BadgerDAO collaborates with Lido to launch eBTC
ChainCatcher news, according to The Block, the decentralized autonomous organization BadgerDAO, which focuses on bringing Bitcoin into DeFi, has partnered with the liquidity staking platform Lido to launch eBTC, a synthetic Bitcoin token backed by Ethereum. Lido's Liquidity Observation Lab will provide early adopters with an additional reward of 15 stETH (worth approximately $55,000), which will be distributed through an airdrop at the end of a one-month incentive period.
It is reported that users can deposit ETH in various forms to borrow over-collateralized eBTC without paying any initiation fees, repayment fees, or interest charges. The eBTC protocol will then store the ETF as stETH in Lido, allowing users to profit from the collateral without incurring borrowing costs.