Function ƒBTC FBTC Price

What is Function ƒBTC (FBTC)?

Ignition FBTC (FBTC) emerges as a revolutionary project within the cryptocurrency space, aiming to transform Bitcoin from merely a store of value into a dynamic asset with enhanced utility through decentralized finance (DeFi). Launched with the ethos of "Liberating the Growth Power of Bitcoin," FBTC is an omnichain Bitcoin asset designed to integrate seamlessly across multiple blockchain ecosystems, thereby expanding Bitcoin's role beyond its traditional confines.

FBTC maintains a 1:1 peg to Bitcoin, ensuring that each FBTC token represents an equivalent amount of BTC held in reserve by a secure custodian. This peg allows for:

Enhanced Liquidity: FBTC can be swapped or bridged across blockchains like Ethereum, BNB Chain, and Mantle Network, providing a level of liquidity not typically associated with Bitcoin due to its focus on being a store of value rather than a transactional currency.

Yield Opportunities: By transforming Bitcoin into a liquid, composable asset, FBTC opens up myriad DeFi applications where Bitcoin can be staked, used as collateral, or engaged in yield farming strategies. This includes leveraging FBTC in liquidity pools, lending protocols, and earning from funding rate arbitrage.

Cross-Chain Functionality: FBTC's design allows it to operate on various blockchain networks, initially adhering to the ERC-20 standard, which facilitates its use across the Ethereum ecosystem and beyond.

Community and Developer Engagement: Ignition has implemented a "Sparkle" campaign where users earn "Sparks" for holding or deploying FBTC in supported DeFi protocols, incentivizing community engagement and ecosystem growth.

Use Cases:

DeFi Integration: FBTC can be utilized in various DeFi protocols for earning through staking, lending, and yield farming, providing a new avenue for Bitcoin holders to generate passive income.

Institutional and Retail Use: Both institutions and individual investors can mint and burn FBTC, facilitating secure custody through platforms like Cobo, which uses multi-party computation for asset security.

Cross-Chain Transactions: The ability to bridge FBTC across different blockchain networks enhances its utility for cross-chain transactions, making it easier to move assets between ecosystems without losing value or functionality.

Collateral in Lending Protocols: FBTC can be staked or used as collateral in lending platforms, allowing users to borrow against their Bitcoin holdings without selling.

Staking for Network Security: Through partnerships like Babylon, FBTC can be staked to enhance the security of blockchain networks, demonstrating a novel use case for Bitcoin in securing app chains.

What is unique about Function ƒBTC (FBTC)?

Ignition FBTC uniquely allows Bitcoin to be used in DeFi across multiple blockchains, offering yield generation and liquidity.

Who are the founders of Function ƒBTC (FBTC)?

The founders of Ignition FBTC are anonymous.

Who are the backers/investors of Function ƒBTC (FBTC)?

FBTC is backed by core contributors Mantle and Antalpha Prime, known for their involvement in Ethereum layer 2 solutions and Bitcoin ecosystem services, respectively.

Where can I buy Function ƒBTC (FBTC)?

 Uniswap V3 (Ethereum), Agni Finance, Curve (Ethereum)