Singapore, Singapore, August 21st, 2024,
Chainwire
The landmark milestone marks the start of a new era for
Bitcoin’s utility
Following the launch of FBTC, an omnichain Bitcoin asset maintaining a 1:1 peg
to BTC, Ignition today announced that FBTC has crossed $100M in Total Value Locked (TVL) according to Dune.
Also announced is the “Sparkle” campaign, where early FBTC holders
will receive points-inspired “Sparks” for future rewards. FBTC is
supported by core contributors Mantle, a burgeoning
DAO-led blockchain ecosystem built around Ethereum layer 2 (L2)
Mantle Network and Ether liquid staking protocol mETH Protocol, and
Antalpha Prime, a reliable digital asset
technology platform for institutions.
As tokenized bitcoin assets pave the
way for Bitcoin’s resurgence in DeFi, FBTC’s significant milestone
ushers in a new era of Bitcoin’s evolving utility and velocity —
transforming the original cryptocurrency from a simple store of
value into a dynamic asset that offers the potential for various
yield-generating possibilities.
Incubated by Ignition, FBTC is an
omnichain BTC asset that is liquid and easily composable in various
yield enhancement strategies. FBTC aims to liberate the growth
potential of Bitcoin by becoming the standard for Bitcoin
transactions, essentially rendering all other blockchains into a
Bitcoin L2. FBTC is currently deployed on Ethereum, Mantle Network
and BNB Smart Chain, with more supported blockchains to
come.
“The remarkable achievement of $100M in TVL for FBTC in
such a short time is not just a significant milestone for this
nascent BTC asset, but a testament to the evolving landscape of
Bitcoin utility. FBTC’s rapid adoption, supported by Ignition’s
diverse ecosystem of partners, signals a new chapter in
decentralized finance (DeFi) where Bitcoin's potential is being
fully realized across multiple blockchains. As Ignition continues
to innovate and expand FBTC's capabilities, we're not just creating
opportunities for yield — we're reimagining how Bitcoin interacts
with the broader DeFi ecosystem,” said Igneus Terrenus,
Paramount Pyromancer at Ignition.
FBTC’s rapid adoption is supported by
dozens launch partners, including heavyweights such as Avalon Labs,
Bybit Web3, Cobo, Ethena Labs, OKX Wallet, Pendle and Solv
Protocol, reflecting FBTC's credibility and the industry’s evolving
interest in innovative Bitcoin solutions.
With FBTC, Ignition aims to create a
seamless, multi-chain environment for users to efficiently explore
DeFi yields. The ability to swap and bridge FBTC between Ethereum,
Mantle Network and BNB Chain further enhances its utility, making
it accessible for a majority of blockchain users. Today, holders of
FBTC are able to leverage their idle Bitcoin holdings across
several yield-generating opportunities on Ethereum, Mantle Network
and BNB Chain, enabling a wider range of use cases on various L1s
and L2s that will be unveiled soon.
Ignition also unveiled its plans for an
upcoming “Sparkle” campaign. Participants will receive
points-inspired “Sparks” for their engagement with and
contributions to the FBTC ecosystem. Running from Aug. 21 to Sept.
21, eligible protocols for the Sparkle campaign include PumpBTC,
Bedrock, Mezo Network, Avalon Labs, Fuel Network, Pell Network and
Solv Protocol. Throughout the Sparkle campaign, Ignition will
continue to integrate new protocols, launch side campaigns, and
offer external incentives to enhance the user experience and reward
system. Find out more at https://fbtc.com/ongoing-campaign.
Looking ahead, Ignition is
collaborating with Babylon, the self-custodial
Bitcoin Staking Protocol that aims to build a Bitcoin-secured
decentralized world, to launch a BTC vault that gives users
exposure to Babylon native staking. This undertaking, along with
other exciting events and collaborations, underscores Ignition’s
unwavering commitment to building a vibrant, community-driven
ecosystem around FBTC. The rapid adoption and strong security of
FBTC signals a promising future for Bitcoin’s evolving role in the
DeFi landscape, propelling it to fully unlock its immense potential
within the broader decentralized finance ecosystem.
About Ignition FBTC
Incubated by Ignition, FBTC is a secure, decentralized, and
composable BTC asset aimed at liberating Bitcoin's true power of
growth. FBTC provides a liquid Bitcoin asset that adheres to a 1:1
peg with BTC to redefine its role across all blockchain platforms.
By fostering DeFi composability, cross-chain interoperability, and
promoting widespread adoption of BTC applications, FBTC represents
the beacon of a high-speed, low-friction and interoperable future
for all blockchains and every tokenized economy to flourish. FBTC
is powered by core contributors Antalpha Prime and
Mantle.
For more information, users can visit
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Contact
FBTC
windrangerlabs@wachsman.com