Unlocking Bitcoin in DeFi: BadgerDAO Launches eBTC Token
BadgerDAO, a decentralized autonomous organization, has introduced eBTC, a bitcoin-pegged token backed by staked ether (stETH) in collaboration with Lido, offering no-fee, reward-bearing bitcoin loans for users in the DeFi space.
Introducing eBTC: The Bitcoin Pegged Token
- BadgerDAO launches eBTC, a bitcoin-pegged token backed by stETH
- eBTC enables no-fee, reward-bearing bitcoin loans
- Collaboration with Lido, a liquid staking platform
- eBTC an experimental DeFi primitive making it easy to borrow bitcoin
How eBTC Works
Users can deposit ether to borrow over-collateralized eBTC without fees or interest typical in DeFi lending. The protocol stakes the ether, allowing users to earn on their collateral without paying fees to borrow.
- Users deposit ether to borrow eBTC without fees
- Protocol stakes the ether with Lido as stETH
- Users earn on collateral without paying borrowing fees
Security Focus: Learning from Past Incidents
BadgerDAO’s $120 million exploit in 2021 led to a renewed focus on security for the eBTC launch, engaging with RiskDAO for economic risk assessments, Spearbit for audits, Cod4rena for crowdsourced audit, and Immunefi for a pre-launch bug bounty.
- BadgerDAO focusing on top-tier security for eBTC launch
- Engaging RiskDAO, Spearbit, Cod4rena, and Immunefi for security measures
- Learning from past incidents to ensure protocol security
Hot Take: Building a More Secure Future for DeFi
By launching eBTC in collaboration with Lido and emphasizing security measures, BadgerDAO is pioneering a safer and more efficient way to bring bitcoin into the world of DeFi, setting new standards for security and transparency in the crypto space.
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