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@eBTCprotocol

@ethena_labs

@u_protocol

@Liquisfi

@GoerliDAO

1/

@eBTCprotocol allows anyone to use their stETH to borrow eBTC with 0% fees and is the first LSTfi protocol focused exclusively on ETH/BTC. It utilizes a CDP (Collateralized Debt Position) based design similar to protocols like Liquity (LUSD), MakerDAO (DAI), and Curve Finance (crvUSD), but instead focuses on the ETH/BTC pair.

2/

It aims to be the most capital-efficient way to utilize stETH on the mainnet. It offers a 110% collateralization ratio and provides users with 10x+ leverage, allowing them to maximize their capital exposure. Meanwhile, it enables users to employ various market strategies, including long ETH while earning interest and shorting BTC with 10x leverage. Users can also leverage their ETH staking yield with lower liquidation risks due to the ETH/BTC correlation.

3/

eBTC is highly composable, allowing other protocols to integrate its functionality and build on top of it. This helps decentralize borrowing solutions for Bitcoin and reduces reliance on centralized solutions that have faced issues in the past. Overall, the eBTC protocol provides a novel and capital-efficient solution for borrowing eBTC, leveraging users' staked Ethereum holdings to gain exposure to BTC without incurring fees or interest.

4/

@ethena_labs offers derivative infrastructure to launch $USDe that is fully collateralized onchain and maintains stability through delta-hedging ETH collateral on centralized and decentralized exchanges. Ethena just announced their $6.5M seed round led by@dragonfly_xyz, with participation from @cryptohayes and major derivative exchanges.