Demex Daily #119: Badger Launches eBTC for Zero-Interest Bitcoin Lending with Yield Benefits
What’s Interesting Today:
Badger Finance has launched eBTC, a 0% interest Bitcoin lending protocol, using Lido's liquid staking token, stETH, as collateral to generate staking yield for both the protocol and borrowers. Users can borrow eBTC, a synthetic Bitcoin-pegged stablecoin, using Ethereum as collateral without paying interest, repayment, or initiation fees. Revenue for Badger comes from staking collateral assets, with borrowers receiving half of the staking rewards. The eBTC protocol mandates a minimum 110% collateralization to prevent liquidation. Lido's Liquidity Observation lab is offering additional incentives for early adopters. Despite its innovative approach, Badger has experienced a significant decline from its peak TVL of $2.32 billion in February 2021 to $23.3 million, largely due to competition and a severe security breach in December 2021. In response, Badger has enhanced its security measures for the eBTC launch.
Panasonic has partnered with IoT platform developer Jasmy to launch a Web3 platform that enhances connectivity and personal data control on the Internet-of-Things (IoT), using Jasmy’s Personal Data Locker for decentralized data storage. Announced on March 26, the collaboration aims to create a secure, user-controlled data storage platform, improving data processing and accessibility. The platform, expected to be developed within 3-6 months, will function as an open platform, inviting broad user participation across various fields. Jasmy, established by former Sony executives, emphasizes performance by managing only hash values on the blockchain, while actual data files are stored in a decentralized network. Additionally, Jasmy recently initiated the Janction project to integrate GPU colonies into a layer-2 and AI service hub. Following the announcement, JasmyCoin (JASMY) experienced a 111% trading surge, highlighting significant market interest.