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What Is $bHONEY? 🍯

$bHONEY, an ERC-20 token, symbolizes ownership in the underlying HONEY asset. It adopts a pricing model akin to Compound's cTokens, where the exchange rate between $bHONEY and HONEY fluctuates continuously. This variation in price is influenced by two factors: the accumulation of fees and trader PnL, encompassing both open and closed positions.

$bHONEY = 1 + accRewardsPerToken --- Math.max(0, accPnlPerTokenUsed)
$bHONEY = 1 + accRewardsPerToken --- Math.max(0, accPnlPerTokenUsed)

accRewardsPerToken: a value that signifies the amount of fees accrued per single HONEY token. This figure is designed to perpetually rise as time progresses.

accPnlPerTokenUsed: a captured value of the total trader PnL from all finalized trades, along with a snapshot of ongoing trades at the conclusion of the preceding epoch. This value, which is updated each epoch, can fluctuate in either an upward or downward direction.

How Do I Get $bHONEY?

$bHONEY can only be accumulated when staking $HONEY in the BERPS $bHONEY Vault. It carries all the same functionality as an ERC-20 token, including the ability to transfer. If some amount of $bHONEY is staged for withdrawal, that same amount is no longer transferable. When a withdrawal occurs, the. $bHONEY is burned, and a corresponding amount of $HONEY is given in its place.