Currently, many Bitcoin ecosystem projects are limited by Bitcoin's lack of smart contract functionality, restricting their potential for expansion and innovation. Mezo aims to become a leader in the Bitcoin financial (BitcoinFi) space by promoting network development and expanding Bitcoin's capabilities, making Bitcoin a vibrant asset. >

Success of tBTC

tBTC is a decentralized, permissionless, and scalable Bitcoin equivalent, pegged to Bitcoin at a 1:1 ratio. This allows users to convert Bitcoin into tBTC tokens (ERC20 format) for use on Ethereum and other blockchain networks. Unlike existing centralized solutions, tBTC enables Bitcoin holders to access DeFi and Web3 without relying on centralized custodians.

tBTC protects users' deposited Bitcoin by replacing intermediaries with a randomly selected group of node operators running on the Threshold network. These operators use Threshold cryptography to jointly secure user funds, managing them through a majority consensus to prevent any single entity from gaining control. Additionally, tBTC v2 is permissionless, ensuring that everyone can access it. By combining Threshold cryptography, proxy re-encryption (PRE), and other privacy-preserving services, tBTC enhances user privacy, control, and accessibility in Web3.

As a decentralized Bitcoin-backed ERC-20 token, tBTC opens the door for Bitcoin users to participate in various DeFi applications, such as lending and liquidity provision, without relinquishing their Bitcoin ownership. Its decentralized and trustless nature, interoperability, and robust security demonstrate the team's commitment to innovation and user-centered design. >

Thesis: The Pioneer Behind tBTC

Thesis is the venture studio behind the development of tBTC and Mezo, with over a decade of experience in the Bitcoin ecosystem. Their portfolio includes successful projects like Fold, Keep Network, and tBTC, all of which contribute to their deep understanding of user needs and the technical expertise required to build robust blockchain solutions. This extensive background equips Thesis with the necessary skills to develop secure, innovative, and user-friendly blockchain technologies.

Thesis consistently focuses on creating solutions that prioritize user ownership and security. The development of tBTC reflects this commitment, providing Bitcoin holders with a trustless and decentralized way to engage in DeFi without compromising their Bitcoin ownership. This user-centric approach ensures that projects developed by Thesis not only meet technical requirements but also address the real needs and concerns of users.

We have witnessed the Thesis team's cutting-edge innovations on tBTC. Their expertise and pioneering efforts in creating tBTC showcase their ability to push the boundaries of blockchain technology, developing secure, decentralized solutions that enhance Bitcoin's utility and interoperability. >

Mezo: Transforming Bitcoin

Mezo leverages the technology and principles behind tBTC to build a Bitcoin-first, EVM-compatible network that enhances Bitcoin's scalability and usability. By incorporating tBTC as a core component, Mezo ensures a reliable and secure bridge for Bitcoin holders to participate in its ecosystem. This integration allows Mezo to provide reliable cross-chain bridging, an economic layer prioritizing BTC users, and enhanced scalability and usability for Bitcoin transactions.

Unlike other Bitcoin layers, Mezo positions itself as an economic layer that prioritizes BTC users and long-term holders. Mezo employs a "Proof of HODL" consensus mechanism, where users lock up BTC and MEZO tokens and use CometBFT consensus to validate transactions and secure the network. This BTC-first economic layer allows users to earn BTC by securing the network and includes a supply reduction mechanism that helps protect the Bitcoin network.

Mezo aims to enhance Bitcoin's infrastructure by facilitating cheaper and faster transactions while maintaining the core principles of the network. Mezo is currently under development but is accepting early deposits of BTC, tBTC, and wBTC (wrapped Bitcoin), giving participants the opportunity to earn higher yields when the protocol launches. >

User Ownership and BTC as Gas

Mezo is designed with an emphasis on user ownership, allowing users full control over their BTC. Additionally, Mezo uses BTC as gas fees, maintaining a Bitcoin-centric approach to the network and ensuring seamless integration with the broader Bitcoin ecosystem.

Dual Staking Model

The network employs a dual staking model that enhances security and rewards users. Participants can stake BTC and MEZO tokens to validate transactions and secure the network, earning rewards in the process.

EVM Compatibility

As an EVM-compatible chain, Mezo supports complex smart contracts, enabling developers to create a variety of DeFi applications. This compatibility brings Ethereum's rich functionality into the Bitcoin ecosystem, fostering innovation and expanding Bitcoin's utility.

Mechanisms

tBTC

Bitcoin will be bridged to Mezo through tBTC, a bi-directional bridging system that has been running on the Ethereum network since 2020. It is pegged to BTC at a 1:1 ratio, and when BTC is deposited into the bridge, tBTC is minted. tBTC allows users to utilize their BTC on Ethereum, Solana, Optimism, and other EVM networks to access DeFi products such as lending, stablecoin minting, and liquidity provision.

On Mezo, users can interact with various decentralized applications (dApps) using BTC bridged through tBTC. Whether for running validator nodes, paying gas fees, or using in dApps, all BTC on Mezo is achieved through tBTC bridging. When bridging back to Bitcoin, tBTC is burned, and BTC is unlocked.

Proof of HODL

Mezo utilizes a Proof of HODL consensus mechanism where participants stake (lock) BTC and MEZO tokens to protect the network and validate transactions through CometBFT consensus.

CometBFT is software that serves blockchain applications, similar to how web servers serve web applications. It uses a Byzantine Fault Tolerance (BFT) algorithm, capable of maintaining network integrity even if one-third of its validating nodes are malicious. CometBFT validators are responsible for proposing transaction blocks and voting on them.

Mezo's Proof of HODL encourages long-term holding of BTC, which, according to Mezo, helps enhance the network's security, supports Bitcoin-native applications, and generates yield. Mezo claims it also reduces the circulating supply of BTC by converting gas fee payments into BTC. >

Aquarius Investment Philosophy

Commitment to True Decentralization

Our primary goal is to achieve true decentralization in the blockchain world. We are only interested in projects that align with this vision, particularly DEGEN projects. We firmly believe that decentralization is the cornerstone of a powerful and fair blockchain ecosystem. Therefore, we do not accept compromises on decentralization for project implementation. By supporting projects that adhere to this principle, we aim to promote a decentralized future where power and control are distributed among all participants, ensuring fairness, security, and resilience.

Focus on Foundational Technology and Innovative Applications

We focus on the intersection of foundational blockchain technology and initial application layers. Our investment strategy targets projects that leverage advanced cryptographic techniques, game theory, and other mathematical disciplines to achieve innovative and visionary functionalities. We prioritize investments in projects that push the boundaries of the blockchain space through rigorous research and development. By investing in cutting-edge technologies and methodologies, we aim to support the creation of breakthrough solutions that address current limitations and open new possibilities for the blockchain ecosystem.

Embracing Non-Web3 Users and Driving the Blockchain Revolution

Our vision has always been to embrace a large number of non-Web3 users and drive the blockchain revolution. We seek to invest in projects that make blockchain technology accessible and beneficial to mainstream users, thereby accelerating the adoption and impact of blockchain in everyday life. Our goal is to bridge the gap between the potential of blockchain technology and the actual needs of global users. By supporting user-friendly and practical applications, we aim to ensure that the blockchain revolution realizes its full potential, transforming industries and improving lives worldwide. >

Conclusion

Mezo represents a significant step in integrating Bitcoin with advanced blockchain technology, creating a more versatile and user-friendly ecosystem for Bitcoin holders. With the successful experience of tBTC and the expertise of the Thesis team, Mezo is poised to enhance Bitcoin's infrastructure, scalability, and usability. This makes it an attractive investment opportunity, especially in the context of growing interest in decentralized finance. By investing in Mezo, we not only support a project that aligns with our investment principles but also one that has the potential to drive significant innovation and growth in Bitcoin and the broader blockchain ecosystem.