Trapeza Protocol


Annual Percentage Rate, is the annualized interest rate without taking the effect of compounding into account.


Annual Percentage Yield, is the normalized representation of an interest rate, based on a compounding period over one year. Note that APYs provided are rather ballpark level indicators and not so much precise future results.


Bond Control Variable, is the scaling factor at which bond prices change. A higher BCV means a lower discount for bonders and higher inflation by the protocol. A lower BCV means a higher discount for bonders and lower inflation by the protocol.


Decentralized Autonomous Organization, is a governance mechanism for making decisions in a more trustless and collaborative way. Voting rights are often bound to a governance token. In Trapeza Protocol the governance token is sFIDL.

Liquidity Bonds

Liquidity bonds are LP token bonds. Examples are FIDL-BUSD LP bonds.


Protocol Controlled Value, is the amount of funds the treasury owns and controls. The more PCV the better for the protocol and its users.


Protocol Owned Liquidity, is the amount of LP the treasury owns and controls. The more POL the better for the protocol and its users.

Reserve Bonds

Reserve bonds are single asset bonds. They are sometimes referred to as "naked" bonds. Examples are BUSD bonds.

Reward Rate

Reward rate is the configured percentage of FIDL distributed to all stakers on each rebase relative to the total supply. The reward rate is precisely set by the policy team.

Reward Yield

Reward yield refers to the actual amount of FIDL received by each staker on each rebase. The reward yield is a rough target from a policy point of view. It can almost never be maintained precisely due to e.g. fluctuating amounts of FIDL staked.


Risk Free Value, is the amount of funds the treasury guarantees to use for backing FIDL.


Total Value Locked, is the dollar amount of all FIDL staked in the protocol. This metric is often used as growth or health indicator in DeFi projects.


Treasury as a Service, is the business model of decentralized custody of partnership funds. Trapeza Protocol is designed for TaaS by selling bonds and absorbing partners' liquidity into its treasury as a result.
Last modified 5mo ago