From $WBTC Drama to $FBTC Triumph -The Future of Bitcoin Assets
$WBTC is facing major drama, and $FBTC is stepping up as the game-changer.
Babylon’s Mainnet Phase I saw its 1,000 $BTC cap fill within just one hour, with $FBTC having over 42% of it.
With a growing $120M+ TVL and strong TSS security, $FBTC is here to redefine🧵👇
Key Takeaways
FBTC : $FBTC converts idle BTC into a yield-generating asset, allowing users to earn returns through various DeFi platforms.
Secure and Versatile: $FBTC, pegged 1:1 with BTC, ensures security with MPC and TSS and integrates across multiple networks and protocols.
Incentive Program: The Sparkle Campaign offers rewards for holding and using $FBTC, including Sparks and exclusive Early Igniter NFTs for early adopters.
Future: $FBTC can expect to see strong CEX listing coverage, and strong TVL support, especially given $WBTC FUD
$WBTC FUD
In recent news, Justin Sun removed over 12,000 BTC from the collateral backing Tron’s stablecoin USDD without Tron DAO’s approval. BitGo is also now transferring WBTC control to a joint venture with Sun’s BiT Global.
In response, MakerDAO is contemplating removing WBTC from its platform, and Coinbase has launched its own cbBTC.
Analysts have now identified Sun and WBTC as major risks in the crypto space, particularly as $90M in WBTC has been redeemed following recent custody changes.
People are now seeking alternatives.
This makes way $FBTC to potentially become the largest Bitcoin asset on Mantle and possibly even on the Ethereum Mainnet.
The Problem
One of the major limitations with traditional BTC is that it doesn't generate any yield when it’s just sitting in wallets or exchanges. There isn’t really an easy to make BTC work for you.
Unlike other assets that can earn interest or dividends, Bitcoin left alone doesn’t grow.
That’s why there needs to be a way to transform BTC to an active asset. Ignition’s FBTC brings this to the table.
What is $FBTC?
Imagine effortlessly using $BTC across multiple chains and protocols. No complications, no roadblocks—just the best returns.
That’s the future @FBTC_official is building.
$FBTC is an omnichain asset that maintains a 1:1 peg with $BTC and seamlessly integrates across DeFi protocols through advanced cross-chain architecture.
It also leverages state-of-the-art security, including MPC and TSS, to protect the underlying $BTC.
Since its launch in July 2024, $FBTC has quickly grown, with its TVL surpassing $120M by August.
This is what their current distribution looks like -
~1,420 $FBTC on Ethereum
~440 $FBTC on Mantle
~100 $FBTC on BNB Chain
$FBTC provides various yield opportunities through staking on platforms like BedRock and Solv Protocol, liquidity provision on AMMs such as Merchant Moe and Uniswap, and lending on Avalon and Lendle.
Users can also earn rewards by locking $FBTC in Mezo or Fuel Network.
Here’s a break down of the project’s key features -
Secure: $FBTC uses multi-signature custody and TSS for safe minting and bridging.
Interoperable: Works across multiple networks and use cases.
Strong Partners: Supported by major institutions like Mantle and Antalpha Prime, and integrated with top DeFi apps, CEXs, and wallets.
The launch of Babylon’s Mainnet Phase I last week saw its $1,000 BTC cap filled within an hour, reflecting strong interest in Bitcoin and BTCFi.
Currently, 420 $FBTC has been staked through Babylon LSTs, accounting for approximately 42% of Babylon’s Phase I cap.
Sparkle Campaign
Ignition has recently announced the launch of their Sparkle Campaign, offering users rewards in Sparks for -
Holding $FBTC in their wallets
Locking $FBTC in PumpBTC, BedRock, Solv Protocol, and Pell Network (e.g., deposit $FBTC on BedRock to mint $uniBTC)
Providing liquidity to $FBTC pools on platforms like Merchant Moe, Agni Finance, DODO, and Uniswap
Adding liquidity on Avalon and Lendle money markets
It doesn’t end there.
Early adopters participating will also receive exclusive perks, including a portion of an additional 5M Sparks and the unique opportunity to obtain the first-ever Early Igniter NFT.
https://x.com/FBTC_official/status/1826578248677163110
Given the recent $WBTC FUD, it makes potential for $FBTC gain new attention.
$FBTC is set to become the leading Bitcoin asset on both Mantle and Ethereum Mainnet soon. Don’t miss out.