dlcBTC is now iBTC

We are excited to announce that dlcBTC is rebranding to iBTC, signaling a bold step forward in our mission to offer the safest and theft-proof, institutionally-backed, wrapped Bitcoin solution. While the foundation of dlcBTC remains unchanged, this rebrand represents a new chapter of innovation, security, and scalability in the world of DeFi.

Why The Name Change?

The name iBTC - short for Institutional Bitcoin - better reflects our commitment to providing a secure, theft-proof, and institutionally compliant wrapped Bitcoin. By eliminating the vulnerabilities associated with bridges, iBTC sets a new standard for safety and reliability in the cryptocurrency space.

Our vision is clear: to become the #1 wrapped Bitcoin in the world by combining institutional-grade design, decentralized architecture, and user-focused innovation. This exercise also lays the groundwork for an upcoming company-wide name change, signaling even greater ambitions.

What Is Changing?

Although the name has changed, the core structure and functionality of dlcBTC remain intact. Here is what you need to know about the transition:

1. Smart Contract Updates:

   • The current EVM smart contracts have been updated to reflect the rebranding

   • A time-lock mechanism makes sure that these changes will officially apply starting this coming Tuesday (Nov 26th, 2024), providing users with advance notice to understand and prepare for the transition.
     

2. New Identity, Same Values:

   • iBTC continues to prioritize security and decentralization while scaling to meet institutional needs.

   • With no reliance on bridges, iBTC offers a safer alternative to traditional wrapped Bitcoin solutions
     

3. Exciting Products on the Horizon:

   • This rebranding marks the beginning of a larger transformation, including the launch of new merchants, a Bitcoin yield platform, and more updates to enhance the user experience.

What Does This Mean For Users?

The transition from dlcBTC to iBTC will be seamless for users. There’s no action required on your part - your accounts, smart contracts, and services will continue to function as before. Our focus remains on ensuring a smooth, secure experience throughout this change.

To see the iBTC token instead of dlcBTC in your wallet, follow these instructions:

1. Link your wallet containing the dlcBTC tokens to https://www.dlcbtc.com or https://www.ibtc.network 
   

   

   Alt Text: MetaMask wallet containing dlcBTC tokens

2. Click the wallet address at the top right of the page and then click ‘Add Token to Wallet’
   

   

   Alt Text: ‘Add Token to Wallet' button

3. Confirm the ‘Add suggested tokens’ dialog box.
   

   

   Alt Text: ‘Add suggested tokens’ dialog in MetaMask

4. Your dlcBTC tokens should now read iBTC

To keep everyone informed, we will share updated branding assets, including logos and guidelines, to support any required integrations.

Further announcements are coming!

Looking Ahead

This rebranding is just the beginning. As we move forward, we remain committed to redefining wrapped Bitcoin solutions by focusing on innovation, institutional-grade compliance, and unparalleled security. The name iBTC represents not just a product but a vision for the future of DeFi.

We appreciate your continued support and partnership. If you have any questions, our team is here to help. Let’s embrace this new era together with iBTC–where security meets scalability.

About iBTC

As a decentralized wrapped Bitcoin, iBTC leverages Discreet Log Contracts (DLCs) and Chainlink's Cross-Chain Interoperability Protocol (CCIP) to provide a theft-proof bridge to cross-chain DeFi, backed by the security of the Bitcoin network. iBTC unlocks yield for your Bitcoin in DeFi with the benefit of lower fees and merchant self-custody, empowering users to put their Bitcoin to work.

Join us as we embark on this exciting journey with iBTC! Follow our updated socials and become part of the iBTC community:

Website | X (Twitter) | Telegram | Discord | Dune Dashboard