Exclusive Access
jnrUSD Exclusive Access
jnrUSD custody, pooled share accounting, yield, cooldown, and exits.
jnrUSD Phase 1 — Operational & Custody Framework
Prepared by
Amy
For
Liquid Royalty, Berachain
Date
April 2026
Executive Summary
Amy and Liquid Royalty are launching an initial structure for providing pooled jnrUSD access through Amy.
Product
Amy users deposit USDe to acquire proportional share exposure to a pre-funded jnrUSD pool. Yield accrues via token price appreciation and is realised upon exit, subject to a 7-day cooldown.
Custody
The structure uses two 2-of-3 Safe multisig wallets. The User Deposit Safe receives user USDe deposits. The jnrUSD Pool & Rewards Safe holds jnrUSD pool exposure, manages exit payout liquidity, and receives secondary reward inflows such as BGT.
Signers
Both Safes use the same 2-of-3 signer structure: Amy, Liquid Royalty, and a Berachain representative. No single signer can move funds unilaterally.
Capacity
Initial pool allocation of approximately 1,000 jnrUSD for launch. Additional capacity may be added by mutual agreement. Allocated capacity is reserved for confirmed user positions; unallocated capacity remains under Liquid Royalty ownership and may be withdrawn through multisig approval, provided user positions remain fully backed.
Revenue
Amy charges an 8% performance fee on realised gains only. No fee applies to principal.
Exit
Users can request exit from any individual position at any time, subject to a 7-day cooldown. Payout is in USDe from the jnrUSD Pool & Rewards Safe.
Customer-facing page
https://www.amyonbera.com/app/exclusive
1. Operating Map, Wallet Addresses & Responsibilities
This section identifies the signer wallets, Safe wallets, asset flows, and operating responsibilities for the jnrUSD structure.
The purpose is to make clear, from the start:
who the signers are
which wallet each signer uses
which two Safe wallets hold assets
where user USDe deposits go
where jnrUSD pool exposure and rewards sit
how deposits, exits, cooldowns, payouts, and BGT distributions are executed
1.1 Wallet & Safe Address Register
Safe threshold
both Safe wallets use the same 2-of-3 signer structure. Any movement from either Safe requires approval from at least 2 of the 3 signer wallets.
Important distinction
signer wallets approve transactions. Safe wallets hold custody assets.
1.2 Signer Responsibilities
The Berachain representative is not expected to manage Amy's frontend, users, ledger, unit calculations, reward calculations, or day-to-day operations.
No single signer can move assets alone.
1.3 Wallet Purpose Matrix
This separation prevents user deposit USDe from being mixed with jnrUSD pool exposure and BGT reward inflows.
1.4 User Deposit & Allocation Flow
Step 7 is an operational step, not a per-user manual process. It is performed periodically based on pool demand, liquidity requirements, and capacity management.
1.5 Exit & Cooldown Flow
Example
a user exits a position with gross value of $112.00. Their original deposit was $100.00, so the realised gain is $12.00. Amy calculates the 8% performance fee on the gain only: $0.96. Net payout is $111.04. Once 2-of-3 signers approve, the jnrUSD Pool & Rewards Safe sends USDe directly to the user wallet.
1.6 BGT Reward Flow
BGT distributions are expected to occur on a coordinated operational cadence during the initial rollout, anticipated monthly.
2. Product Model
2.1 Pooled Share Exposure
Amy provides eligible users access to jnrUSD through a pre-funded, continuously deployed pool. Users acquire proportional share exposure at the prevailing jnrUSD market share price.
2.2 Performance Fee - Worked Example
User deposits $100. jnrUSD price is $1.25. User receives 80.00 units.
Over time, jnrUSD price appreciates to $1.40. Position value is $112.00.
User requests exit. Total gain is $12.00.
Amy performance fee
8% x $12.00 = $0.96.
User receives
$111.04.
If there is no gain, there is no fee. The performance fee applies only to realised gains above the user's original deposit principal.
2.3 No Fixed Lock
Unlike SAIL.r, jnrUSD has no fixed lock period. Users can request exit from any individual position at any time, subject to a 7-day cooldown.
3. Position Model
3.1 Unit-Based Accounting
Each deposit creates a separate, independently tracked position defined by the quantity of units acquired, not a fixed USDe value.
Units are calculated as
units = deposit_usde / entry_share_price
Users can have multiple active positions simultaneously.
3.2 Position States
3.3 Yield Accrual
The value of the units grows as the jnrUSD price appreciates. The unit quantity remains constant; the value fluctuates with the market price. Yield is realised upon exit. There is no separate daily or weekly USDe yield payout for appreciation.
4. Asset Classification
4.1 Allocated Capacity
Allocated capacity is the portion of jnrUSD pool exposure currently backing confirmed user positions.
It is reserved for users.
It cannot be withdrawn for other purposes.
It remains deployed and earning yield until the user exits.
Once a user position is confirmed, the corresponding jnrUSD pool exposure is treated as committed capacity.
4.2 Available Capacity
Available capacity is the portion of the pre-funded pool not yet allocated to user positions.
It remains under Liquid Royalty ownership.
It is available for new deposits.
It remains deployed and earning yield.
It may be withdrawn through multisig approval, provided allocated user positions remain fully backed.
5. Capacity Model
5.1 Initial Allocation
Liquid Royalty will provide an initial pre-funded pool allocation of approximately 1,000 jnrUSD. Additional jnrUSD capacity is not automatically required from Liquid Royalty. Any capacity top-up beyond the initial allocation may only be added where demand requires it and both Amy and Liquid Royalty agree.
5.2 Capacity Management
Amy allows deposits until the pre-funded capacity is fully subscribed, then pauses new deposits. Once filled, Amy may request additional allocation from Liquid Royalty.
This approach uses early demand to validate real user appetite. A filled capacity signals strong product-market fit and may justify scaling. Amy will proactively report fill rates to coordinate capacity decisions with Liquid Royalty.
5.3 Capacity Review
If capacity remains substantially unused after 90 days, Liquid Royalty may request withdrawal of some or all available capacity through 2-of-3 multisig approval.
Rule
withdrawals must never reduce backing for allocated user positions.
6. Deposit Flow & Validation
6.1 Deposit Flow
User qualifies
Bronze+ tier / 300+ AMY.
User enters a USDe amount.
Amy fetches the live jnrUSD share price.
A quote is generated.
User confirms the deposit directly from their wallet: approve + confirm.
USDe is sent directly to the User Deposit Safe.
On confirmation
the deposit is validated, recorded in the operational ledger, and a new position is created tracking the specific unit quantity. Matching jnrUSD exposure is reserved in the ledger against the confirmed user position. The jnrUSD pool remains deployed and earning yield at all times.
6.2 Quote Expiry
Quote is valid for 120 seconds.
If the transaction is submitted before expiry, it is accepted.
If the wallet flow begins before expiry but the transaction lands shortly after, a 30-second grace window applies.
If outside both the expiry and grace window, the transaction is marked as failed/expired and the user must request a new quote.
6.3 Validation Rules
Only USDe deposits are accepted and validated.
Wrong token or wrong destination transactions must not auto-confirm.
Quote expiry is enforced backend-side, not only in the UI.
The following fields are populated in the operational ledger for every transaction: quote_expires_at, tx_submitted_at, validation_status, and late_flag.
Failed, invalid, or mismatched transactions are handled cleanly and flagged in the ledger.
6.4 Deposit Confirmation
No intermediate holding wallet is used. User deposits route directly to the User Deposit Safe. Any deposit contract or frontend transaction layer exists only for routing and validation - it does not hold user funds.
7. Exit & Cooldown
7.1 Exit Request
Users can request exit on any individual position at any time.
7.2 Cooldown Period
Each exit request triggers a 7-day cooldown from the request date.
7.3 Yield Cutoff - UTC Rule
The position stops earning from 00:00 UTC on the day following the exit request.
Example
User requests exit at 14
30 UTC on 10th May.
Position stops earning at 00
00 UTC on 11th May.
Cooldown ends at 14
30 UTC on 17th May.
Payout occurs after cooldown clears, within a reasonable operational window.
7.4 Payout Calculation
After cooldown, Amy calculates:
The user receives the net payout in USDe returned to their wallet.
7.5 Payout Execution
Amy prepares the exit payout from the jnrUSD Pool & Rewards Safe to the eligible user wallet. This requires 2-of-3 multisig approval before execution.
Amy coordinates liquidity and settlement operations required to fulfil user withdrawals. This may include redeeming or unwinding underlying jnrUSD exposure where necessary.
The ledger records the following fields for every exit: exit_requested_at_utc, exit_available_at_utc, withdrawn_at_utc, deposit_tx_hash, withdrawal_tx_hash, gross_exit_value_usde, performance_fee_usde, and net_exit_value_usde.
7.6 Gas Costs
Amy is responsible for routine operational gas costs associated with preparing and executing standard jnrUSD transactions, including deposit deployment, exit payouts, and BGT reward distributions. Gas costs are expected to be minimal on Berachain and are treated as part of Amy's operational responsibility.
8. Yield & Rewards
8.1 Primary Yield - Price Appreciation
The jnrUSD token price appreciates through vault performance. Users realise this yield as increased value upon exit.
There is no separate daily or weekly USDe yield payout for appreciation. The value is embedded in the share price and captured at exit time.
8.2 Secondary Yield - BGT
In addition to price appreciation, the jnrUSD position may generate BGT rewards. Amy will periodically distribute accumulated BGT rewards proportionally to active jnrUSD participants based on their relative share of active pool exposure during the reward period.
BGT distributions are expected to occur on a coordinated operational cadence during the initial rollout, anticipated monthly.
8.3 Unallocated Capacity Rewards
Rewards generated from unallocated jnrUSD capacity are retained operationally by Amy.
This allows
idle capacity to remain productive while awaiting future allocation demand
Amy to offset operational costs associated with running the jnrUSD access system
the retained proportion to decrease as user allocations increase and more rewards become attributable to allocated user positions
Rewards attributable to allocated user positions are distributed to users according to the BGT reward process.
8.4 Reward Transparency
The jnrUSD Pool & Rewards Safe address will be publicly shared for transparency around reward inflows. BGT distribution transactions will be recorded in the operational ledger.
9. Signer Responsibilities
Signer responsibilities are summarised in Section 1.2. In short, Amy prepares operational activity, Liquid Royalty provides the initial pool and reviews LR-related movements, and the Berachain representative acts as a neutral third-party signer for custody security and continuity. No single signer can move assets from either Safe alone.
10. Continuity & Failure Handling
10.1 Signer Unavailability
If one signer becomes temporarily unavailable, the remaining two signers may continue required operations.
10.2 Dispute Protection
If operational disputes occur, no single party may move funds unilaterally. The 2-of-3 structure ensures shared control.
10.3 Amy Unavailability
If Amy becomes unavailable, Liquid Royalty and the Berachain representative retain the ability to coordinate:
pool recovery
user exit resolution
operational continuity decisions
10.4 Liquid Royalty Unavailability
If Liquid Royalty becomes unavailable:
allocated user positions remain fully tracked through the operational ledger
custody remains protected through multisig controls
This structure is designed to reduce dependency on any single operator.
11. Transparency & Tracking
11.1 Operational Ledger
Amy maintains an internal operational allocation ledger tracking:
Position IDs
Wallet addresses
Qualification tiers
Deposit amounts
Entry share prices
Unit quantities
Timestamps including created_at_utc, quote_expires_at, and tx_submitted_at
Validation status including validation_status and late_flag
Position states
Active, Cooling, Withdrawn
Exit details including exit_requested_at_utc, exit_available_at_utc, and withdrawn_at_utc
Transaction hashes including deposit_tx_hash and withdrawal_tx_hash
Financials including gross_exit_value_usde, performance_fee_usde, and net_exit_value_usde
11.2 Public Transparency
User-facing transparency will include:
User Deposit Safe address
jnrUSD Pool & Rewards Safe address
Public explanation of custody structure, allocation model, exit mechanics, and reward flow
User-specific position visibility inside the Exclusive Access page, showing only the connected user's own active positions
11.3 Reconciliation
Operational tracking is reconciled against:
onchain transactions
Safe balances
pool value
BGT reward distributions
12. Key Confirmations
Two-Safe multisig structure
Deployed
Safe threshold
2-of-3 approvals required
Safe signers
Amy, Liquid Royalty, and Berachain representative
Amy signer wallet
Confirmed
Berachain signer wallet
Confirmed
Liquid Royalty signer wallet
Confirmed
User Deposit Safe address
Confirmed
jnrUSD Pool & Rewards Safe address: Confirmed
Liquid Royalty settlement wallet: Confirmed
Initial pool capacity
Approximately 1,000 jnrUSD agreed
Allocated capacity backing
Allocated user positions must remain fully backed
8% performance fee on realised gains only: Confirmed
7-day cooldown
Confirmed
Next-day UTC earning/stop rule: Confirmed
120-second quote expiry with 30-second grace window: Confirmed
USDe-only deposit validation
Confirmed
User deposit routing
Direct to User Deposit Safe
Exit payout source
jnrUSD Pool & Rewards Safe
Exit payout method
USDe returned directly to user wallet
BGT distribution cadence
Anticipated monthly during the initial rollout
Berachain signer role
Expected to remain active for at least the full initial rollout cycle, including user cooldowns and exit payout execution
Routine gas costs
Covered by Amy as part of operational responsibility
Additional capacity top-ups
Not automatic; any top-up beyond the initial allocation requires agreement between Amy and Liquid Royalty
Capacity review
Unallocated capacity may be withdrawn by Liquid Royalty after 90 days, subject to 2-of-3 approval and full backing of allocated positions
References
Customer-facing page
https://www.amyonbera.com/app/exclusive
This framework forms the operational basis for the jnrUSD rollout through Amy. Additional public documentation may later be published through Amy explaining custody, unit tracking, exit mechanics, and reward flows for end users.