Mezo, a Bitcoin layer-2 network aiming to expand the decentralized finance (DeFi) market on the flagship blockchain, has launched its liquid-staked Bitcoin token, stBTC.
The introduction of stBTC brings Bitcoin (BTC) yield to Mezo, the Pantera-backed project announced on Aug. 28.
StBTC is a token backed 1:1 with tBTC, the Bitcoin bridge token powered by The Threshold Network.
According to Mezo, users can now mint stBTC against their Wrapped Bitcoin (WBTC) and tBTC, a Bitcoin-backed token that allows holders to participate in Ethereum (ETH) DeFi applications.
Expanding BitcoinFi
Mezo claims that depositing WBTC and tBTC on Mezo and minting stBTC will allow users to earn yield across DeFi apps in the growing Bitcoin DeFi space. BTC holders can mint the liquid-staked token and leverage its benefits on Curve Finance while maintaining exposure to their bitcoins.
“As early HODLers, many of us have watched our Bitcoin grow in value over the years. But we’ve also watched DeFi unfold, often feeling like we had to choose between holding our Bitcoin and participating in these new financial opportunities.”
Mezo on X.
According to Mezo’s post, decentralized exchanges, lending markets, and Bitcoin L2 platforms that have deployed tBTC include Morpho Protocol, Silo Finance, Beefy, and Velodrome. The team plans to expand to top DeFi and DEX platforms, including Aave, GMX, and Synthetix.
Thesis, the venture studio behind projects such as AcreBTC, Fold Bitcoin, and Taho, is also the developer of Mezo.
From: crypto.news
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