DeFi project Ignition has launched the omnichain asset FBTC on the Ethereum mainnet and the Mantle L2 solution. The developers announced this on X.
The days of limited Bitcoin yield are over.
Now users can exchange and bridge $FBTC across Ethereum and Mantle networks, bringing us closer to our vision of Bitcoin’s free growth.
Welcome to the new era of Bitcoin DeFi with Ignition ?https://t.co/Iye5JkIpJX pic.twitter.com/bJlFmK7Q2h
— FBTC RU (@FBTC_OfficialRU) July 12, 2024
FBTC is a token pegged to Bitcoin at a 1:1 ratio. The teams from Mantle Network and Antalpha Prime, part of Ignition, introduced FBTC in April. At that time, they noted that with a market capitalization of $1.3 trillion, the share of the first cryptocurrency in the DeFi ecosystem’s TVL is only 4%.
“FBTC enhances the accessibility and utility of Bitcoin in other networks and L2 solutions. It can be used at any scale and easily integrated into various yield-enhancing strategies, including lending, staking, and liquidity pooling,” commented representatives of Ignition.
At the time of publication, FBTC can be acquired on Uniswap, DODO, Odos, TokenPocket, OKX (Web3), and Bybit (Web3).
Ignition announced partnerships with teams from Ethena, Stakestone, Solv Protocol, Avalon, Pendle, Mancake, Lendle, and Minterest.
Until July 30, Mantle Network is holding a contest on VK for creating original memes, videos, and sticker packs for Telegram. To participate, one must:
- subscribe to the VK group and Telegram channel of Mantle Network;
- post a meme in the comments under the contest post and include their Telegram account.
On July 31, Mantle Network representatives will conclude the contest and award:
- 200 MNT for first place (one winner);
- 150 MNT each for second place (two winners);
- 100 MNT each for third place (five winners).
Previously, ForkLog published an educational piece on the upcoming Ethereum network update called Pectra.