Boar Finance

Boar Finance is a Mezo-native managed veBTC relay, not a generic small staking pool. A user deposits BTC or delegates a veBTC lock; Boar aggregates capital into one managed veNFT, selects gauge votes, rebalances allocations weekly and compounds rewards from Mezo fee and incentive streams. The depositor delegates an active vote-routing strategy and accepts the relay contract and Mezo-chain perimeter. The version-1 delegated-allocation dossier controls regardless of the approximately $158,689 reported on Mezo on 2026-08-16.

Review triggers: events that reopen the verdict
• Publishes verified relay ownership, upgrade, pause, strategist and fee roles plus strategy limits, audits, incidents and per-depositor accounting
• Provides 26 consecutive weekly allocation reports and passes a documented $1M withdrawal across the maximum lock period without assumed secondary liquidity

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

Mechanism and class applicability

Mezo’s current Boar profile says users may deposit BTC directly or delegate an existing veBTC lock, after which Boar chooses vote allocations, rebalances across Mezo Earn pools each weekly epoch and compounds rewards. The adapter confirms that BoarBTCRelay aggregates user BTC into a single managed veNFT. This is explicit manager discretion over a changing fee and incentive portfolio, so delegated-allocation is more fundamental than TVL.

Authority and revenue applicability

The underlying veBTC position receives passive chain and bridge fees and may vote for gauges that route swap fees, MUSD lending revenue and emissions. Boar optimizes that vote routing and charges 10% of earnings according to Mezo’s April 2026 profile. Mezo expressly states Boar is a third-party project and not endorsed by the network, so non-custodial marketing does not substitute for relay ownership, upgrade, pause, strategist and fee-role evidence.

Lifecycle, concentration and exit applicability

DefiLlama reported $158,689 entirely on Mezo on 2026-08-16 and its adapter reads the BTC locked in relay 0x920b1c573F503554E113e4c47A92cd289a3d1625. Mezo documents veBTC lock periods of one to 28 days and weekly epochs. A client therefore cannot treat the position as demand cash: exit depends on the shared managed veNFT, lock expiry, relay execution, Mezo liveness and an exact method for separating one depositor’s claim from the aggregate.

Comparison and measurable reopening test

Directly locking veBTC leaves gauge selection and updates with the holder; Boar adds a relay and strategist that can change those votes for the aggregate. Reopen only after the exact relay publishes verified ownership and upgrade roles, strategy and gauge limits, audits and incidents, per-depositor accounting and 26 consecutive weekly allocation reports, and after a $1M withdrawal test demonstrates claim separation and exit across the maximum lock without relying on an assumed secondary market.

Class rule

The delegated allocation class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Mezo — Boar Finance automated veBTC profile · primary · accessed 2026-08-16
  Supports: BTC deposit, veBTC delegation, vote allocation, weekly rebalancing, compounding, 10% earnings fee
• Mezo — lock, vote and earn guide · primary · accessed 2026-08-16
  Supports: one-to-28-day lock, weekly epochs, Boar strategy management, third-party warning
• Mezo — fee and gauge revenue mechanics · primary · accessed 2026-08-16
  Supports: chain and bridge fees, MUSD interest, swap fees, active gauge voting
• DefiLlama adapter — BoarBTCRelay managed veNFT · secondary · accessed 2026-08-16
  Supports: relay contract, veBTC contract, aggregate managed veNFT, locked BTC accounting
• DefiLlama — Boar Finance survey record · secondary · accessed 2026-08-16
  Supports: $158,689 TVL, Mezo-only perimeter, Yield Aggregator category, current lifecycle

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.