FBTC Crosses $100M in TVL, Ushering in a New Era of Bitcoin Utility and Velocity

The landmark milestone marks the start of a new era for Bitcoin's utility

Singapore, August 21st, 2024, Chainwire

As tokenized bitcoin assets pave the way for Bitcoin’s resurgence in DeFi, FBTC’s significant milestone ushers in a new era of Bitcoin’s evolving utility and velocity — transforming the original cryptocurrency from a simple store of value into a dynamic asset that offers the potential for various yield-generating possibilities.

Incubated by Ignition, FBTC is an omnichain BTC asset that is liquid and easily composable in various yield enhancement strategies. FBTC aims to become the standard for Bitcoin transactions, rendering all other blockchains into a Bitcoin L2. FBTC is currently deployed on Ethereum, Mantle Network and BNB Smart Chain, with more supported blockchains to come.

“The rapid achievement of $100M in TVL for FBTC in such a short time is not just a significant milestone for this nascent BTC asset, but a testament to the evolving landscape of Bitcoin utility,” said Igneus Terrenus, Paramount Pyromancer at Ignition. “FBTC’s quick adoption, supported by Ignition’s diverse ecosystem of partners, signals a new chapter in decentralized finance (DeFi) where Bitcoin’s potential is being fully realized across multiple blockchains. As Ignition continues to innovate and expand FBTC’s capabilities, we’re not just creating opportunities for yield — we’re reimagining how Bitcoin interacts with the broader DeFi ecosystem.”

FBTC’s rapid adoption is supported by dozens launch partners, including Avalon Labs, Bybit Web3, Cobo, Ethena Labs, OKX Wallet, Pendle and Solv Protocol, among others, reflecting FBTC’s credibility and the industry’s evolving interest in innovative Bitcoin solutions.

With FBTC, Ignition aims to create a seamless, multi-chain environment for users to efficiently explore DeFi yields. The ability to swap and bridge FBTC between Ethereum, Mantle Network and BNB Chain further enhances its utility, making it accessible for a majority of blockchain users. Today, holders of FBTC are able to leverage their idle Bitcoin holdings across several yield-generating opportunities on Ethereum, Mantle Network and BNB Chain, enabling a wider range of use cases on various L1s and L2s that will be unveiled soon.

Ignition also announced its plans for an upcoming “Sparkle” campaign. Participants will receive points-inspired “Sparks” for their engagement with and contributions to the FBTC ecosystem. Running from Aug. 21 to Sept. 21, eligible protocols for the Sparkle campaign include PumpBTC, Bedrock, Mezo Network, Avalon Labs, Fuel Network, Pell Network and Solv Protocol. Throughout the Sparkle campaign, Ignition will continue to integrate new protocols, launch side campaigns, and offer external incentives to enhance the user experience and reward system. Find out more at https://fbtc.com/ongoing-campaign.

Looking ahead, Ignition is collaborating with Babylon, the self-custodial Bitcoin Staking Protocol that aims to build a Bitcoin-secured decentralized world, to launch a BTC vault that gives users exposure to Babylon native staking. This undertaking, along with other exciting events and collaborations, underscores Ignition’s unwavering commitment to building a vibrant, community-driven ecosystem around FBTC. The rapid adoption and strong security of FBTC signals a promising future for Bitcoin’s evolving role in the DeFi landscape, propelling it to fully unlock its immense potential within the broader decentralized finance ecosystem.

About Ignition FBTC

Incubated by Ignition, FBTC is a secure, decentralized, and composable BTC asset aimed at liberating Bitcoin’s true power of growth. FBTC provides a liquid Bitcoin asset that adheres to a 1:1 peg with BTC to redefine its role across all blockchain platforms. By fostering DeFi composability, cross-chain interoperability, and promoting widespread adoption of BTC applications, FBTC represents the beacon of a high-speed, low-friction and interoperable future for all blockchains and every tokenized economy to flourish. FBTC is powered by core contributors Antalpha Prime and Mantle.

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