Cycle overview
The protocol operates a daily four-step cycle:
- The proprietary mining operation produces Bitcoin continuously.
- The BTC is converted into wBTC and sent to the Payer Contract.
- At 20:00 UTC, the Payer Contract forwards the amount to the two vaults (Core and Boost) in a single transaction.
- The floor of each EVA (vault balance divided by supply) is recalculated upward.
Step 1: proprietary mining
The Bitcoin deposited into the protocol is produced by 3.000 proprietary machines in total operating in Paraguai. The state of the operation (machines registered and active in the pool, 30-day window production) is read from the pool's public watcher ↗.
The mined BTC is converted into wBTC (Bitcoin represented as an ERC-20 token) and sent to the Payer Contract. wBTC is used because the vaults operate on Arbitrum.
Step 2: daily deposit into the vaults
Every day at 20:00 UTC, the Payer Contract forwards to the Burn Vault the amount corresponding to the mined production. The same transfer funds both vaults, Core and Boost, in the same transaction. Each transfer is a public transaction on Arbitrum; the full history is available at each contract's address.
Beyond mining, the vault has received one-off contributions: about 75 wBTC from the initial public sale, about 60 wBTC from a commercial partnership and liquidity fees.
Step 3: floor recalculation
Each deposit increases the numerator of the formula without changing the denominator: more wBTC in the vault, same EVA supply. The base floor, calculated over the entire supply, stands at 2.090 sats, versus 357 sats at launch.
The Burn Vault Boost applies the same formula to a guaranteed quota of 113.150 EVA. With the backing concentrated in fewer tokens, the quota's floor stands at 52.658 sats (~US$ 33,55), the main value displayed on the site. This number is the burn quote read directly from the Boost contract.
The derivation of the formula, including the effect of deposits and burns on the floor, is in the mathematical model.
Redemption
To redeem, the holder sends EVA to the contract. The contract burns the tokens and transfers the wBTC corresponding to the Burn Price to the originating wallet, in the same operation. Redemption requires no approval, has no queue and does not depend on exchange liquidity.
Redemption is what makes the floor operational. If the market price falls below the floor, it becomes profitable to buy EVA on the market and redeem the wBTC through the contract; this arbitrage generates buying pressure whenever the price drops below the floor.
Floor and market price
With the backing concentrated by the Boost, the guaranteed floor operates close to the market price: spot stands at 52.450 sats (~US$ 33,42), versus a floor of ~US$ 33,55, a difference of -0,4%. When the market trades above the floor, this difference is the premium paid for the expectation of future deposits; when it falls below, the arbitrage described in the redemption section starts to operate. The Core's base floor remains below, as the minimum redemption value of any EVA. The full analysis is in the market premium section of the mathematical model.