Apart from being the governance token of the Redacted Cartel DAO, the $BTRFLY token can be locked for 4 months to be eligible for a share of revenue generated by the protocol and its various products. Below, we can see the revenue sources distributed to $BTRFLY lockers:

-42.5% of Pirex revenue
-50% of Hidden Hand revenue
-15% of the yield generated by the treasury

Most of the demand for the $BTRFLY token comes from the cash flow it generates. Furthermore, governance over the treasury and its contents also plays a huge role in driving demand for the token. The status of the Curve Wars also plays a huge role in determining the demand for the $BTRFLY token, as the protocol is deeply embedded in the ecosystem and is one of the biggest players in the Curve Wars.

Redacted Cartel provides a turnkey, low-cost bribe marketplace for protocols with ve tokens. 
Redacted creates value for retail investors through the Pirex platform, providing liquid wrappers for locked tokens. Retail users benefit from the auto-compounding of rewards, unionising of gas fees. 
These benefits leverage capital-efficiency allowing low gas usage.

The Cartel currently takes 4% of all bribes placed on the Hidden Hand platform as a fee. Pirex also takes 4%, but of the accumulated bribe revenue. Additionally, Pirex also takes the additional platform fees that vlCVX positions receive on Convex. The treasury also generates a yield on the assets it holds, further adding to the value captured by the Redacted protocol.

The Cartel’s revenue comes from generating a yield on the treasury’s assets, taking a percentage of bribes placed on the Hidden Hand platform, and receiving fees from users using the Pirex platform.