Troves (BTCFi 🔛) 🐺💎

Celebrating 2 years of Troves, Saylor style...

With Troves 2.0 it's time we re-invent the wheel of stacking up BTC

Introducing YOLO vault

Here is everything you need to know 🧵

We identified an exploit affecting the Troves xWBTC/WBTC vault on October 31, resulting in a preliminary loss of approximately 8.6 BTC.

Based on our investigation to date, the exploit was limited to this vault, and no impact has been identified on other Troves vaults.

The exploit involved a legacy rebalancing contract that retained permissions after being replaced.

We have revoked the relevant contract permissions and paused the affected and potentially exposed vaults as a precaution. We are continuing to investigate the incident, verify the full scope of exposure, and work with security partners to trace the funds and explore potential recovery options.

We will provide further updates as findings are verified, including a detailed postmortem and information on options for affected depositors.

Troves now supports privacy end to end with shadow accounts. Shielded tokens can earn yield in Troves vaults while staying private, with no onchain link back to your main wallet.

How it works:

1. Shield funds in Ready, Xverse or Bramble. That balance sits in Starknet’s STRK20 privacy pool.

2. Turn on Private mode in Troves. Your wallet derives a commitment for Troves, and each vault gets its own shadow account computed from that commitment and the vault’s ID. Separate vaults use separate addresses, unlinked to each other and to your wallet.

3. Deposit. One transaction moves funds from the privacy pool to the vault’s shadow account and deposits them. Your wallet builds the proof.

4. Withdraw. Ekubo LP vaults return funds to your shielded balance in one step. Hyper xSTRK, the Boosted vaults and the Evergreen vaults redeem asynchronously: request the withdrawal, then collect it back to your shielded balance once it settles, typically within 1-2 hours.

Available in private mode:
> All active Ekubo LP vaults, including STRK/USDC, STRK/ETH and the strkBTC pairs
> Hyper xSTRK
> WBTC Boosted and USDC Boosted
> The Evergreen vaults

Live now at app.troves.fi

The three biggest APY moves on Troves in the last 30 days all have STRK on one side of the pair.

1. STRK/ETH: [168%] to [319%]
2. STRK/USDC: [89%] to [223%]
3. strkBTC/STRK: [0%] to [36.9%]

STRK rose [257%] over the same window. These vaults run concentrated liquidity on @EkuboProtocol, which earns on the volume that passes through its range, and a fast STRK move sends more volume through STRK pairs than through anything else on Starknet.

The figures are trailing fee APYs, annualized. They reflect how much STRK traded recently, not a rate the vault locks in.

The cost sits in the inventory. A STRK/USDC position sells STRK into the rally as price moves through its range, so after a [257%] run the vault holds more USDC and less STRK than it started with. [The vault re-centres its range automatically], which keeps it earning fees, and every re-centre during an uptrend locks in part of that shift. The fees are the payment for it.

Hyper xSTRK sits on the other side of that choice. It loops xSTRK on @vesuxyz, borrowing STRK against xSTRK, so collateral and debt move together and the price run doesn’t push the position toward liquidation. Net exposure stays at one unit of STRK per unit deposited. Yield is paid in STRK, [22.2%] now against a 30-day average of [18.0%].

To hold the move, Hyper xSTRK keeps the position denominated in STRK. To earn on the volatility, the STRK-paired LP vaults carry the fees, at the cost of selling part of the upside.

bitcoiners worry about quantum more than anyone.

a chain built for it, with your BTC earning yield on top.

that's the endgame.

we'll be compounding till then.