Acre
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Acre V2 routes deposited BTC through tBTC on Ethereum and issues acreBTC, the ERC-4626 receipt renamed from V1 stBTC. A dispatcher can allocate underlying tBTC into external Bitcoin-yield strategies, and a Bitcoin withdrawal reverses the bridge path with a delay. The 2026-08-16 survey measured about $459,000, 0.46% of the $100M materiality floor. Those bridge, allocation, parameter-control and exit dependencies require full review at scale, but the file remains rejected because one advised-client book would exceed the venue.
- TVL sustained above $100M for 30 days
The research file
Current mechanism and lifecycle
Acre migrated V1 stBTC deposits to V2 and renamed the non-rebasing ERC-4626 receipt acreBTC. Deposited BTC is represented by tBTC on Ethereum; the vault’s dispatcher can route tBTC into approved yield allocations and return it for redemption. The migration means current analysis must use acreBTC rather than treating the earlier stBTC name as the live product.
Control and dependency applicability
Acre’s vault API exposes mutable dispatcher, treasury, fee, minimum-deposit and debt-allowance parameters. The asset also inherits tBTC bridge operation and each downstream allocation’s contract and liquidity risk. Acre says acreBTC is not transferable outside its application unless the DAO changes that setting, adding a governance-dependent constraint to secondary exit.
Exit applicability
The current withdrawal flow sends acreBTC back through tBTC to a Bitcoin address and documents an approximately six-hour wait for Bitcoin finality and tBTC unminting. The vault can use unallocated tBTC first and ask the dispatcher to unwind allocations when necessary, so stressed exit also depends on strategy unwind capacity, fees and pause state.
Why the dossier still applies
DefiLlama measured about $459,000 on Ethereum on 2026-08-16. The current lifecycle and mechanism still fit the shared below-materiality dossier: the venue is only 0.46% of the $100M threshold. Reopen after TVL remains above $100M for 30 days, then underwrite the current dispatcher, allocations, tBTC bridge, parameter authorities and tested withdrawal depth.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Acre Docs — stBTC to acreBTC migration · primary · accessed 2026-08-16
Supports: V1 to V2 migration, stBTC renamed acreBTC, Ethereum mainnet lifecycle - Acre Docs — acreBTC deposit token · primary · accessed 2026-08-16
Supports: non-rebasing ERC4626 receipt, vault reward accrual, DAO-dependent transferability - Acre Docs — protocol overview · primary · accessed 2026-08-16
Supports: BTC to tBTC route, external yield allocations, withdrawal delay and fee - Acre Docs — current withdrawal flow · primary · accessed 2026-08-16
Supports: Bitcoin-address redemption, approximately six-hour withdrawal, tBTC unmint dependency - DefiLlama — Acre survey record · secondary · accessed 2026-08-16
Supports: approximately $459,000 current TVL, Ethereum perimeter, yield category
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Ethereum | Approved | sovereign | No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus. |