BadgerDAO has released its eBTC Protocol 'purple paper,' introducing a censorship-resistant synthetic bitcoin for DeFi.
BadgerDAO has released its eBTC Protocol “purple paper,” introducing a censorship-resistant synthetic bitcoin for DeFi.
This fee-less borrowing mechanism aims to make Bitcoin accessible and affordable for users by using Lido's liquid staking ether derivative token, stETH, as collateral, according to anUsers deposit stETH to borrow over-collateralized eBTC without incurring initiation fees or interest charges. Instead, the protocol generates revenue by taking a percentage of accrued staking yield from the total system collateral, known as the"protocol yield share.
In cases where a debt position is not liquidated despite its collateral ratio dropping below 103%, the protocol considers this under-collateralized and implements debt redistribution. Liquidators can receive the outstanding collateral at a 3% fixed discount, and any outstanding debt gets redistributed among active collateralized debt positions.eBTC is designed to be a trustless synthetic version of Bitcoin in DeFi, adopting a minimized governance mechanism.
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