iBTC Now Available on Curve Lend: A New Era of DeFi on Arbitrum

iBTC, the first native self-wrapped Bitcoin on the Arbitrum network, is now available on Curve Lend. This integration allows users to borrow crvUSD against iBTC on Arbitrum, opening up new avenues in decentralized finance (DeFi). This development enhances the utility of iBTC and reinforces its role within the DeFi ecosystem.

Background

Curve Finance is a critical player in DeFi, offering low-slippage trading and liquidity options for various assets. Recently, Curve Finance founder Michael Egorov contributed to the Arbitrum matching grant, which is now being used to bootstrap crvUSD supply for the iBTC lending market on Curve Lend. This support directly benefits users by enhancing liquidity and expanding lending options on the platform.

Details of the Integration

The integration of iBTC into Curve Lend brings several key features to the table:

• Borrowing crvUSD: Users can now use iBTC as collateral to borrow crvUSD directly on the Arbitrum network.

• Enhanced Scalability: Operating on Arbitrum reduces transaction costs and improves the efficiency of borrowing and lending operations.

• Leverage Options: Users can leverage their iBTC holdings up to 10x to borrow more crvUSD.

For instance, with 0.1 iBTC (approximately $6,000), a user could borrow up to $35,000 in crvUSD with 7x leverage. While borrowing incurs an 8-9% APY, users can utilize the borrowed crvUSD for other trading opportunities, potentially amplifying gains or losses depending on the market conditions. 

Incentives and Benefits

To encourage participation, Curve Finance is offering limited-time incentives:

• Earning ARB Tokens and Points: Users can earn ARB tokens plus 5x points, enhancing their overall yield potential.

• Limited-Time Offer: These incentives are available for a limited time, making early participation particularly advantageous.

These incentives are designed to provide immediate benefits, making this an appealing opportunity for DeFi users. Follow this link to learn about iBTC's unique features, making it a better alternative to wBTC.

How to Participate

Step 1: Acquire iBTC Tokens on MetaMask

Access your MetaMask wallet and swap BTC, ETH, or another listed token for iBTC. For a step-by-step guide on how to buy iBTC on MetaMask, click here.

Step 2: Connect Your MetaMask Wallet with Curve Finance

Visit Curve Finance's Llama Lend platform. Click 'Connect Wallet' and follow the prompts to link your MetaMask wallet to Curve. 

You can also use other Web3 wallets such as Trezor, Ledger, Coinbase Wallet, or Trust Wallet.

Step 3: Borrow crvUSD

Click the 'Borrow' tab and enter the amount of iBTC you intend to provide as collateral. The system will automatically calculate the amount of crvUSD you qualify to borrow based on the collateral provided.

If you are satisfied with the loan amount, click 'Approve Spending' and then 'Get Loan' to finalize the process.

That's it! Your loan will be reflected in your wallet shortly. You can use it to borrow more collateral or participate in other DeFi yield-generation activities. Connect to Curve Finance now.

Conclusion

Integrating iBTC into Curve Lend underscores our commitment to bringing Bitcoin into the DeFi ecosystem by building on proven systems. By leveraging Curve Finance's reliability and the Arbitrum network's scalability, we enable Bitcoin holders to engage in DeFi with greater security, transparency, and efficiency.

As we continue to expand, our focus remains on integrating iBTC with more robust protocols and blockchain networks. We aim to create even more opportunities for Bitcoin holders to participate in DeFi. 

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.

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