Open huihzhao opened 4 months ago
nodetinker
commented
3 months ago Project updates: Lorenzo is the Bitcoin Liquidity Finance Layer. Lorenzo creates an efficient market in which Bitcoin holders can easily find the best opportunities to invest their unused Bitcoin liquidity and serves as the premier DeFi ecosystem in which to finance Bitcoin staking tokens.
Track stBTC here
kamalbuilds
commented
3 months ago Hi @huihzhao looking to pick this up
huihzhao
commented
3 months ago Please share your project details so that the community can understand how it can fulfill this challenge 😉
huihzhao
commented
3 months ago Lorenzo - https://www.lorenzo-protocol.xyz/ Lorenzo will provide Bitcoin liquid staking token issuance and distribution for Babylon and other yield products.
How does it works？
Lorenzo is the liquidity finance layer of Bitcoin. Lorenzo matches users who stake BTCs to Babylon, and turns Babylon’s staked BTCs into BTC liquid staking tokens, releasing liquidity to the downstream DeFi ecosystem. That is, Lorenzo is a platform for issuing, trading, and settling BTC liquid staking tokens. It consists of a Cosmos appchain built with the Cosmos Ethermint, a relayer system synchronizing BTC L1 and the Lorenzo appchain, and a system responsible for issuing and settling BTC liquid staking tokens.
https://docs.lorenzo-protocol.xyz/introduction/architecture
What makes Lorenzo best-suited to execute this Mission?
Lorenzo will issue and bring huge volume of BTC LST to BNB Chain. BNB Chain will provide a comprehensive DeFi market for utilizing Lorenzo LST. BTCB holders will also benefit from the integration of Lorenzo, as Lorenzo will bring Babylon staking rewards to them as well.
huihzhao
commented
3 months ago Lombard - https://www.lombard.finance/ Lombard’s Liquid (Re)staking will restaked BTC into Babylon to earn a native yield. LBTC represents BTC staked into Babylon. How does it works？ The flagship product, LBTC—a yield-bearing, cross-chain, liquid Bitcoin backed 1:1 by BTC—changes this and brings DeFi interoperability to digital gold.
Lombard is currently in Phase 1 and live on the Ethereum mainnet in Private Beta mode, where eligible participants are staking native BTC and minting LBTC.
Benefits to LBTC holders: LBTC holders retain the liquid value of their BTC LBTC holders passively accrue multiple layers of yields Babylon Staking Yield Lombard Points Incentives from LBTC destination chains and protocols LBTC holders can earn even more by deploying their LBTC into DeFi
https://docs.lombard.finance/lombard-architecture/architecture-overview
What makes Lombard best-suited to execute this Mission? LBTC can be natively minted or bridged into BNB Chain, and LBTC can join BNB Chain’s DeFi ecosystem to earn lending rewards, LP rewards and yield rewards etc.
Mirror-Tang
commented
2 months ago I believe that rather than creating a BTC liquidity pool on BNB, it is more important to keep the BTC tokens issued/minted on the BNB Chain anchored to the Bitcoin main chain. BitVM is a viable option to consider, with Babylon's primary goal being to use BTC for staking to secure L2/Chain. If the aim is to establish a BTC ecosystem on the BNB Chain, it is crucial to have direct interoperability between BNB and BTC, rather than relying on Babylon.
Main Objectives/Goals:
The goal is to facilitate the integration of valuable BTC assets into the BNBChain ecosystem and establish a comprehensive, multi-version BTC yield ecosystem. This will enhance the value and utility of BTC within the BNBChain, providing diverse opportunities for yield generation and fostering a robust and dynamic ecosystem.
Challenge Description:
Babylon enables holders of 21 million Bitcoin to join the staking paradigm, opening up new possibilities for Bitcoin staking and restaking. This innovation effectively doubles or triples the value of Bitcoin and extends its utility to EVM chains. As a leading EVM chain, BNBChain hosts many custodial BTC holders in the form of BTCB, and the community is eager to explore synergies with the BTC ecosystem. Establishing a comprehensive BTC ecosystem on BNBChain promises mutual benefits for both the chain and its community. Key considerations for this integration include: