ibBTC INTEGRATION INTO DEFIDOLLAR
@defidollar being a community with intentions of being an index of stable coins that uses #Defi primitives to stay near the dollar mark and subsidize the collateralization ratio in the blockchain ecosystem intergrated $ibBTC with the help of #BadgerDAO.
WHAT IS $ibBTC ?
$ibBTC - This is an Interest Bearing BTC product created as an ERC20 token with #BadgerDAO to create a yUSD equivalent for BTC with intention of becoming the default BTC denominated asset on #Ethereum, thereby allowing users to get additional sats the #DeFi way!
Initially it commenced when Defidollar and #BadgerDAO teams thought of ways to handle the lack of a widely used interest-bearing tokenized Bitcoin for #DeFi & spreading the tokenized Bitcoin’s liquidity across #Ethereum and wBTC, tBTC, sBTC, and renBTC
The aim basically was to find a way to combine the four sub-BTCs and come out with yUSD similar to BTC, it will then become the default BTC denominated asset on the ERC chain, while also helping users in obtaining more #DeFi sats.
$ibBTC UTILITY SERVICES
- It aims to be linked into other #Decentralized Finance apps and protocols, which will generate a #BadgerDAO’s SETTs pooling; practically all of the tokenized BTC Liquidity on #Ethereum
- The coming together of $ibBTC with #BadgerDAO intends in aiding the expansion of @defidollar and Badger, as ibBTC improves their TVL. Relatively in future of #DeFi, it will be the primary foundation for such and many projects.
- LP will consist of the combination of $DFD, $DIGG, and $BADGER incentives.The first LPs leveraged and committed to minting ibBTC are the #BadgerDAO Setts.
It will be an extra BADGER SETT Vault for ibBTC/wBTC sushi.
In summary, the major aim of @defidollar with the integration of $ibBTC is to simplify the way newcomers get engaged with #DeFi.
Both $DUSD and $ibBTC aims to remedy this for the two most widely traded crypto assets, Btc and #stablecoins and the reason for this is to increase product awareness.
