Benzinga - BadgerDAO, a decentralized autonomous organization focused on bringing bitcoin into DeFi, has launched eBTC — a stETH-backed, Bitcoin (CRYPTO: BTC)-pegged token in collaboration with liquid staking platform Lido. The launch enables users to take out no-fee, reward-bearing bitcoin loans, designed to provide a more capital-efficient way to borrow bitcoin, according to a statement. The experimental eBTC token is backed by staked ether). Rather than locking up assets through traditional staking, Lido's liquid staking protocol allows users to earn staking rewards on the underlying asset — in this case, ether — while unlocking utility and liquidity for it across various DeFi applications in the form of a liquid staking derivative token — in this case, stETH. "After 18 months of rigorous development, we are excited to launch eBTC, a truly unique DeFi primitive that makes it easy for anyone to borrow bitcoin with absolute transparency" BadgerDAO founder Chris Spadafora, also known as Spadaboom, said "Finally, we can bring the power of Ethereum staking to Bitcoin."
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