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.
Running the BYC tail requires approval from a Collateral vault as Approval mod. Approval is enforced by a RECEIVE_MESSAGE condition in the tail that must have a matching SEND_MESSAGE condition output by a Collateral vault coin.
The tail can only be run on BYC CATs that have Run Tail mod as their inner puzzle.
The BYC tail has one fixed arg, RUN_TAIL_MOD_HASH, and one immutable arg, STATUTES_STRUCT.
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. 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 operations that allow for issuing BYC:
| 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 |
There are no restrictions on the child coins of the issuance coin other than that the sum of their amounts must add up to the amount of the issuance coin, i.e. the delta (also known as extra delta) must be 0. In other words, subject to amounts matching, the issuer can pass CREATE_COIN conditions of their choosing into the tail.
Melt
Any melting of BYC tokens requires the approval of a Collateral vault coin as Approval mod.
There are three Collateral vault operations that allow for melting BYC:
| BYC tail operation | Approval mod | Operation | Operation program |
|---|---|---|---|
| melt | Collateral vault | repay | vault_repay.clsp |
| melt | Collateral vault | bid (in liquidation auction) | vault_keeper_bid.clsp |
| melt | Collateral vault | recover bad debt | vault_keeper_recover_bad_debt.clsp |
The BYC tail does not allow for partial melting. If a BYC coin is melted, it does not create any child coins. It is the job of the driver to create a BYC coin of correct size prior to melting. The driver is also responsible for absorbing any melt mojos for the vault owner or keeper.