Overview

Bob is designed to unlock tokens when a specific price is reached. It allows you to deposit ERC-20 tokens into vaults that unlock when either a target price is reached or a specified time period elapses. In some cases such as ETH, the locked tokens also earn yield via Lido.

Let's take an example. Imagine Alice believes ETH will reach $5,000 within the next 12 months.

1. Alice finds an existing vault with WETH as the underlying token that has a target price set to $5,000, and an expiry 12 months from now.
2. Alice deposits 10 ETH into this vault and receives 10 shares in return.
3. When ETH reaches $5,000, the vault enters into the settled state which means Alice can redeem her shares for ETH.
4. If ETH does not reach $5,000 in the next 12 months, Alice can still redeem her shares because the vault has expired.
5. For some tokens such as ETH, because of the yield adapters, Alice's ETH would also earn while they are locked in the vault.

Key Features

1. Price-gated unlocking: Unlock tokens when the target price is reached or the expiry is reached (note that a vault can be set to never expire).
2. Yield generation: Some tokens such as ETH and WETH allow locked tokens to earn yield automatically.
3. ERC-20 share tokens: Each vault issues transferable share tokens that represent a depositor's claim on the vault's underlying tokens including any accrued yield.
4. Immutability: A vault's target price and expiry cannot be changed once the vault is created.

If you are looking for token vesting or airdrop distributions, please refer to our Lockup and Airdrops protocols.