Mantle and Antalpha Prime Introduce Bitcoin-Based Omnichain Asset

The teams behind Mantle Network and Antalpha Prime are set to launch FBTC, a Bitcoin-pegged omnichain asset designed to unlock the potential of the leading cryptocurrency within the DeFi sector.

? Fan the flames of Bitcoin’s revolution with FBTC.https://t.co/Z9VhAL5DIV

— Mantle (@0xMantle) April 23, 2024

According to the announcement, FBTC will be able to move freely between networks, enabling participation in various yield-generating strategies.

Initially, following its launch in May, the asset is expected to be available on:

• Ethereum (including L2 protocols Mantle, Arbitrum, Optimism, Base, Linea, etc.);
• Solana;
• Aptos;
• Sui;
• Merlin Chain;
• BNB Smart Chain;
• Polygon POS.

Developers noted that despite Bitcoin’s market capitalization of $1.3 trillion, its share of the TVL in the decentralized finance ecosystem is only 4%. In comparison, Ethereum accounts for 75%.

“The launch of FBTC is a significant milestone in integrating Bitcoin into the world of smart contracts and realizing its potential in DeFi,” stated Mantle’s head, Jordi Alexander.

Among the “innovative opportunities” for using the asset, the teams highlighted:

• staking on the Babylon platform;
• trading on centralized and decentralized exchanges using high-frequency trading strategies;
• leveraged mining;
• yield farming on platforms like Pendle.

“With FBTC, the Bitcoin ecosystem enters a new era of functionality, turning any other blockchain into an L2 solution for its expanding domain,” the developers concluded.

Earlier, Bernstein analysts predicted a “DeFi summer” for Bitcoin due to record fees following the halving.