âtv101 (cbBTC)

cbBTC yield aggregator

âtv101 is a cbBTC vault that preserves BTC exposure while farming measured, on-chain carry. Deposits are routed across BTC-term opportunities on Aave, Moonwell, Morpho and, where supported, Pendle PT/LP markets, or used as collateral to borrow a liquid base asset and harvest conservative spreads, without ever selling BTC principal. Yield accrues in BTC terms to vault NAV. The vault enforces tight allowlists, LTV bands, and borrow caps, handling routing, position sizing, and unwind policy so that base asset is maintained while carry remains measured, transparent, and policy driven.

Yield rate stack: Example

Unlevered cbBTC lending

• Morpho: ~0.62%

• Moonwell: ~0.23%

• Aave: ~0.06%

• Pendle (direct cbBTC PT/LP): N/A on Base at the moment

These legs give a low, but clean, base yield on cbBTC without using leverage.

Collateralized term carry using cbBTC

• cbBTC is posted as collateral on Morpho in the cbBTC/USDC market.

• Borrow rate on USDC: ~7.47%

• Target LTV: 60%

• Effective funding cost vs cbBTC notional: 7.47% × 60% ≈ 4.5%

• Borrowed USDC is then allocated into Pendle PT stablecoin strategies:

• Pendle yoUSD PT: ~12.61% APY

• Effective yield vs cbBTC notional at 60% LTV: 12.61% × 60% ≈ 7.56%

• Approximate net spread vs funding: 7.56% − 4.5% ≈ 3.1%

yoUSD Pendle markets Liquidity is ~1.5M, which is sufficient for a measured, low-TVL phase without material price-impact risk.

The vault does not lock into a single loop. âTARS, aarnâ’s agentic layer, continuously scans funding rates, PT yields, liquidity, tenor, and oracle parity, and shifts weights between lending and PT carry so that âtv101 aggregates the best available net BTC-denominated yield within predefined guardrails. LTV caps, pool allowlists, depth thresholds, and expiry windows are enforced at the vault level.

Compared with leaving cbBTC idle or in a single money market, âtv101 layers a structured, policy-driven carry stack on top of BTC beta. The collateralized term-carry route is designed to earn more than simple lending by borrowing USDC at a capped LTV and routing it into higher-yield stable PT markets, while âTARS continuously aggregates towards the best net BTC-denominated yield available on-chain within its guardrails. Allocation, monitoring, and unwinds are handled by the agentic system, giving cbBTC holders a transparent, explainable, and capital-efficient way to enhance BTC exposure without ever selling principal.