Ethereum Layer 2 Network Mantle Introduces Bitcoin-Pegged FBTC

The introduction of FBTC is a strategic decision by Mantle to extend its services to the BTC market and offer BTC holders a way to earn yield on their holdings.

Ethereum Layer 2 network Mantle has unveiled FBTC, a 1:1 Bitcoin-pegged asset created to enhance the utility of Bitcoin in the DeFi space.

The introduction of FBTC marks a strategic move by Mantle to expand its offerings into the BTC market, providing a solution for BTC holders seeking to generate yield on their holdings.

Mantle, an Ethereum Layer 2 network, has launched FBTC, an asset fully backed by Bitcoin on a 1:1 basis, according to a press release. Developed in collaboration with Ignition, FBTC enables Bitcoin owners to access earning opportunities on multiple blockchain platforms.

This initiative signifies a major new direction for Mantle as it broadens its asset portfolio beyond Ethereum-based tokens like $mETH.

Designed to address pain points in the BTCFi (Bitcoin Finance) sector, such as fragmented liquidity and poor user experience, Ethereum Layer 2 solutions like Mantle aim to provide a solution.

The newly launched FBTC aggregates liquidity across multiple chains to offer a seamless DeFi experience for Bitcoin owners. Previously unavailable or limited to advanced Bitcoin users, lending, staking, and liquidity provision are now accessible to users through the Ethereum Layer 2 network.

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