Following Bitcoin’s monumental halving day on April 19, 2024, FBTC announced its plan to launch to help usher in a new era of Bitcoin (BTC) utility and velocity. FBTC is a fresh Bitcoin asset and brand, supported by core contributors Mantle, a burgeoning DAO-led blockchain ecosystem built around Ethereum layer 2 (L2) Mantle Network and Ether liquid staking protocol Mantle LSP, and Antalpha Prime, a reliable digital asset technology platform for institutions.
Maintaining a 1:1 peg to Bitcoin, FBTC is designed to enhance its utility beyond a store of value by introducing a BTC asset that is liquid and easily composable in various yield enhancement strategies. Drawing inspiration from the elemental power of fire that has propelled human civilization forward, FBTC aims to liberate Bitcoin’s true growth potential by becoming the standard for Bitcoin transactions, essentially rendering all other blockchains into a Bitcoin L2. During the initial launch phase in May 2024, FBTC is expected to be deployed on blockchains such as Ethereum (including L2s Mantle, Arbitrum, Optimism OP Mainnet, Base, Linea, etc.), Solana, Aptos, Sui, Merlin Chain, BNB Smart Chain, and Polygon POS, with more supported blockchains to come.
“The launch of FBTC is a huge milestone in the drive to bring Bitcoin into the world of smart contracts, and the DeFi potential they unlock. By creating a secure, decentralized and air-gapped corridor for Bitcoin to safely traverse on other blockchains at velocity and scale, we aim to add fire to the Bitcoin in cold storage and release its massive potential,” said Jordi Alexander, Chief Alchemist at Mantle.
Rekindling Bitcoin’s DeFi Revolution
Coined “digital gold” for the 21st century, Bitcoin’s whopping $1.3 trillion market cap is held back by limited liquidity and yield opportunities, where Bitcoin’s DeFi ecosystem currently represents only 4% of its total market value. This is in stark contrast to Ethereum, where DeFi accounts for 75% of its total value locked (TVL).
Previous iterations that have attempted to foster greater interoperability, such as wrapped BTC solutions, face issues with centralization, limited liquidity and lack of yield. As the wider blockchain ecosystem tackles increasing demands for cross-chain capabilities, numerous disjointed BTC L2 solutions have complicated the ecosystem with limited functionality. This points to an imperative for Bitcoin’s liquidity unlock, while staying true to its core tenets of unparalleled security and decentralization.
By introducing a free-flowing Bitcoin asset, FBTC is the paradigm shift to help fan the spark of Bitcoin into a flame that engulfs and perfuses throughout all blockchains and every tokenized economy.
Fanning the Flames of Bitcoin Utility With FBTC
Adding universal liquidity and interoperability to Bitcoin’s existing features of security and decentralization, FBTC is meticulously designed to proliferate the Bitcoin ecosystem with abundant use cases and liquidity:
- Decentralized and Secure Infrastructure: FBTC employs a TSS network to conduct minting and redemption to enshrine decentralization in its operations. Signatories of the TSS network include Antalpha Prime, Cobo and Mantle. FBTC also works with reputable and trusted multisig custody providers to guarantee the security of the BTC principal — specifically, FBTC’s initial MPC solution is powered by Cobo, an institution-grade digital asset custody provider. Additional MPC custody solutions will join in the future to further decentralization efforts.
- Cross-Chain Interoperability and Composability: FBTC is minted on Ethereum by default, and comes with seamless interoperability to enable a wide range of use cases on various L1s and L2s.
- Mass Adoption Readiness: FBTC brings an impressive slate of prominent strategic partnerships, including Antalpha Prime and Mantle. FBTC is integrated with wallets such as Binance Wallet, Bybit Wallet, Bitget Wallet, OKX Wallet, Particle Network, TokenPocket and UniSat. In addition, FBTC has struck an array of premium partnerships with top DeFi protocols and infrastructure partners.
Pioneering Bitcoin Yield Enhancement Strategies
FBTC unveils market-first yield enhancement strategies within the Bitcoin ecosystem to amplify its velocity and composability:
- Babylon Staking: Vaults that earn yield from Babylon native staking
- Basis Trading: Vaults for high frequency trading funding strategies across CEXs and DeFi platforms
- Leveraged Bitcoin Mining: Through leveraged lending and borrowing assets, miners can effectively scale their operations
- DeFi and BTC L2 Integration: Custom vaults that boost Bitcoin L2 liquidity for point farming, while top-tier DeFi integrations with juggernauts like Pendle and Curve provide higher yields
FBTC invites the global community to join in to ignite the potential of Bitcoin, transforming it into a versatile asset that powers growth and innovation across all blockchain ecosystems. With FBTC, the blockchain ecosystem steps into a new era of Bitcoin utility, making every other blockchain a layer of its expanding domain.
About FBTC
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 Bitcoin 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 and Mantle.
About Antalpha Prime
The core product of Antalpha is the Antalpha Prime platform, which utilizes decentralized technology to ensure the security of funds and connect high-quality global assets.
Established in 2021 and headquartered in Singapore, Antalpha has gained significant trust among institutions, startup teams and accredited investors. Additionally, Antalpha is a strategic partner to Bitmain, a prominent player in cryptocurrency mining.
About Mantle
Mantle Ecosystem comprises an Ethereum layer 2 (L2) — Mantle Network, a decentralized autonomous organization (DAO) — Mantle Governance, one of the largest on-chain treasuries — Mantle Treasury, and an Ether (ETH) liquid staking protocol — Mantle LSP: all built on Ethereum. Mantle token ($MNT) is the unified product and governance token of the ecosystem.