapper. Therefore, the amount of rtBTC represented by each wrtBTC may change over time. The indicative value of wrtBTC can be understood as: wrtBTC value = wrtBTC-to-rtBTC exchange rate × rtBTC BTCB-linked reference value Because rtBTC itself is BTCB-linked, wrtBTC should also be evaluated as a BTCB-linked asset rather than as a stablecoin or fixed-value product. ### Difference Between rtBTC and wrtBTC | Feature | rtBTC | wrtBTC | | ------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------- | | Asset Type | BTCB-linked asset | Wrapped version of rtBTC | | Balance Behavior | May reflect value through rebase or adjustment mechanisms, where applicable | Non-rebasing fixed balance | | Value Reflection | Through rtBTC asset framework and applicable mechanisms | Through exchange rate to rtBTC | | DeFi Integration | May require custom handling if rebasing applies | Easier for AMMs, lending markets, and integrations | | Underlying Exposure | BTCB-linked | Indirect BTCB-linked exposure via rtBTC | | Redemption Path | Subject to rtBTC redemption and settlement rules | Unwrap into rtBTC first, then follow rtBTC rules if redeeming further | ### Use Cases wrtBTC may be used in the following scenarios: **AMM Liquidity Pools**\ wrtBTC may be paired with other assets in AMM pools where non-rebasing token behavior is preferred. **Protocol-Owned Liquidity**\ CICADA Finance or ecosystem participants may use wrtBTC in liquidity arrangements where a productive BTCB-linked asset is preferred over idle assets. **Collateral and Lending Integrations**\ Because wrtBTC follows a share-based structure, it may be more suitable for lending protocols and collateral systems that require stable token balances. **Portfolio and Wallet Tracking**\ wrtBTC may be easier for wallets, dashboards, and analytics tools to display because user balances do not automatically change through rebase-style adjustments. **Institutional and Strategy Integrations**\ wrtBTC may support cleaner accounting for structured strategies, vault integrations, or managed onchain portfolios. ### Relationship with Redemption and Settlement wrtBTC itself is a wrapper token. It does not change the underlying redemption and settlement rules of rtBTC. Users who wish to exit into the underlying rtBTC position may first unwrap wrtBTC into rtBTC. Any subsequent redemption from rtBTC into the applicable underlying asset or settlement value remains subject to rtBTC’s product rules, including monthly redemption windows, settlement periods, liquidity conditions, custody requirements, and protocol-defined processes. wrtBTC does not provide an independent guarantee of instant redemption into BTCB or any other asset. ### Secondary Market Liquidity wrtBTC may be listed in AMM pools or supported trading venues to provide secondary market liquidity. Users may buy or sell wrtBTC through supported onchain markets without directly interacting with the wrapping or unwrapping process. However, secondary market execution prices may differ from the indicative value implied by the wrtBTC-to-rtBTC exchange rate and the BTCB-linked reference value of rtBTC. Secondary market prices may trade at a premium or discount due to: * available liquidity * pool depth * market volatility * trading volume * BTCB price movement * rtBTC redemption expectations * broader market conditions Users assume all risks when trading wrtBTC through AMMs or other secondary market venues. ### Risk Reminder wrtBTC is not a stablecoin and does not target a fixed US dollar value. Its value is ultimately linked to rtBTC, which is designed to follow BTCB-linked value. Users should carefully consider the following risks before interacting with wrtBTC: * BTCB price volatility risk * BTCB peg and market liquidity risk * rtBTC product and settlement risk * wrapper smart contract risk * ERC-4626 integration risk * AMM slippage and liquidity risk * oracle or pricing risk * custody and operational risk * regulatory and compliance risk * market dislocation risk CICADA Finance does not guarantee principal protection, fixed returns, continuous liquidity, BTCB peg stability, instant redemption, or any specific investment outcome. ### Summary wrtBTC is the non-rebasing wrapped version of rtBTC. It allows users and DeFi protocols to hold a fixed-balance token while maintaining economic exposure to rtBTC and, indirectly, to BTCB-linked value. The key distinction is: * rtBTC reflects BTCB-linked exposure directly. * wrtBTC reflects rtBTC exposure through a share-based wrapper. * rtBTC may involve rebase or adjustment mechanisms, where applicable. * wrtBTC does not rebase; its value is reflected through the wrtBTC-to-rtBTC exchange rate. This makes wrtBTC a more composable version of rtBTC for DeFi integrations, AMM liquidity, collateral use cases, and protocol-level asset management.