BYC Tail
The BYC tail is a TAIL program that determines under what conditions Bytecash tokens may be issued or melted. The BYC tail does not allow for minting.
Operations
Puzzle operations are performed on: byc_tail.clsp
Approval mod operations:
- issue: issue BYC tokens - puzzle: byc_tail.clsp
- melt: melt BYC tokens - puzzle: byc_tail.clsp
Issue
Any issuance of BYC tokens requires the approval of a Collateral vault coin as Approval mod. The only way that BYC can be brought into circulation is by borrowing it from a Collateral vault.
Approval is enforced by a RECEIVE_MESSAGE condition in the tail that must have a matching SEND_MESSAGE from the corresponding Collateral vault coin. There are two Collateral vault operation that allow for issuing BYC tokens.
| BYC tail operation | Approval mod | Operation | Operation program |
|---|---|---|---|
| issue | Collateral vault | borrow | vault_borrow.clsp |
| issue | Collateral vault | transfer Stability Fees | vault_keeper_transfer_sf_to_treasury.clsp |
Melt
Any melting of BYC tokens requires the approval of a Collateral vault coin as Approval mod. The only way that Bytecash can cease to exist is by repaying loans. When making a repayment, not the entire amount of BYC repaid may get melted, but only that part that gets allocated to the principal and Transferred Fees portion of the outstanding debt.
Approval is enforced by a RECEIVE_MESSAGE condition in the tail that must have a matching SEND_MESSAGE from the corresponding Collateral vault coin. There is one Collateral vault operation that allow for melting BYC tokens.
| BYC tail operation | Approval mod | Operation | Operation program |
|---|---|---|---|
| melt | Collateral vault | repay | vault_repay.clsp |