First-time ever: trustless BTC lending. Deposit BTC into a vault and borrow USDC against it on ethereum mainnet. Babylon built this tech using BitVM3 configured in an app-specific setting to remove all trust assumptions. BTC DeFi will happen on Ethereum L1.
Two months after the launch of the trustless Bitcoin vault whitepaper, @babylonlabs_io has built a PoC that allows native BTC to be used trustlessly as collateral to borrow on Ethereum for the first time. This morning, we will live report on our first end-to-end experiments on the Bitcoin and Ethereum mainnets.
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