mBGT: How It Works

Overview

mBGT is Miso's first yield product.

Miso makes BGT yield effortless: By depositing mBGT, you're gaining passive exposure into Berachain's native incentive economy without micromanagement.

Token contract address for mBGT: 0x927439eEf2e2520aFa78D8742cAe7Be3e3e90B11

Benefits

  • Hassle-free experience: No need to choose, boost, and optimize validators boost distribution. No need to manually harvest incentive dust and make swaps to compound your positions

  • Automatically compounding: Whenever you use Miso, your yield is automatically compounded so you can enjoy maximum gains

  • Liquid exposure to Berachain's incentive economy: Our mBGT product enables you to enjoy real yield as app developers add incentives to their reward vaults; the more Active Incentives are in play, and the more active reward vaults there are on Berachain, the more rewarding this strategy becomes.

  • Composability prioritized [for experienced DeFi users]: When you stake mBGT, you'll receive smBGT, a liquid yield-bearing token that can be used productively as a collateral across DeFi

Key Assets

Miso's first product introduces:

  • mBGT: A liquid, composable BGT wrapper

  • smBGT: A liquid, yield-bearing token you receive by staking mBGT

How mBGT Works

  • When users earn $BGT and choose to claim it as mBGT, the raw $BGT is deposited and managed by Miso

  • All $BGT under Miso's custody is actively managed and boosted to top-performing validators

  • Validators earn incentives from reward vaults, and distributes them to boosters

  • When you deposit/stake mBGT, you receive smBGT, which represent a share of the staking vault

  • Rewards aren’t streamed directly to smBGT holders; instead, they are harvested periodically and accumulated: Incentives → mBGT → added to staking vault

  • The staking vault grows in mBGT value over time

  • This means that even though your smBGT balance remains constant in your wallet, the value of each smBGT increases over time relative to mBGT

  • You may unstake your smBGT at any time

No more dealing with manual validator optimization, harvesting incentive dust, and making endless swaps. Just deposit and earn.

Associated Fees

Miso does not take fees on your principal. The fee schedule applies as follows:

  • 10% minting fee when users mint mBGT

  • 10% fee on harvested incentives

  • 0.5% exit fee on unstaking smBGT

mBGT OTC Market feature

Users can swap for mBGT in the Miso app, via the Market tab. The Market feature on Miso allows large BGT holders e.g. validators, protocols, LST providers to exit on their BGT position without harming liquidity.

The oracle price listed in the Market feature is a 12-hour TWAP (time-weighted average price) of the spot price of mBGT. This ensures that any price fluctuations caused by single large trades or malicious price manipulation are smoothen out, making it more difficult for attackers to manipulate the mBGT price for their benefit.

How to Buy mBGT

3 simple steps:

  1. Go to the Market tab on https://app.miso.money

  2. Swap BERA for mBGT

  3. Or, get mBGT via the mBGT-iBERA pool on Kodiak or through a liquidity aggregator like Ooga Booga

How to Sell mBGT

  1. Instant option: Sell mBGT via the mBGT-iBERA pool on Kodiak

  2. Delayed option: You may sell mBGT via the Market feature but it may take some time before your order is filled (this is a sell order)

How to Mint mBGT

If you have earned $BGT on Berachain by providing liquidity, you can mint/claim it as mBGT:

  1. Visit https://app.miso.money

  2. Click on the Mint tab

  3. Connect your wallet

  4. Mint and claim your rewards as mBGT

Migration from BGT Market

On June 26, 1AM UTC+0, the BGT Market app has been sunset. All functionality has been disabled permanently.

Existing BGT Market users will be included in Miso:

  • Existing mBGT balance will be airdropped 1:1 as liquid mBGT

  • Active boosts via BGT Market will be airdropped as smBGT

  • Previously accumulated boost rewards → bonus mBGT airdrop

  • Existing users will get bonus mBGT as part of the RFA distribution from BGT Market

  • Airdrop eligibility and allocation can be checked via the airdrop checker on the new Miso app

BGT Market users will also receive a permanent Super User status badge on Miso, unlocking maximum mint bonus and referral bonus rates for our bonus campaigns.

Bonus mBGT airdrop from accumulated boost rewards: All accumulated incentives in the BGT Market smart contract will be converted into mBGT. Users will receive a bonus mBGT airdrop proportionally by the amount of mBGT boosted and the duration (number of blocks) boosted for. All mBGT airdrop allocations are final.

PreviousAbout Miso

Last updated