Playbook, Blackhaven

Playbook

Hero plays per horizon, capital allocation, action sequence.

Note

This playbook follows the mechanism descriptions in docs.blackhaven.xyz. Detailed parameters like maturity curves and lock caps are all listed as governance-discretionary, so some wording leans on common OHM-style DeFi conventions. The options actually deployed in the app today are the 7/14/30-day bonds and the 2 to 52 week Commit slider; anything beyond that is flagged inline.

Capital sizing

Match your capital to bond pool depth

5% of bond pool depth (TVL) is the recommended max. Beyond that, the discount gets eaten quickly. Enter your capital and the live bond data picks the right tenor.

Entry capital

static, manual sync

USDm

7-day bond

fits

5%TVL $141K

$2.5K / Recommendation $7K = 35%

14-day bond

tight

10%TVL $25.7K

$2.5K / Recommendation $1.3K = 194%

30-day bond

fits

15%TVL $165K

$2.5K / Recommendation $8.3K = 30%

✓ Recommended

Recommendation

30-day bond (15%). Sized to keep the 15% discount intact within the 30-day bond's pool depth ($165K).

Small

Up to 1K USDm

Any tenor works freely. The 14-day bond's 10% discount is an underrated option at this size.

Medium

1K ~ 10K USDm

Use the 30-day bond as your main; the 14-day only as backup within pool depth. The 7-day is for short rotations.

Large

10K USDm and above

Split between 30-day and 7-day. The 14-day pool is too shallow, so discount erosion risk is high.

Playbook

What plays are available to users

Pick a horizon and the main play, secondary plays, capital allocation, weekly actions, and stop signals all line up on one screen.

T0, Launch Week

Launch Week alpha

The 7-day window right after mainnet launch. The 30-day bond discount is at its widest, BAM is still spinning up so deviation from NAV runs large. Stake is live, but Commit is not yet live, it waits for available yield to fill. The moment Commit goes live is the trigger.

Top pick, 30-day bond (15% discount)Difficulty Easy

Enter the deep bond right after launch

Best-case APR

30 ~ 80%

Annualized, best case

Why this play is dominant right now. Bond demand has not stabilized in the first few days, so the discount is at its widest. The 30-day bond shows the steepest discount in the app today (15%) and has the largest TVL. Maturity rolls into the next horizon and feeds Stake and Commit.

Execution steps

1Monitor bond discount and TVL flow on the bond page for the first 24 hours after launch.
2Commit the 30-day bond when the displayed discount is above its running average. 90% of USDm goes to treasury, 10% to operations.
3Once vesting starts, stake the received RBT into sRBT first. Commit is not yet live, so just hold sRBT in reserve.
4The moment Commit goes live (available yield is filled), commit the staged sRBT for 24 weeks.
5Claim the 30-day bond immediately on maturity.

Upside

A 15% discount combined with a 30-day vest puts your entry about 15% below spot. You secure RBT value at maturity and a Stake/Commit entry at the same time.

Downside

If RBT market price converges to NAV during vesting, the discount edge shrinks. Bond capital is hard to recover before maturity.

Other plays

2nd pick, Stake first, commit the moment Commit goes live

Wait for the Commit-live trigger

12 ~ 25%

Moderate

Commit stays inactive until available yield fills. While you wait, stake RBT into sRBT in advance and check the Commit page daily for the live state. The moment it goes live, set the slider to 24 weeks (where the app shows ~15.8% reward, the deep band) so the active commit can stack on bond discounts. Curve and cap parameters are governance-discretionary in the docs, so the app slider readings are the reference.

Expand execution steps

1.Convert your RBT to sRBT on the Stake page (available now).
2.Check the Commit page for available yield and live state daily.
3.The moment Commit goes live, set the slider to 24 weeks and execute the commit.
4.With an active commit, committing a bond automatically adds the bonus discount.
5.Claim the RBT reward at maturity and roll into the next commit round.

UpAbout 15.8% RBT distribution at 24-week commit combined with the bond bonus discount creates the seed baseline. Capital that enters at the moment Commit goes live gets a better queue position in the distribution.

DownCommitted capital is hard to recover during the lock. The early-exit penalty is documented. Also, the Commit-live schedule is governance-discretionary and can slip.

3rd pick, near-NAV seed buy

Asymmetric entry before BAM warms up

5 ~ 30%

Moderate

In the first few days while BAM only operates at small size, RBT often dips well below NAV. NAV is an on-chain verifiable floor, so the asymmetry is large.

Expand execution steps

1.Compute backing ratio directly as reserves / circulating supply, or verify via attestation.
2.Only buy when market price is within ±1% of NAV.
3.Entry windows are best right after a BAM cooldown.
4.Take some profit when price reaches NAV+5% in the next horizon.

UpAsymmetric structure where NAV trends up and market price rises with it.

DownBuying above NAV+3% is less efficient than going through a bond.

Capital allocation

Recommended capital allocation

Total 100%

30-day bond (15% discount)50%

Stake plus 24-week Commit setup25%

Near-NAV seed buy15%

Cash for next-horizon entry10%

Adjust to your own liquidity and risk tolerance. Locked capital is hard to recover before maturity, so only allocate capital you genuinely will not need.

Action sequence

Weekly action sequence

D-1WatchPre-fund USDm and check the bond launch time and Commit slider options.
D0WatchMonitor discount and TVL flow for 24h after mainnet launch.
D0~1BondCheck bond pool depth, pick a tenor sized to your capital, and enter when the discount is above its running average.
D1~3CommitStake any held RBT into sRBT. Commit is not live yet (available yield is still filling), so check the Commit page daily for live state.
Commit liveCommitThe moment Commit goes live, commit the staged sRBT for 24 weeks. The live trigger is the most important entry point for the distribution queue.
D2~5TradeRun the seed buy near NAV right after a BAM cooldown.
D7ClaimRoll into the next horizon. Take the RBT from bond maturity into a Commit.

Stop signals

If you see these signals, stop the play

If discount settles below 1% in the first 24 hours, hold the seed bond entry and wait for the next horizon.
If bond pool TVL drops below 20× your capital (you would exceed 5% of the pool), switch tenor or split your capital.
If Commit-live is delayed for more than 2 weeks, keep part of the sRBT in Stake and consider selling another part. The time value of getting an early queue position shrinks.
If the Commit distribution curve is reduced by governance or new commits are paused, reallocate seed capital to bonds or cash.
If RBT market price stays above NAV+5% for the entire first week, skip the seed buy and re-evaluate after BAM stabilizes in the next horizon.