We propose to add $ibBTC to CREAM for lending and borrowing.
ibBTC is well on its way to becoming the easiest onramp for any user holding bitcoin to put it to work through DeFi. ibBTC was developed jointly by BadgerDAO & DefiDollar and went live on May 8, 2021.
ibBTC has completed a 3 phase guarded launch and is now open for all to mint. The TVL currently stands at 633 BTC (~ $24 Million) .
Should this proposal be accepted, CREAM would be the first lending protocol to accept ibBTC tokens as collateral across DeFi…
Add ibBTC as a collateral asset
Liquidity of tokenized BTC on Ethereum is spread across different flavors namely wBTC, renBTC, tBTC & sBTC. ibBTC bundles them together to build a yUSD equivalent for BTC that would become the default BTC denominated asset on Ethereum while enabling users to stack more sats, the DeFi way!
For Badgers and the broader community it opens up a whole new world of opportunities. No longer will your deposits in the Badger Bitcoin vaults be illiquid, as users can now use their vault positions to mint ibBTC and leverage that asset across DeFi. Think lending, borrowing, farming, providing liquidity and bringing it cross-chain.
Currently, the tokens utility comes from the new Sushiswap ibBTC/WBTC pool where users deposit their LP token into a Badger vault for boosted APY and little impermanent loss.
Increased TVL for Cream: This proposal will allow the CREAM TVL to expand and will allow the community to borrow other assets against their $ibBTC.
$ibBTC is an interest bearing asset that continuously gets stronger with time. This is great for users borrowing against it as it will effectively offset the borrowing rate to a degree.
This will spur interest from both the Badger and DefiDollar community. Combined together we bring along a vibrant community of 46,000+ followers, on Twitter.
BadgerDAO is a decentralized autonomous organization (DAO) focused on building the products and infrastructure necessary to accelerate Bitcoin as collateral across other blockchains. Badger is a community-led initiative that prioritizes collaboration over competition and operates on fairness, transparency, and high collective engagement.
DefiDollar is a multi-chain DeFi Protocol Lab. We are building a range of products for the open finance ecosystem enabling yield generation, diversification and capital efficiency.
Contract: ibBTC contract address
Current Total Value Locked：24M (~633 BTC)