BIMA cbBTC/USDC OCT26-27

bimacbBTCOCT26 · cbBTC · Base · live since Oct 2, 2026

Curated byBima Labs

Bima’s collar-loan vault lets you borrow stablecoins against your collateral while using options to subsidize borrowing costs. 1. Deposit collateral Choose a vault and review its loan amount, duration, upside cap, downside protection level, and fees. Deposits are pooled for execution when the deposit window closes. 2. The vault executes the collar Through a prime broker or OTC counterparty, the vault sells a call and buys a put. Selling the call generates premium in exchange for capping appreciation above an agreed price. Buying the put provides contractual protection against losses below an agreed price at expiry. The remaining premium helps fund borrowing costs, enabling 0% scheduled cash interest where pricing permits. Fees still apply. 3. Claim your stablecoins Once execution and funding are complete, claim your allocated stablecoins. Your collateral remains committed for the fixed term. 4. No price-triggered margin calls Under the agreed structure, price movements do not trigger margin calls or mid-term liquidation. You do not need to add collateral simply because its market price falls. 5. Repay and settle At maturity, repay your loan and any outstanding amounts. The options also settle: • Between the strikes, neither option has an intrinsic payout. • Above the call strike, appreciation above the cap is owed to the counterparty. • Below the put strike, the put payout offsets further collateral losses. You then redeem the remaining collateral according to the vault’s settlement terms. The original number of tokens is not guaranteed to be returned. The trade-off You accept capped upside to reduce cash borrowing costs. Principal remains repayable, and failure to repay can result in collateral recovery. Smart contract, custody, counterparty, and settlement risks remain.