BTCFi narrative is resurrected. What are the highlights and potentials of the third phase of Bitlayer’s first mining festival project?

24-10-29 16:34

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Original source: Bitlayer

Thanks to the recovery of market sentiment brought about by the interest rate cut, leading public chain tokens such as Bitcoin, Solana and Sui have performed well recently.

In addition to hot topics such as Meme and AI, the BTCFi narrative has also regained the attention of users, and the popularity of Bitcoin's second-layer projects in the primary market has also rebounded.

According to public reports, since October this year, Bitcoin native second-layer projects Bitlayer and Liquid development team have announced the completion of a new round of financing. Among them, after completing a $9 million A+ round of financing at the beginning of this month, Bitlayer's latest total financing has reached $25 million. Its investment institutions include well-known institutions such as Polychain Capital, Franklin Templeton, Framework Ventures, ABCDE, StarkWare, OKX Ventures, Alliance DAO, and UTXO Management.

On October 29, Bitlayer officially launched the 3rd phase of the First Mining Festival. This phase of the event was jointly initiated by the official and five ecological projects including RollDex, Jasper Vault, DeSyn Protocol, Avalon Labs and Lorenzo Protocol. The theme is "Battle for the Treasure Chest", which provides users with a total of 10 million BTR tokens, ecological project airdrops, and Bitlayer ecological joint medal rewards.

At present, the event has been officially opened, and users can now log in to the Bitlayer official website or other official cooperation portals, including UXUY Wallet, OKX Web3, Freee.xyz, Trusta Labs, OneKey, Ave.ai, Gate Web3, TokenPocket and FoxWallet and other platforms to participate in the event. The official entrance to the event can be found here.

The following is an overview of the important information about the third phase of the Bitlayer Mining Festival for your reference.

RollDex

Project Introduction: RollDex is a Bitcoin native perpetual contract trading platform that provides users with an unparalleled trading experience, with leverage up to 500 times, ensuring the lowest slippage and competitive fees.

By adopting a fully on-chain liquidity model, RollDex V1 on-chain permanently guarantees more transparent transactions with minimal slippage. All transactions are executed against the RLP pool, enhancing the liquidity of all trading pairs, thereby optimizing capital efficiency. It is understood that RollDex's product layout includes four parts: Swaps, Perpetual, Bridge and Prediction. RollDex V1 uses price information from a combination of trading platforms to reduce the risk of liquidation due to temporary capital flows.

Currently, RollDex has been successfully deployed to Bitlayer.

It is worth mentioning that RollDex stood out in the first round of the Booster Grants Program recently announced by Bitlayer, and finally won Grants support of up to 1 million US dollars. In order to give back to community users, RollDex is distributing token rewards to active users through activities.

Jasper Vault

Project Introduction: Jasper Vault is a peer-to-peer interoperable options protocol that provides options for 99% of people, providing up to 300 times leverage and 0 liquidation risk.

Jasper Vault is committed to maximizing the advantages of high leverage and zero risk of liquidation of options, and combines account abstraction technology (ERC-4337) to realize wallet-to-wallet non-custodial transactions. It has created the industry's first minimalist on-chain options product, with a minimum rolling opening time of 2 hours, leverage of more than 300x, and zero liquidation. Users only need to choose to be bullish or bearish. If the judgment is correct, they can get up to 300 times the leverage income. If the judgment is wrong, they will only lose a small amount of premium. Users can use put options to hedge the risk of falling and protect their principal, or use call options to buy at the bottom to make a small profit.

Currently, Jasper Vault has been successfully deployed to Bitlayer.

DeSyn Protocol

Project Introduction: DeSyn Protocol is a Web3 DeFi re-staking platform that revolutionizes the airdrop space with its unique D-Airdrops structure. It provides users with low-risk, high-return returns and airdrop rewards from multiple DeFi protocols through a single investment.

On February 23 this year, DeSyn announced the completion of a new round of US$5 million in financing. This round of financing was participated in by TPS Capital, LD Capital, Spark Digital Capital, Mentha Partners, Kosmos Ventures, Asymmetries Technologies, Outliers Fund, Consensus Lab and other institutions. Angel investors include Joseph Eagan, co-founder and CEO of Acme Crypto.

Currently, DeSyn has been successfully deployed to Bitlayer. Data shows that the current TVL of DeSyn Protocol on the Bitlayer chain is 123 million US dollars, ranking second in the Bitlayer TVL list.

Avalon Labs

Project Introduction: Avalon Labs is building a comprehensive Bitcoin financial platform that integrates Bitcoin lending, collateralized debt position (CDP) stablecoins, income generation, and credit card services into a seamless ecosystem.

In terms of DeFi, Avalon Labs works with leading liquidity pledge projects to enable retail users to use BTC liquidity pledge tokens as collateral for loans. In terms of CeDeFi, the project provides institutional clients with fixed-rate Bitcoin-secured loans. In order to promote the popularity of Bitcoin-backed stablecoins, Avalon Labs will launch USDe, a CDP token backed by over-collateralized Bitcoin loans, to promote cross-chain, stable-rate lending within the ecosystem.

The project's co-founders have diverse traditional financial backgrounds, including private equity and hedge funds, and the technology and market teams are led by industry veterans with more than 10 years of DeFi experience.

So far, Avalon Labs has received support from Matrixport Venture, SNZ Capital, Summer Ventures, ViaBTC and Paka. In addition, KAKA, Degen Pool, CSPDAO and others have also participated in the investment.

Data shows that the current TVL of Avalon Labs on the Bitlayer chain is 325 million US dollars, ranking first in the Bitlayer TVL list.

Lorenzo Protocol

Project Introduction: The Lorenzo Protocol is building the first Bitcoin liquidity financial layer, aiming to provide innovative Bitcoin financial products and become the preferred platform for the issuance, trading and settlement of income-based tokens.

Lorenzo connects Bitcoin stakers of all sizes with top projects that require liquidity and security, thereby unlocking the liquidity of staked assets and capturing returns for stakers. Lorenzo provides simplified Bitcoin management as well as security protections such as staking insurance, node operator credit scores, anti-slashing mechanisms, and validator licensing.

Lorenzo introduces a principal-interest separation mechanism. After users complete BTC deposits, they receive two forms of liquid staking tokens: Liquid Principal Tokens (LPTs) and Yield Accumulation Tokens (YATs). Lorenzo not only enhances liquidity, but also lays the foundation for a DeFi ecosystem built on these token standards. This makes it possible to create more complex DeFi products using stBTC (Lorenzo's native LPT) and YATs, further exploring the potential of Bitcoin finance.

According to official information, Lorenzo Protocol has been supported by Binance Labs.

Currently, Lorenzo Protocol has been deployed to Bitlayer.

Conclusion

As a Bitcoin L2 that has received investment from well-known investment institutions such as Polychain and Franklin Templeton, Bitlayer has begun distributing BTR as an incentive to the community and users, and the issuance of coins seems to be a certain event.

Therefore, whether it is the developer grant program recently launched by Bitlayer or user airdrop activities such as the First Mining Festival, they have attracted widespread attention from the community. For users, actively participating in these official activities will get more airdrops and rewards.