> For the complete documentation index, see [llms.txt](https://docs.cian.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cian.app/yieldlayer/for-users-quick-start/yield-layer/btc-yield-layer/fbtc-yield-layer.md).

# fBTC Yield Layer

👉🏻 [fBTC Yield Layer](https://dev-app.cian.app/vaults/0x8D76e7847dFbEA6e9F4C235CADF51586bA3560A2?chainId=1)

#### What is FBTC Yield Layer?

The FBTC Yield Layer allows users to deposit FBTC/BBTC and primarily allocates funds to the sUSDe farming strategy. The following workflows present the step-by-step processes taking place in the FBTC Yield Layer:

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeCFPRYzY2r6PdgFUxJpS933EdVSN9wR7tPhw3typV-r6LGl0mKQ7MpJMZLJ82p1lGte3mf92AJrMrGzuEqd0UU42kSELOxpTI8x6_iv6AuFgZV6U9qdUNwbbxsyy5X6dTDMSgGiQ?key=5ZbkPu2BtT8O4iSeaIe90_Hk" alt=""><figcaption></figcaption></figure>

1. User deposits BBTC/FBTC into FBTC Yield Layer.
2. The FBTC Yield Layer will convert BBTC to FBTC at 1:1 rate.
3. The FBTC Yield Layer then will supply the deposited FBTC into Avalon lending market and use it as collateral to borrow USDa based on the target LTV (currently at 60%) set by the smart contract.
4. The FBTC Yield Layer will then convert USDa to USDT, to mint USDe on Ethena and stake USDe to sUSDe.

#### What is unique about FBTC Yield Layer?

* The FBTC Yield Layer includes a rebalance mechanism. This additional safeguard is implemented to mitigate potential liquidation events.
* Holders will receive 100% of sUSDe return and 100% ENA points from the underlying USDe position (at 20x multiplier).
* The yield of FBTC Yield Layer comes from the carry trade position between sUSDe staking yields and $ENA rewards from USDe and borrowing cost of USDa.

#### How to Deposit？

Workflow for a whitelisted user to Deposit FBTC/BBTC shown as follows:

* Choose **Deposit Token**, FBTC or BBTC
* Enter the **Amount** you want to deposit
* Click the **Approve / Deposit** button
* **Sign** the transaction with his/her wallet

Upon successful confirmation of the transaction, the user will receive a receipt token to reflect his/her share of the vault.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdP4gD83lGTOlOJyXimzgXhqN1p1xuBFHuZLh1Ew4zDym8p0EsE5Pfmict2OfVQOqC0nyF1sSznGD1hDzqZQOQyLawtwzY-ByNPtqIvmgRGxkLcO7WIUrKmaAXsMKlNzXy76Gxo?key=5ZbkPu2BtT8O4iSeaIe90_Hk" alt=""><figcaption></figcaption></figure>

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdtas6Os6XKEpn6UkzaOrIVD2N_uUF2n3G4EFBUnT8LqKBioXvPlNs2XtLlK1bLD7JEo2Y8QJ_5gnGXVtwTkUKcL9qUZLjmMNCrGcYviQysd41AVThO55Slu5VtMicLBT5JYDj4GQ?key=5ZbkPu2BtT8O4iSeaIe90_Hk" alt=""><figcaption></figcaption></figure>

#### How to withdraw？

Workflow for a whitelisted user to withdraw FBTC shown as follows:

* Choose the **Amount** the user wants to withdraw
* Click the **withdraw** button and submit a withdrawal request
* **Sign** the transaction with his/her wallet

Upon successful confirmation of the transaction, the user will transfer out the corresponding receipt token, and it is estimated that the user will receive the withdrawn FBTC in \~7 days, since sUSDe unstaking takes 7 days.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe5N7LoIzyu1mLJWTyIYA_IaUxoyrdD77jCqVj7M-XRPsNT8IUefi3Z2zTyr_eQcHGM05G_10BrY6Sesr-PhxthNoB6qZ9PDAq7OXgVO-sGD7cND5L5sBfuUq4IGk3LZX8P09xZdA?key=5ZbkPu2BtT8O4iSeaIe90_Hk" alt=""><figcaption></figcaption></figure>

#### How to check my position？

**Receipt token (ylFBTC):** certificate of deposit, reflecting a share of the FBTC Yield Layer

**Net Value:** Current estimated value of position

\= Quantity of receipt token \* Price of receipt token

**Earnings:** Estimated earnings

\= Net Value - Principal

**Points:** Based on real-time TVL position, the user will accumulate Points from various protocols. The airdrop timeline for Points is determined by each protocol individually, so please be aware of the specific claim schedule set by each protocol.

**Rewards:** FBTC Yield Layer will convert a portion of the earnings ($ENA) into wBTC regularly to autocompound the value of the receipt token. Users can claim the rest of their rewards here.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcO-hH7aZ-btJi3_bl6X8p6QCGoatIq9GhPWpuZ-GtVlKiWMeG6lpCc-jbaDKdLseY1flX_RLPtW9aBt-6keofQ78F-Op9RMQiq_eNkNidmyxK-OqOcOzlhFzJXiZg7JP0c2R1Oiw?key=5ZbkPu2BtT8O4iSeaIe90_Hk" alt=""><figcaption></figcaption></figure>


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