Fire Bitcoin

FBTC tokens are minted by depositing Bitcoin with OpenBit, and redeemable at a 1:1 ratio, resulting in a fully-backed, Bitcoin-pegged asset that allows users to engage in DeFi activities, such as providing liquidity, staking, and lending. It enhances Bitcoin’s usability by bridging it into Ethereum and Layer 2 chains, where users can access a range of DeFi protocols.

FBTC is available on Ethereum, Mantle, Arbitrum, Binance Smart Chain (BSC), and Base. The token aims to unify liquidity across different chains, making it more efficient and accessible for Bitcoin holders.

FBTC is developed by Ignition in collaboration with Mantle Network, formerly known as BitDAO.

FBTC is a tokenized form of Bitcoin that enables Bitcoin holders to participate in decentralized finance on EVM chains. It is essentially a wrapped asset that is minted when Bitcoin is swapped using the OpenBit protocol, allowing users to unlock DeFi functionality that is typically unavailable with Bitcoin alone, such as yield farming and staking.

FBTC’s is secured through Multi-Party Computation (MPC) and Threshold Signature Schemes (TSS). These cryptographic methods protect the Bitcoin assets backing FBTC and provide transparency through real-time proof-of-reserves, which can be queried by users. This is intended to ensure that each FBTC token remains fully backed by Bitcoin.