Boringdao Raises $1.4M: Project’s Tokenized BTC Bridge Backed by 200% Collateral

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There’s a brand new tokenized bitcoin mission coming to the decentralized finance (defi) ecosystem that’s not too long ago acquired $1.four million from blockchain buyers. The mission referred to as Boringdao, a decentralized bridge between Ethereum and various blockchains, plans to launch the corporate’s bBTC tunnel this month to be able to introduce one other tokenized bitcoin.

On October eight, 2020, the Boringdao mission introduced the corporate has raised $1.45 million from plenty of buyers. Boringdao’s web site says the mission is a bridge between numerous blockchains and Ethereum. “We provide the chance for non-ERC20 property to maximise utility and yield-generating results,” the startup’s net portal notes.

Basically, Boringdao desires to tokenize all of the world’s property, and this month the mission goals to deploy its bBTC tunnel. The token bBTC can be a tokenized bitcoin (BTC) asset much like renBTC, WBTC, and different tasks linked to Ethereum.

This month the corporate introduced it raised $1.four million from buyers comparable to Puzzle Ventures, Snapfingers, Hashkey, SNZ, Youbi, and others. Along with the bBTC tokenized bitcoin, Boringdao can also be launching the BOR token, which can be meant for minting and farming functions. So far as the bBTC token, the asset can be collateralized by 200% and leverage a double pledge mannequin.

“Boringdao will launch in October and provoke the bBTC tunnel supporting BTC to be minted into bBTC beneath a double pledge mannequin that may present the very best degree of asset safety in comparison with different wrapped BTC options out there,” the corporate’s announcement detailed on Thursday. The double pledge mechanism can also be described within the agency’s weblog put up printed on the identical day.

“Every Bitcoin is backed by greater than 200% of property, together with one actual Bitcoin (a number of respected establishments handle Multi-sig),” explains the Boringdao builders. “The roughly equal worth of ERC-20 property is locked within the contract layer (ruled by sensible contracts). There isn’t a doubt that 200%>100%, so bBTC should be a lot safer.”

On the time of publication, there’s a huge quantity of BTC locked into tokenized ETH-based protocols. There may be 130,329 BTC or the equal of $1.four billion price of bitcoin held on Ethereum on Friday afternoon.

The highest mission with essentially the most locked bitcoin is Bitgo’s Wrapped Bitcoin (WBTC) mission with a complete of 95,197 tokens circulating in line with Dune Analytics. WBTC is adopted by renBTC (25,598), hBTC (four,810), sBTC (2,437), imBTC (1,730), tBTC (443), and pBTC (120).

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Tags on this story
$1.four million, 200% collateral, bBTC, Bitcoin (BTC), Bitcoin on Ethereum, Boringdao, BTC, DeFi, Defi Tasks, double pledge, double pledge mechanism, ERC-20 property, Hashkey, Buyers, Puzzle Ventures, Renbtc, seed spherical, Snapfingers, SNZ, tokenized, wrapped bitcoin, Youbi

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