BadgerDAO, a decentralized autonomous organization focused on bringing bitcoin into DeFi, has launched eBTC — a stETH-backed, bitcoin-pegged token in collaboration with liquid staking platform Lido.
"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.”
Lido, Ethereum’s largest liquid staking solution, has a current TVL of $35.1 billion, per DefiLlama, with the market capitalization of stETH ranking among the top ten cryptocurrencies. BadgerDAO unveiled a "purple paper" for the eBTC Protocol in July 2023, designed to be a trustless synthetic version of bitcoin in DeFi, adopting a minimized governance mechanism.