Question 1

What Is iBTC?

Accepted Answer

Launched in 2024, iBTC is a decentralized wrapped Bitcoin designed to bring the security and control of Bitcoin to the DeFi ecosystem. Unlike traditional wrapped Bitcoin tokens, iBTC ensures that merchants (institutions with more than 10 BTC) retain full ownership of their assets throughout the holding process.

Merchants can mint iBTC by locking their Bitcoin in a secure, self-custodial manner using Discreet Log Contracts (DLCs). This allows them to access DeFi opportunities on Ethereum, Arbitrum, Base, and other EVM-compatible chains while maintaining complete control over their Bitcoin.

All users can then utilize iBTC within DeFi for various yield generation activities, such as staking, lending, borrowing, liquidity farming, and trading. By leveraging iBTC, users benefit from its enhanced security, Bitcoin-native foundation, and seamless cross-chain functionality.

Question 2

What Makes iBTC Unique?

Accepted Answer

* Self-Custody for Merchants: Merchants retain complete control over their Bitcoin throughout the process, eliminating the risks associated with third-party custodians and centralized bridges.
* Theft-Proof Mechanism: The design of DLCs ensures that locked Bitcoin can only be transferred back to the original depositor, even if the system is compromised.
* Bitcoin Base-Level Security: DLC transactions are secured by the full hashrate of the Bitcoin network, offering robust protection against attacks.
* Composable DeFi Integration: iBTC can be seamlessly integrated into various DeFi applications, maximizing the utility of Bitcoin holdings.
* Transparency: All transactions and the status of locked Bitcoin are transparent and verifiable on the blockchain.
* Fully Automated: The iBTC system is fully automated, eliminating the need for manual custody steps. This efficiency results in rapid burn and mint times. iBTC is minted 3-10X faster than wBTC — in 3-6 BTC block confirmations (30-60 minutes) vs. 3-12 hours for wBTC.
* Flexible Fee Arrangement: dlcBTC can offer lower fees compared to wBTC. BitGo incurs vault fees and other overhead. Our fees are at least 25% cheaper than wBTC.
* Chainlink CCIP Integration: iBTC leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to ensure secure and reliable cross-chain transfers, enhancing its functionality and accessibility across multiple blockchains.

Question 3

How Many iBTC (IBTC) Coins Are There in Circulation?

Accepted Answer

Given its status as a wrapped token, the supply of iBTC is not fixed but expands or contracts based on the demand for wrapping or unwrapping Bitcoin. The number of iBTC tokens in circulation directly corresponds to the amount of Bitcoin locked in DLCs. iBTC maintains a strict 1:1 peg with Bitcoin, ensuring that each iBTC token is fully backed by an equivalent amount of Bitcoin held in reserve.

Question 4

Who Are the Founders of iBTC?

Accepted Answer

* Aki Balogh, Co-founder & CEO: An accomplished entrepreneur with a passion for decentralized technologies, Aki has a proven track record of building successful ventures. As the Co-founder & President of MarketMuse, an AI-powered content optimization platform, and an advisor to Dakai.io, the firm behind El Salvador's Bitcoin wallet, Chivo, Aki brings extensive experience in blockchain and AI to the helm of iBTC. His background also includes venture capital investing at OpenView Venture Partners and holding two patents in semantic analysis, further solidifying his expertise in technology and innovation.
* Jesse Eisenberg, Co-founder & CTO: A seasoned software developer and engineering manager, Jesse is the driving force behind iBTC's technological advancements. With pivotal roles at renowned institutions like Pivotal Labs and Twitter, Jesse has consistently delivered impactful technology solutions. His deep understanding of software engineering, Web3 platforms, and decentralized technology makes him an invaluable asset in leading iBTC's product and engineering teams.

Question 5

Where Can I Buy iBTC (IBTC)?

Accepted Answer

The iBTC token cannot be purchased directly but is acquired by swapping for it on decentralized exchanges (DEXs). Currently, it's available for swapping on Garden, Curve, Uniswap, and Balancer, with plans to expand to more DEXs and centralized exchanges in the near future.

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About iBTC

What Is iBTC?

What Makes iBTC Unique?

How Many iBTC (IBTC) Coins Are There in Circulation?

Who Are the Founders of iBTC?

Where Can I Buy iBTC (IBTC)?

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iBTC News

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Latest

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iBTC community

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About iBTC

What Is iBTC?

What Makes iBTC Unique?

How Many iBTC (IBTC) Coins Are There in Circulation?

Who Are the Founders of iBTC?

Where Can I Buy iBTC (IBTC)?

Current Investors

Similar Coins to iBTC

Popular Tokens on the Arbitrum Chain

Most Visited Cryptocurrencies

Trending

iBTC Price Live Data

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