BadgerDAO and Polygon Partner to Bring Bitcoin Crosschain
Jun 04, 2021
BadgerDAO is excited to partner with Polygon to accelerate the adoption and utility of Bitcoin on their network. With our mission to bring BTC to DeFi, we want to make it as easy as possible for users to put their Bitcoin to work where there is plenty of utility. Polygon has seen explosive growth in the last few months with over $7.4B in total value of assets locked and $1.3B worth of BTC already being utilized in protocols like Aave and Sushiswap. This clearly shows a demand for BTC and together with Polygon we can help grow that footprint substantially.
To start we’re going to accomplish this in 3 ways;
- Bringing a yield bearing version of Bitcoin to Polygon
- Incentivizing and making it easy for users to bridge BTC to Polygon
- Creating unique strategies to optimize yield for BTC on Polygon
Bringing Interest Bearing Bitcoin (ibBTC) to Polygon
The first step in our partnership will be bringing ibBTC to Polygon and creating deep liquidity. In collaboration with Sushiswap, we will launch a ibBTC/WBTC pool thats incentivized with SUSHI & MATIC rewards on June 7th, 2021. Today the similar pool on Ethereum has $51M in liquidity making it a top 10 pool on Sushiswap by TVL. We anticipate similar liquidity to flow to Polygon through this joint initiative.
With fragmented representations of BTC across chains (ex. BTCB on BSC, WBTC on Polygon etc.) the intention is to make ibBTC the most liquid and composable BTC on all chains. Users can move between chains without having to go through the hassle of converting between different flavours of Bitcoin, all while continuing to earn interest on their Bitcoin by simply holding.
Polygon is ibBTC’s first stop crosschain and with its simple to understand value proposition, we’re excited to see its utility grow on Polygon.
Integrating the Badger Bitcoin Bridge with Polygon
With the launch of our Badger bridge on Ethereum we’ve seen over $180M in volume since launch 30 days ago. We’re excited to make Polygon the first new chain to be added to the bridge, making it the preferred path for any user that wants to put their BTC to work on Polygon.
Our most popular bridge feature, Mint and Earn, which allows users to go from native BTC into a yield earning position with 1 click, will be activated on Polygon as well.
We will also launch an additional bridge mining program with Polygon where users will earn MATIC for bridging Bitcoin with BadgerDAO. The specifics will be outlined prior to launch and announced to the community.
We anticipate the bridge to go live in the next 45- 60 days.
Sett Vaults for Optimized Yield on Polygon
Finally, BadgerDAO will be working to launch our sett vaults to give users access to unique strategies for optimizing yield on their BTC.
As more protocols launch on Polygon and capture value the need for optimizing their yield will increase. This is the perfect time to bring our Sett Vaults to Polygon and expand our footprint as the trusted place to put your BTC to work regardless of the chain.
We intend to launch our vaults as the final phase to this partnership with no definite timeframe for a go live date determined yet.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 350+ Dapps, ~121M txns and ~1M+ unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.