BTCvc is a BTC-backed, non-rebasing token minted against native BTC deposited by users. The underlying BTC is held with a qualified institutional custodian, and BTCvc is issued on supported blockchain networks, including Pharos and Sui. BTCvc enables holders to maintain BTC exposure while participating in approved BTC strategies. Strategy operations are coordinated by Naro within a framework defined by Ciara, while Veta independently verifies capital movements against predefined constraints before execution. BTCvc does not rebase; strategy-generated rewards are distributed separately to eligible BTCvc holders through periodic distributions. Following the applicable lock-up period, BTCvc can be redeemed for the corresponding native BTC through the redemption process.