Time Based Derivatives (TBDs)

The Incentive of Time Travel
TBDs (Time-Based Derivatives) represent the time value of money for any digital asset.
When people stake into a Time Vault Strategy, Time-Based Tokens are minted. Each individual Time Vault Strategy has a uniquely assigned TBD.
  • Example: Staking USDC into Aave v2 Time Vault Strategy mints the fUSDC TBD
  • Example: Staking stETH into the Lido Time Vault Strategy mints the fstETH TBD
  • Example: Staking ETH/DAI LP into the Uniswap Time Vault mints the ETH/DAI TBD
A TBD is an ERC-20 token, created by the Flash Protocol whenever a new strategy is registered. TBDs are specific to a given strategy and represent the yield pool. This means 100% of the total TBD supply can be redeemed for 100% of the total yield in the yield pool in a given strategy.
TBDs were previously referred to as "fTokens".