Acre

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 to external Bitcoin-yield strategies, and a Bitcoin withdrawal reverses the bridge path with a delay. The 2026-08-16 survey measured about $459,000, or 0.46% of the size floor. These bridge, allocation, parameter-control and exit dependencies require a full review once Acre clears the floor. The file remains rejected because one advised-client book would exceed the venue.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

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 to approved yield allocations and return it for redemption. The migration means current analysis must use acreBTC rather than treat the earlier stBTC name as the live product.

Control and dependency applicability

Acre’s vault API allows changes to the dispatcher, treasury, fee, minimum-deposit and debt-allowance parameters. The asset also depends on tBTC bridge operation and bears each downstream allocation’s contract and liquidity risk. Acre says acreBTC is not transferable outside its application unless the DAO changes that setting, which makes secondary exit depend on governance.

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 needed. A stressed exit therefore 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. Its lifecycle and mechanism fit the shared small-protocol review. The venue is only 0.46% of the size floor, so we will not open an individual review until it clears the floor. Reopen after TVL remains above the size floor for 30 days, then review the current dispatcher, allocations, tBTC bridge, parameter authorities and tested withdrawal depth.

Research status

This is a capacity-unproven record for Acre, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.