Omnichain BTC Asset FBTC Surpasses $100 Million in Total Value Locked as Ignition Unveils “Sparkle” Campaign”

Ignition is proud to announce that FBTC has crossed $100 million in Total Value Locked (TVL), according to Dune.

Ignition’s FBTC is an omnichain Bitcoin asset pegged 1:1 to BTC created to elevate Bitcoin’s utility beyond just a store of value and make it accessible to all users. The asset aims to pave the way for a low-friction and interoperable future with various yield-generating possibilities. Through FBTC, Ignition hopes to elevate Bitcoin’s power to command ultimate liquidity across many chains.

Incubated by Ignition FBTC, it is supported by Mantle and Antalpha Prime. Mantle is a burgeoning DAO-led blockchain ecosystem built around Ether liquid staking protocol, mETH Protocol, and Mantle Network. Antalpha Prime is a reliable digital asset technology platform for institutions. FBTC is currently deployed on Mantle Network, Ethereum, and BNB Smart Chain.

Commenting on the FBTC’s progress, Igneus Terrenus, Paramount Pyromancer at Ignition, stated:

“The remarkable achievement of $100M in TVL for FBTC in such a short time is not just a significant milestone for this nascent BTC asset, but a testament to the evolving landscape of Bitcoin utility. FBTC’s rapid adoption, supported by Ignition’s diverse ecosystem of partners, signals a new chapter in decentralized finance (DeFi) where Bitcoin’s potential is fully realized across multiple blockchains. As Ignition continues to innovate and expand FBTC’s capabilities, we’re not just creating yield opportunities — we’re reimagining how Bitcoin interacts with the broader DeFi ecosystem.”

As a decentralized protocol, FBTC leverages advanced cryptographic technics and decentralized governance to ensure the efficiency, security, and interoperability of BTC assets across various blockchain networks. FBTC uses reputable and trusted multi-signature custody solutions and employs the Threshold Signature Scheme (TSS) Network to conduct minting and bridging.

Since its launch, FBTC has formed strategic partnerships with industry-leading institutions, blockchain ecosystems, and infrastructure providers such as Avalon Labs, Ethena Labs, Cobo, Pendle, OKX Wallet, Bybit Web3, and Solv Protocol. 

Adding to the milestone, Ignition also announced the “Sparkle” campaign, which was launched to reward all early $FBTC holders. Through the campaign, FBTC holders will receive points inspired by “Sparks” for future rewards through engagement and contribution to the FBTC ecosystem. The “Sparkle” campaign is a 30-day event that is set to run from August 21, 2024, to September 21, 2024. Eligible “Sparkle” campaign protocols include Solv Protocol, PumpBTC, Fuel Network, Bedrock, Mezo Network, Pell Network, and Avalon Labs. Notably, Ignition will also use the campaign to integrate new protocols and launch side campaigns. This campaign will provide the opportunity to enhance the user experience and reward system.