What is Blackhaven
A reserve-backed treasury on MegaETH.
How funds flow
A diagram of how bonds, lockups, BAM, and POL interlock inside the treasury. Arrows show the direction USDm or RBT moves.
User USDm flows through bonds and accumulates permanently in treasury and POL. 90% to treasury, 10% to ops.
Bonds distribute RBT linearly to maturity. Locked RBT receives additional RBT distribution at maturity.
When market price is above NAV, treasury sells RBT to recover USDm. When below, it buys RBT with USDm and burns it.
The four levers
Bonds, lockups, BAM, and POL together drive Blackhaven. Which combination dominates per horizon defines the user play.
Bonds
Swap USDm for RBT at a discount. Vests linearly to maturity. 90% of committed capital goes to treasury, 10% to ops.
Same mechanism as OHM bonds. The discount widens when bond demand is low.
Stake (sRBT)
Deposit RBT and receive sRBT. sRBT is the input asset for Commit, and governance can route additional rewards to it.
Similar role to OHM's sOHM, but instead of automatic rebase rewards it is explicitly separated into the Commit step.
Commit
Lock sRBT for 2 to 52 weeks. Extra RBT is distributed at maturity, and an active commit adds an additional discount on top of bond pricing.
Distribution steepens with commit length. Cap, curve, and distribution ratio are set by governance; the docs do not specify concrete values.
BAM (Backing Arbitrage Module)
Runs automatic two-sided arbitrage when RBT market price drifts from NAV. Above NAV it sells back to treasury, below NAV it buys and burns.
An automatic, two-sided extension of OHM's inverse bond. From a user perspective, treat it as an automatic peg-bot.
POL (Protocol-Owned Liquidity)
A portion of bond USDm becomes a Uniswap V3 NFT held permanently by the Liquidity Manager. Trading fees flow back to the treasury.
Same as OlympusDAO. Bonds are ultimately the mechanism to acquire POL.
- 01Bonds and POL are mechanically the same as OHM.
- 02OHM's stake and rebase are explicitly split into Stake and Commit here. Reward is set by commit length instead of automatic compounding.
- 03BAM handles, automatically and on both sides, the inverse bond OHM did manually. Users only need to focus on buying near NAV.
Contract mapping
Every Blackhaven contract deployed on MegaETH mainnet (chain id 4326). Mapped from the Zellic audit report and on-chain selector probing. Click an address to open the explorer; use the side button to copy.
Tokens
RBT and sRBT are the two protocol-internal assets. USDm is an external stablecoin that serves as the unit of account for bond commits and NAV backing.
Reserve Backed Token. Core asset for bond vesting, stake input, and BAM buy/burn.
Stacked RBT. Minted 1:1 when RBT is staked. Acts as the input asset for Commit. ERC20 (name=Stacked RBT, symbol=sRBT).
MegaUSD. External stablecoin, the unit of account for bond commits and treasury backing.
Interest-bearing wrapped USDm from the Aave MegaETH market. Treasury holds most of its USDm reserves here. Always 1:1 redeemable for the underlying with accrued interest, so live reserves are computed as USDm + aMegUSDm balances summed.
Core components
The 7 components named in the Zellic audit and their adjacent contracts.
Exposes NAV(), FDV(), mNAV(), and singleNAV(token) views. Aggregates multi-token backing accurately, so this is the canonical source for the NAV the app displays. This site calls it live.
Runs automatic two-sided arbitrage to push price back toward NAV. Sells back to treasury when above, buys and burns when below.
Mints an ERC721 NFT for each commit position. Locks sRBT for the commit term and distributes extra RBT at maturity. An active commit also raises the discount for bonds committed the same week.
Permanently holds the Uniswap V3 RBT/USDm NFT. 10% of bond USDm flows here as protocol-owned liquidity, and trading fees flow back to treasury.
Converts RBT into sRBT. The sRBT contract escrows the RBT capital.
The contract authorized to mint RBT. Holds zero RBT or USDm itself.
Price feed referenced by BAM. BackingCalculator's NAV/FDV calculations also rely on this oracle.
Bond contracts
Swap USDm for RBT at a discount. Linear vesting to maturity, with 90% of committed capital flowing to treasury and 10% to LiquidityManager.
Shortest tenor. Smallest discount, but capital rotates fastest.
Mid tenor. Pool depth tends to be shallower than the 7-day or 30-day.
Currently the largest discount and the deepest pool.
Treasury and infrastructure
Treasury that absorbs bond capital, external trading pool, and deploy-related EOAs and factory.
The backing contract where 90% of bond USDm accumulates. Matches BackingCalculator's backingStorage() call. Most reserves currently sit in the Aave MegaETH market as aMegUSDm.
The main trading pair for RBT today. Also the source for the live dexscreener price.
Creates proxy instances for bond and commit-style contracts.
Externally-owned account that sent the initial funding. No code.
Admin externally-owned account. Has traces of interaction with bond, commit, and BAM contracts.
Items marked likely are contracts whose selector responses do not match a standard interface, so a 1:1 match to audit-report component names is uncertain. Will be updated once verified metadata is public.