iBTC Launches on Base Network, Expanding Access to Bitcoin in DeFi

We are delighted to announce that iBTC has officially launched on the Base Network, marking a significant milestone in our mission to bring Bitcoin into decentralized finance (DeFi).

The launch allows iBTC to tap into the growing ecosystem of Base, a Layer 2 (L2) network developed by Coinbase in collaboration with Optimism.

With this move, iBTC is set to offer its users enhanced scalability, lower transaction costs, and broader access to DeFi protocols and yield strategies.

What is Base?

Base is a next-generation Ethereum L2 that addresses some of the most pressing challenges in blockchain today: scalability, high transaction fees, and slow transaction speeds.

Developed by Coinbase in partnership with Optimism, Base is built on the OP Stack and designed to offer a secure, low-cost, and developer-friendly environment for DeFi transactions.

Base's commitment to progressive decentralization and its open-source, permissionless nature make it an ideal match for projects like iBTC, which prioritize decentralization, security, and user autonomy.

Why Base?

The decision to launch iBTC on Base is rooted in the network's unique strengths.

It offers a host of features that align perfectly with iBTC's goals of making Bitcoin more accessible to DeFi users while maintaining high-security standards.

Here are the key reasons why we launched on Base:

• Big Features, Small Fees: Base provides full EVM equivalence at significantly lower costs than the Ethereum mainnet. This cost efficiency is crucial for users looking to engage in DeFi activities such as staking, borrowing, lending, and arbitrage trading without incurring high transaction fees.

• Faster Transaction Speeds: Base processes transactions much faster than Ethereum mainnet, making it an ideal platform for users who require quick transaction finality.

• Open-Source Vision: Base's commitment to being decentralized, permissionless, and open to everyone aligns perfectly with iBTC's ethos of promoting decentralization and self-custody.

• Seamless Integration with Coinbase: Base's integration with Coinbase gives iBTC users access to a vast ecosystem of over 110 million users and $80 billion in assets. This opens up new avenues for user engagement, allowing iBTC to reach a broader audience and enabling more users to participate in DeFi with their Bitcoin.

The Power of Multi-Network Expansion

iBTC's mission is to provide Bitcoin holders with safe and efficient access to DeFi protocols across multiple blockchains rather than being limited to a single network.

By expanding across different L1 and L2 networks, iBTC ensures that users have more options for interacting with DeFi, thereby reducing the risks associated with congestion or reliance on any network.

The multi-network expansion offers several key advantages:

• Increased Accessibility: By being available on multiple networks, iBTC can reach a wider audience of users, including those who may prefer specific networks for their unique features, such as speed, security, or cost efficiency.

• Enhanced Liquidity: Expanding to multiple networks increases liquidity for iBTC, making it easier for users to move assets between platforms and access various DeFi opportunities.

• Broader Ecosystem Participation: Different networks offer access to different DeFi protocols and communities. By being present on multiple networks, iBTC can integrate with a broader range of DeFi projects, offering users more diverse options for earning yield.

About Base

Base is an Ethereum L2 scaling solution designed to solve some of the most pressing issues in the blockchain world today: scalability, high transaction fees, and slow transaction speeds.

Built by Coinbase and compatible with the EVM, Base provides a robust and efficient platform for decentralized applications (dApps) and smart contracts.

Its foundation on the OP Stack, a modular and developer-friendly framework, enables it to deliver a seamless, low-cost experience for developers and users.

Base's integration with Coinbase's ecosystem offers users access to a wide range of services, tools, and products, making it an attractive option for developers and retail users looking to engage in DeFi.

About iBTC

iBTC is a safer wrapped Bitcoin solution designed to bring the security and transparency of Bitcoin to DeFi.

Unlike traditional wrapped Bitcoin solutions, which rely on centralized custodians, iBTC allows users to self-wrap their Bitcoin using Discreet Log Contracts (DLCs), a technology developed at MIT by the co-creator of the Lightning Network.

This self-wrapping process ensures that users maintain full control over their Bitcoin, even in the event of a system breach, making iBTC a safer and more secure option for participating in DeFi.

Some key features of iBTC include:

• Bitcoin base-level security: All iBTC transactions happen on the Bitcoin blockchain, ensuring users enjoy Bitcoin base-level security.

• Theft-proof mechanism: iBTC leverages a pre-signature mechanism that ensures the DLC lockbox only pays out to the depositor at all times.

• Improved transparency: Unlike other wrapped BTC solutions, like wBTC, iBTC's design ensures a safer environment for DeFi participation by broadcasting transactions on-chain and eliminating custodial risks.

By bringing Bitcoin into the DeFi space through secure, self-custodial means, iBTC is poised to revolutionize how Bitcoin holders interact with decentralized finance, offering them a safer and more versatile way to put their Bitcoin to work.

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