Common questions.
Short answers. If you need more depth, the docs cover everything.
Do I need to KYC to use Roost?+
No. Roost itself has no KYC. Backed Finance KYCs only the institutional market makers who issue bStocks; the bStocks themselves trade freely on Aerodrome and Roost accepts them like any ERC-20.
How is rUSD different from USDC?+
USDC is backed by US Treasuries held by Circle. rUSD is backed by tokenized US equities (and USDC reserves in the PSM). The yield from rUSD is distributed to srUSD stakers; the yield from USDC is retained by Circle.
What APY does srUSD pay?+
It varies. Yield comes from stability fees borrowers pay (currently 1–4% APR depending on collateral) plus PSM fees. As more debt accrues, more rUSD flows to srUSD, lifting the share price. Check the Stats page for the trailing-7-day APY.
Can I lose money in srUSD?+
Yes, in two cases. (1) If liquidations leave bad debt that exceeds the protocol's surplus, the BadDebtSocializer burns rUSD from the srUSD vault, lowering share price. (2) If rUSD itself depegs below $1 because of a catastrophic collateral failure. The PSM and conservative LTVs are designed to minimize both.
What if my vault gets liquidated?+
Your collateral is auctioned in a Dutch auction starting at +15% over oracle and decaying linearly to 50% over 1h. Buyers pay rUSD; up to your debt is burned. Any surplus rUSD and any leftover collateral return to you (the original NFT owner). The kicker earns a 0.50% reward.
Is my vault transferable?+
Yes. Each vault is an ERC-721 NFT. You can transfer it to another wallet (the debt goes with it). This makes positions composable — you could use a vault NFT as collateral elsewhere, gift one, or trade them on NFT marketplaces.
What stocks can I deposit?+
Initially: bCOIN (Coinbase), bIB01 (short-term US T-bills ETF), bCSPX (S&P 500 ETF). More to be added as Backed Finance issues them on Base and admin votes them in.
Who controls the protocol?+
At launch, a single admin EOA holds DEFAULT_ADMIN_ROLE on every contract. It can pause, tune risk params, add collateral, and trigger emergency shutdown. A Treasury Timelock with spending limits provides downside protection. Multisig transition is a roadmap item.
Where does the keeper bot run?+
Anyone can run it. The protocol team runs a baseline keeper as a public good. Keeper rewards (0.50% of liquidated debt) incentivize third parties.