As a seasoned researcher with over two decades of experience in the dynamic world of blockchain and cryptocurrency, I can confidently say that I have witnessed the evolution of Bitcoin from its humble beginnings to becoming a global phenomenon. The recent announcement of FBTC crossing $100M in Total Value Locked (TVL) is undeniably a landmark milestone not just for this nascent BTC asset, but for the entire cryptocurrency landscape.
Singapore, Singapore, August 21st, 2024, Chainwire
The landmark milestone marks the start of a new era for Bitcoin’s utility
After the debut of FBTC, an asset based on a multi-platform Bitcoin that maintains a 1:1 ratio with BTC, Ignition has revealed that FBTC has surpassed $100 million in Total Value Locked (TVL) as per Dune. Furthermore, they announced the “Sparkle” campaign, where initial holders of FBTC will be given incentives in the form of points-based “Sparks” for future benefits. FBTC is backed by key contributors such as Mantle, a rapidly growing blockchain ecosystem led by DAO on the Ethereum layer 2 (L2) Mantle Network and Ether liquid staking protocol mETH Protocol, and Antalpha Prime, a trusted 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.
Nurtured by Ignition, FBTC functions as an interconnected Bitcoin asset across multiple chains, offering fluidity and adaptability for diverse yield optimization tactics. The objective of FBTC is to unlock the growth possibilities of Bitcoin, serving as a benchmark for Bitcoin transactions, thereby making other blockchains function as secondary layers (Layer 2) for Bitcoin. Currently, FBTC is operational on Ethereum, Mantle Network, and BNB Smart Chain, with plans to expand support to additional blockchains in the future.
“Igneus Terrenus, Paramount Pyromancer at Ignition, noted that reaching $100M in TVL for FBTC in a short period is not just a notable milestone for this emerging Bitcoin asset, but it underscores the evolving use of Bitcoin. The swift adoption of FBTC, fueled by Ignition’s extensive network of partners, marks a pivotal moment in decentralized finance (DeFi), where Bitcoin’s full potential is being actualized across various blockchains. As Ignition advances and enhances FBTC’s functionalities, we are not merely offering yield opportunities; we are revolutionizing the way Bitcoin interacts with the broader DeFi landscape.”
The swift acceptance of FBTC is backed by numerous launch partners like Avalon Labs, Bybit Web3, Cobo, Ethena Labs, OKX Wallet, Pendle, and Solv Protocol, which underscores FBTC’s reliability and the growing industry demand for cutting-edge Bitcoin technologies.
Using FBTC, Ignition aspires to build a smooth, cross-chain platform where users can effortlessly discover DeFi earnings across multiple blockchains. The flexibility to trade and transfer FBTC between Ethereum, Mantle Network, and BNB Chain increases its usefulness, making it available for the vast majority of blockchain users. Currently, FBTC holders have the opportunity to employ their dormant Bitcoin assets in numerous yield-producing opportunities on Ethereum, Mantle Network, and BNB Chain, thereby expanding the scope of applications on various L1s and L2s that will be announced shortly.
In addition to its announcement, Ignition has revealed its upcoming promotional campaign called “Sparkle”. During this period from August 21st to September 21st, participants will earn “Sparks”, which are points based on their interactions and contributions within the FBTC ecosystem. Eligible protocols for this Sparkle campaign include PumpBTC, Bedrock, Mezo Network, Avalon Labs, Fuel Network, Pell Network, and Solv Protocol. Throughout the campaign, Ignition will add more protocols, launch supplementary campaigns, and provide additional incentives to improve user experience and reward system. For further details, please visit https://fbtc.com/ongoing-campaign.
In the near future, Ignition is teaming up with Babylon, a self-custodial Bitcoin Staking Protocol, to introduce a BTC vault. This collaboration will provide users with an opportunity to participate in Babylon’s native staking. This partnership, along with other engaging projects and collaborations, demonstrates Ignition’s dedication to fostering a dynamic, community-oriented ecosystem for FBTC. The swift acceptance and robust security of FBTC indicate a bright future for Bitcoin’s development within the DeFi sector, allowing it to fully realize its vast potential within the broader decentralized finance environment.
About Ignition FBTC
Through nurturing from Ignition, FBTC is an asset built on Bitcoin that’s secure, decentralized, and can be easily combined with other assets. The goal is to unlock Bitcoin’s potential for growth by offering a liquid version of Bitcoin that maintains a 1:1 ratio with the original BTC. This new role of Bitcoin will be redefined across various blockchain networks. By encouraging DeFi compatibility, cross-chain interaction, and widespread adoption of Bitcoin applications, FBTC symbolizes a future where all blockchains can thrive – one that is fast, has minimal friction, and is highly interoperable. Key contributors behind FBTC are Antalpha Prime and Mantle.
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2024-08-21 10:13