This information is for educational purposes only and does not constitute financial advice (NFA). Always do your own research and understand the risks before participating.
Projected Rewards
| Category | Source | Estimated APR |
|---|---|---|
| Asset Yield | MaxBTC | ~ 5-10% |
| BTC LST | ~ 0.38% (Babylon) | |
| DeFi Yield | Lending/Borrowing | ~ 1-2% APY |
| Market Making | ~ 2-6% APY | |
| Partner Rewards | BTC LST Issuers and DeFi Partners | ~ 1-2% APY (estimates from Pendle.fi) |
| NTRN Rewards | Neutron DAO | ~ 1.5%-12% (depending on phase rewards) |
Asset Yield
Asset Yield is the yield generated by the vault’s underlying assets. There are two primary sources:maxBTC (5-10% APR)
maxBTC (5-10% APR)
MaxBTC generates BTC denominated yields by syndicating the best strategies under a single yield-bearing asset. maxBTC yield is auto-compounded into the price of the asset, so holders don’t need to claim rewards. The protocol’s first strategy is a hedged JLP liquidity provisioning strategy with the following yield sources:Learn more about maxBTC: Structured Documentation
- Jupiter LP APY: Generated from fees accrued through Jupiter’s perpetual trading activities—including fees for opening/closing positions, price impact, borrowing, and trading—while excluding asset appreciation and traders’ PnL. These fees are redistributed to JLP holders on an hourly basis, resulting in an APY that typically ranges from high single-digit percentages to as much as 40%.
- Hedging APY: Generated by rebalancing positions whenever the JLP trades at a discount or premium relative to its BTC valuation. Typically, this process yields a positive annual return of approximately 0.5%.
- Funding rate costs: Arise from hedging positions on centralized exchanges (CEXs). Historically, this rate has ranged between -1% and -4%, but during extreme market conditions, it can become positive, thereby contributing an extra layer of APY protection.
Bitcoin Staking (0.4% APR)
Bitcoin Staking (0.4% APR)
Certain BTC LSTs accrue BABY tokens and other rewards for the security they provide via Babylon’s Bitcoin Staking platform.
DeFi Yield
Generated by the productive use of vault deposits, DeFi yields are denominated in the vault’s deposit asset and continuously autocompounded into the position. They are primarily generated by two activities:- Market making on correlated markets via the network’s Supervaults.
- Lending on Amber (Bitcoin-focused isolated lending/borrowing protocol
Partner Rewards
Lombard, Solv, Bedrock, EtherFi, Structured, Mars, and Amber will airdrop tokens to depositors in eligible Bitcoin Summer vaults. How it works:- Earn points for specific actions during BTC Summer participation
- The more points you collect, the bigger your airdrop
- All partners have committed their maximum points multiplier, giving BTC Summer participants the chance to maximize their rewards
| Partner | Scope | Multiplier | Points Program |
|---|---|---|---|
| Lombard | LBTC | 4x | Lombard Lux (max multiplier) |
| Solv | SolvBTC | 4x | Solv Points (max multiplier) |
| Bedrock | uniBTC | 3x | Bedrock Diamonds (max multiplier) |
| EtherFi | eBTC | 3x | EtherFi Points (max multiplier) |
| Structured | MaxBTC | TBC | Structured Points |
| AmberFi | All BRT Deposits | 3x-4x (varies by BRT) | Mars Fragments |
Neutron Rewards
An initial $10M in NTRN rewards (max 10% of supply) is earmarked for the campaign. Rewards will be distributed as USD Value, and converted into NTRN at the time of claiming to preserve value and prevent dilution.Example
Example
Bob deposits 1 wBTC worth $100,000 to a campaign vault earning $1,000 per day during the Phase. Each day, Bob’s accrued rewards increase by $1,000. Bob holds his position until the end of the Phase, by which point he has accumulated $60,000 in rewards.At the time of claiming, Bob’s $60,000 reward is converted into NTRN at the latest price, and either locked or transferred to his wallet or the vesting contract depending on his claiming choice.Learn more: Claiming NTRN Rewards
NTRN Rewards Multipliers
Different DeFi activities earn different NTRN reward multipliers, with higher-risk or more strategic positions earning greater rewards:| Multiplier | Activity |
|---|---|
| 6x | LP in the maxBTC/USDC Supervault |
| 5x | LP in the WBTC/USDC Supervault |
| 4x | LP in the maxBTC/WBTC Supervault |
| 3x | Lend WBTC on Amber |
| 2x | LP in the maxBTC/uniBTC Supervault LP in the maxBTC/solvBTC Supervault LP in the maxBTC/eBTC Supervault LP in the maxBTC/LBTC Supervault Lend uniBTC, solvBTC, eBTC, or LBTC on Amber LP in the WBTC/uniBTC Supervault LP in the WBTC/solvBTC Supervault LP in the WBTC/eBTC Supervault LP in the WBTC/LBTC Supervault Lend WBTC on Mars |
| 1x | Hold maxBTC |
- Highest rewards (6x-5x): USDC paired strategies that provide crucial stablecoin liquidity
- High rewards (4x-3x): Core BTC strategies and WBTC lending
- Standard rewards (2x): LST strategies and cross-BTC derivative liquidity
- Base rewards (1x): Simple maxBTC holding for passive exposure
NTRN Boost Mechanisms & Multipliers
Understanding Multipliers
Base concept: NTRN Rewards Multipliers increase your share of the total NTRN reward pool by boosting your points calculation. Formula:NTRN Stake & Lock Boost
Bitcoin Summar participants can stake NTRN for up to 4 years to boost their Bitcoin Summer NTRN rewards up to 3x while earning staking rewards.How It Works
- Stake NTRN tokens for up to 4 years
- Receive a receipt NFT representing your staked position
- Earn 3% APR on locked NTRN through liquid staking with Drop
- Get boost multiplier based on lock amount and duration
Boost Formula
Key factors:- Locked NTRN amount relative to your BTC deposits
- Lock duration (longer = higher boost)
- Maximum boost: 3x total rewards
Receipt NFT Benefits
- Transferable: Can be traded on secondary markets (e.g., Superbolt)
- Liquid staking: Automatically stakes with Drop for additional 3% APR
- Visible tracking: Appears on app.neutron.org/staking
Boost Pointing & Address Linking
You can only boost 1 address at a time. Updating your boost target automatically updates all previous boosts to the new address.Proper Boost Pointing
Essential requirement: Point your boost to the address where you deposited TVL. UI Guidance:- Ethereum vault depositors: Select “Link an address” → Enter your EVM address
- Direct Neutron depositors: Select “Boost this wallet” → Boosts your Neutron address
Address Linking Process
1
Acquire NTRN
Get NTRN tokens through exchanges, swaps, or bridges. See our User Quickstart Guide for detailed instructions on acquiring NTRN.
2
Choose Lock Parameters
Select lock amount and duration (up to 4 years for maximum boost)
3
Specify Target Address
Critical:
- “Boost this wallet”: Boosts your connected Neutron wallet (only use if you deposited on Neutron)
- “Link an address”: Specify your EVM deposit address (use this if you deposited via Ethereum vaults)
4
Confirm Lock
Complete the transaction and receive your receipt NFT
5
Verify Boost
Check that boost is correctly applied to your deposit address
Important: The boost only works if properly pointed to your deposit address. Incorrect pointing means no boost benefits.
NTRN Reward Calculation Examples
Example 1: Basic Participation
Example 1: Basic Participation
- Deposit: 1 BTC ($100,000) for full phase (60 days)
- No boost: Standard 1x multiplier
- Points: $100,000 × 60 × 1 = 6,000,000 points
- Estimated rewards: Based on your share of total points
Example 2: With NTRN Staking
Example 2: With NTRN Staking
- Deposit: 1 BTC ($100,000) for full phase
- NTRN staked: $50,000 worth for 2 years
- Boost calculation: (50,000/100,000) × (2/4) × 2 = 0.5 boost
- Total multiplier: 1 + 0.5 = 1.5x
- Points: $100,000 × 60 × 1.5 = 9,000,000 points
Example 3: Maximum Boost
Example 3: Maximum Boost
- Deposit: 1 BTC ($100,000) for full phase
- NTRN staked: $200,000 worth for 4 years
- Boost calculation: (200,000/100,000) × (4/4) × 2 = 4.0, capped at 2.0
- Total multiplier: 1 + 2.0 = 3x
- Points: $100,000 × 60 × 3 = 18,000,000 points
Strategy and Risk Considerations
Lending Strategies (Amber Protocol)
Lenders provide overcollateralized loans to BTC borrowers who use tokens like maxBTC as collateral to borrow from the lending supply. The liquidation system ensures collateral tokens are liquidated at greater value than the debt being repaid. Risk Profile:- Lower drawdown risk: More protected against maxBTC drawdowns than direct holders due to overcollateralization
- Reduced yield: Take less yield in exchange for lower drawdown risk
- Key risks: Smart contract risk and potential delayed liquidations
- Risk mitigation: Liquidators are incentivized with bonuses for quick debt repayment
Market Making Strategies (Supervaults)
LPs provide bid and ask quotes at the most recent centralized exchange price as reported by Neutron’s enshrined oracle. Supervaults take a spread on every trade as a buffer against oracle pricing risks. Risk Profile:- Oracle dependency: Risk that oracle misreports price or is slightly outdated
- Spread protection: Trading spreads act as buffer against oracle timing issues
- Market making exposure: Subject to typical LP risks (impermanent loss, market volatility)
- Risk mitigation: Automated rebalancing and tight spread management