The total value locked (TVL) of $FBTC, an omnichain Bitcoin asset, has surged past the $100 million mark just one month after its launch, now standing at $106 million.
This rapid growth reflects the strong interest and participation from the crypto community, with nearly 4,000 users taking part in the $FBTC early adopter quest, according to data from Lookonchain. This quest is seen as a precursor to the upcoming $FBTC holder incentive, which is expected to further boost adoption.
The TVL of $FBTC surpassed $100M just one month after launch, currently standing at $106M.
We noticed that nearly 4K users participated in the $FBTC early adopter quest, said to be a preheat for its upcoming $FBTC holder incentive. pic.twitter.com/OGlfZ8p2RY
— Lookonchain (@lookonchain) August 19, 2024
$FBTC is pegged 1:1 to Bitcoin ($BTC) and serves as a gateway to high-yield opportunities across various BTCfi and ecosystem projects. It is gaining traction as a versatile asset that can be easily integrated into a range of yield strategies across multiple blockchains. The upcoming launch of @babylonlabs_io is also expected to play a significant role in expanding the use of $FBTC within the crypto ecosystem.
Ignition's mission is to liberate the growth power of Bitcoin, with $FBTC. 🌍💪$FBTC is an omnichain Bitcoin asset pegged 1:1 to $BTC, serving as the gateway to high yield options across a long list of BTCfi & ecosystem projects, alongside @babylonlabs_io's upcoming launch.
— Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) August 19, 2024
Despite the promise of Bitcoin-based assets, many still struggle with fragmented liquidity and slow adoption. However, with the support of key contributors like @0xMantle and @AntAlphaGlobal, $FBTC is well-positioned to overcome these challenges. Ignition, the project driving $FBTC’s growth, is focused on scaling the asset to ensure it can be widely adopted and seamlessly integrated across various blockchain networks.
Security is a top priority for $FBTC. The asset employs multiple Multi-Party Computation (MPC) custody providers, and all operations are managed on a Threshold Signature Scheme (TSS) network. This setup is overseen by reputable security firms and a council, ensuring that $FBTC benefits from robust, multi-layered security measures.
As $FBTC continues to grow, it could become a pivotal asset in the broader Bitcoin and decentralized finance (DeFi) ecosystems, offering users a secure and scalable option for leveraging Bitcoin’s potential.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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