INTRODUCING MULTIVEST FINANCE
Bitcoin is the soundest money ever invented. Many would argue the best collateral the world has seen. Today there are limited ways to use your BTC for decentralized finance, especially on the Bitcoin network. This is why an increasing amount of Bitcoin holders are wrapping their BTC on Ethereum to use finance protocols for earning interest, borrowing against their position etc.
For many of us it’s been a long year bear market since the previous ATH, especially for those new to the space. Those focused on building during this time are starting to see the fruits (no pun intended) of their labour. Many of the things that we all believed would take center stage are now what everyone is excited about and DeFi is at the top of that list.
The total value locked in DeFi protocols has increased from approximately $600M January 1st 2020 to $8.7B at the time of reporting, which is considered to be an immense growth. Projects like Uniswap are now dominant players frequently eclipsing large centralized exchanges in daily volume. Aggregators like YFI have exploded onto the scene and other leading lending/borrowing protocols like Compound, Synthetix and Aave have built 2 year+ battle tested protocols managing billions of dollars. It’s safe to say DeFi is here to stay.
That doesn’t come without the “get rich quick” attempts popping up as well. New food coins with anonymous founders like pasta, noodle, hotdog, kimchi etc, are launching unaudited forked codes from popular DeFi protocols and garnering hundreds of millions of dollars in the span of hours. These projects for the most part have no intrinsic value or purpose and will inevitably fade into irrelevance.
Another major progression in the last year has been the demand for Bitcoin to be used as collateral on other blockchains, especially Ethereum.
The problem is the infrastructure, products and protocols for enabling BTC on other blockchains are very immature. Most BTC bridges have centralized parties we must trust to custody and mint the equivalent BTC on ETH. There are only a couple large liquidity pools for trading synthetic BTC. Although many of the lending/borrowing protocols have enabled these wrapped assets as collateral, there are only a few of these trusted protocols in the market right now.
With the maturity of smart contract infrastructure, the rise of DeFi, demand for fair launches, the potential of BTC in DeFi and the desire of community ownership of products, we decided to create. MULTIVEST FINANCE
We’ll be rolling out the MVT and mBTC tokens respectively
MVT will serve as the platform governance token which will enable participants to stake and earn high APY rewards while operating on various Defi network while mBTC is a fully Bitcoin-backed ERC-20 token pegged to the price of Bitcoin. It facilitates Bitcoin holders to act on the Ethereum blockchain and access the decentralized finance (DeFi) ecosystem. Backed by polychain capital
Mechanism behind the platform: The goal of mBTC is to give BTC the easiness of a smart contract platform. mBTC makes it possible to use Bitcoin to work on Ethereum in three simple steps:
- Take BTC
- Call upon a “signers’ group” to hold the BTC
- Once your BTC deposit is confirmed, receive mBTC at a peg of 1:1
The process in reverse is known as Redemption
mBTC is open source and will be release on all platforms January 2021.
mBTC, built by our remarkable team to the highest standards of cryptography, is fully open source. It uses an elliptic curve signature algorithm called t-ECDSA — a more secure alternative to multisig that requires less space on chain.
Signers’ groups
mBTC uses a system of “signers’ groups” to process transactions without a trusted middleman. Signers operate in groups of three. All three signers must approve a transaction for it to proceed. Signers receive a fee of 10 basis points (bps) for every mBTC minted.
To ensure honest behavior, mBTC uses a random beacon to select signers, who must post a “bond” equal to 150% of the amount of BTC being deposited by the user. The bonded ETH is swapped for mBTC and can then in turn be redeemed for BTC in the case of stolen funds.
mBTC is fully backed by Bitcoin at a rate of 1:1
Use BTC on Ethereum
Bitcoin accounts for most of the crypto assets in the world on a value basis, but Ethereum allows for more complex financial applications such as on-chain lending. mBTC lets people deploy their BTC into these DeFi use cases and other projects, where they have the opportunity to earn without selling.
Multivest unique features :
Liquidity mining :
Multivest offer self accruing reward mechanism which allows you to provide liquidity with mBTC interoperability with Defi projects while earning amazing rewards.
Lending :
Multivest enables Utilization of your existing non-custodial asset to collateralize cross-chain assets
Bringing cross-chain assets to your DEX :
mBTC Integrate cross-chain assets such as Bitcoin on ethereum network into existing DEX or liquidity pool infrastructure.
Staking :
Multivest offers staking with high APY reward. The mvt. underlying protocol is originally designed to self accrue rewards which makes this achievable.
We hereby welcome you to the financial evolution. stay tuned.
“Multivest enabling cross-chain assets investment”
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* This is not an investment advice kindly do your own research before investing *
