- Topic
28k Popularity
28k Popularity
146k Popularity
4k Popularity
19k Popularity
- Pin
- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
🆘 #Gate 2025 Semi-Year Community Gala# | Square Content Creator TOP 10
Only 1 day left! Your favorite creator is one vote away from TOP 10. Interact on Square to earn Votes—boost them and enter the prize draw. Prizes: iPhone 16 Pro Max, Golden Bull sculpture, Futures Vouchers!
Details 👉 https://www.gate.com/activities/community-vote
1️⃣ #Show My Alpha Points# | Share your Alpha points & gains
Post your - 💙 Gate Square #Gate Blue Challenge# 💙
Show your limitless creativity with Gate Blue!
📅 Event Period
August 11 – 20, 2025
🎯 How to Participate
1. Post your original creation (image / video / hand-drawn art / digital work, etc.) on Gate Square, incorporating Gate’s brand blue or the Gate logo.
2. Include the hashtag #Gate Blue Challenge# in your post title or content.
3. Add a short blessing or message for Gate in your content (e.g., “Wishing Gate Exchange continued success — may the blue shine forever!”).
4. Submissions must be original and comply with community guidelines. Plagiarism or re
The Rise of the BTCFi Ecosystem: An Analysis of the Asset Accumulation Strategies of Core, BOB, and Corn
Analysis of the Successful Strategies Behind the Rapid rise of the BTCFi Ecosystem
Recently, with the development of the BTCFi narrative, the on-chain liquidity of Bitcoin assets has become the focus of attention for major ecosystems and protocols. BTC is transitioning from a static value store to an asset that can participate in more on-chain yield scenarios, enhancing its application potential within the entire DeFi ecosystem.
Core, BOB, and Corn are recent representative rise cases in the BTCFi field: Core focuses on large-scale BTC liquid staking tokens during the growth phase, with assets like (LST); Corn collaborates with Pendle to quickly capture the incremental market with point derivative gameplay; BOB attracts liquidity through rich ecology and liquid staking services. A series of actions around "yield generation" in each ecosystem has greatly activated the liquidity of BTC assets.
1. Background
1.1 BTC asset flow path on-chain
The flow direction of BTC and its anchored assets on the chain can be divided into three layers:
Current market status of 1.2 BTC assets
Overview of BTC-Backed Asset Issuance and Application
The centralized custodial issuance of wrapped BTC still occupies the vast majority of market share, with WBTC and BTCB collectively accounting for over 75% of the total circulation of BTC-pegged assets. LBTC and SolvBTC.BBN and other BTC LSTs have grown rapidly in recent months, becoming another emerging force in the BTC-pegged asset market.
The main application scenarios for BTC-backed assets are concentrated in lending protocols. The largest downstream applications of WBTC and BTCB are in Aave v3 and Venus protocol, with TVL accounting for over 20% of their total supply.
Overview of BTC LST Issuance and Application
The current market total of BTC LST is approximately 25.1K BTC, with the two protocols Lombard and Solv Protocol occupying over 70% of the market share. The absorption and issuance of BTC LST directly affect the liquidity and accumulation of BTC assets across various chains.
Compared to the wrapped BTC issued under centralized custody models, BTC LST has expanded a richer application scenario as an interest-bearing asset. In addition to lending protocols, the points trading market has become another important downstream application for BTC LST.
2. Asset Accumulation Strategy of the BTCFi Ecosystem
2.1 Core: Focus on incremental assets and token incentives driving ecological rise
Basic Information
Core is an L1 scaling solution powered by BTC, allowing users to earn passive income through non-custodial Bitcoin staking. Currently, Core's TVL has reached $591.5M, with a rise of 4757.9% over the past six months.
rise strategy
The rise of Core TVL is mainly driven by the following factors:
Focus on the incremental market of BTC-backed assets to improve ecological liquidity and absorb the rapidly rising Solv derivative assets.
Build supporting native protocols and quickly integrate with the BTCFi project to establish a complete ecosystem application.
Utilize the airdrop of the native token $CORE and its market performance to support the incentive structure, forming a multi-dimensional ecological synergy.
2.2 Corn: The points derivative gameplay efficiently attracts BTC LST market liquidity
Basic Information
Corn is a recently launched ETH L2 network that uses a hybrid tokenized Bitcoin (BTCN) as a gas fee and economic incentive tool. Currently, Corn has not yet launched its mainnet, but it has effectively attracted $425.8M in funding storage through a deposit activity launched in collaboration with multiple parties.
rise strategy
The collaboration between Corn, Pendle, and BTC LST supports five major BTC LST assets: LBTC, SolvBTC.BBN, eBTC, PumpBTC, and uniBTC, accounting for 11.4% of the total BTC LST market.
Corn attracts initial liquidity through Kernel incentive rewards. However, currently, apart from the BTC LST pool in collaboration with Pendle that generates actual benefits, other deposits have not brought more value to the network.
2.3 BOB: Secure bridging and strong ecosystem boost asset aggregation
Basic Information
BOB is an innovative hybrid Layer 2 network that combines the advantages of Bitcoin and Ethereum. Currently, BOB's total TVL has reached $65.7M, with assets primarily consisting of WBTC.
rise strategy
BOB Stake integrates multiple liquidity staking service providers and DeFi platforms, allowing for multi-protocol staking with a single Bitcoin transaction.
BOB Fusion is the core incentive program within the BOB ecosystem, incentivizing users to earn points through cross-chain assets, staking participation, interaction with ecological projects, and a referral mechanism.
3. Summary
Different networks exhibit differentiated strategies in asset accumulation. Core attracts a large influx of assets by providing stable returns through deep integration with the growth-phase Solv Protocol's derivative assets and innovatively introducing a dual-staking mechanism. Corn successfully attracts a large amount of BTC LST funds through the points derivative gameplay launched in collaboration with Pendle. BOB attracts a large amount of assets through extensive integration of BTCFi projects and one-click liquidity staking services.
The key to effectively achieving ecological fund accumulation lies in unblocking and incentivizing large-scale incremental anchored assets, and forming combinable yield strategies through diversified DeFi applications while providing multi-party incentive expectations. The synergy will promote the activity and liquidity of BTC-anchored assets across various chains. Currently, the TVL of BTC-anchored assets in L2 and sidechain expansion networks is approximately $1.6 billion, accounting for only 0.14% of BTC's total market value. In the future, as BTC liquidity is gradually released, there will still be immense growth potential for the accumulation scale of BTC assets across various chains and the application scenarios of the BTCFi ecosystem.