bToken (bRate)
A bToken is the receipt token Blend Capital gives a supplier in exchange for a deposit, and its exchange rate (the bRate) rises over time as interest accrues. Because the bRate is a real on-chain value that only increases with earned interest, protocols like Spield use it as a tamper-proof yield index.
A bToken represents a share of a Blend supply pool. You do not receive more bTokens over time; instead each bToken becomes redeemable for more of the underlying as the bRate climbs. The bRate is the ground-truth yield Spield tokenizes.