Ignition Price (FBTC)

What is Ignition?

Ignition is an organization dedicated to liberating the growth power of Bitcoin, allowing it to thrive across all blockchains. Supported by core contributors Mantle and Antalpha Prime, Ignition is paving the way for a low-friction and interoperable future. It extends Bitcoin’s functionality beyond its traditional role as a store of value, and transforms it into a reliable asset for cross-chain integrations and diverse yield opportunities.

What is Fire Bitcoin ($FBTC)?

Ignition introduces $FBTC, an omnichain Bitcoin asset pegged 1:1 to BTC, aimed at elevating Bitcoin’s accessibility and utility. As a secure, decentralized, and composable liquid Bitcoin asset with deep liquidity, $FBTC can be used at scale and easily integrated into various yield enhancement strategies like liquidity pooling, collateral, and staking. Under Ignition, $FBTC's growth will be driven by a comprehensive roadmap and strong developer support, ensuring its long-term success and sustainable growth.

$FBTC is a cross-chain 1:1 backed liquid Bitcoin. It is mainly used for:

• Staked into LRT protocols built on Babylon to provide additional security for app chains.
• Used as collateral in borrowing & lending protocols to earn yields.
• Used in funding rate arbitrage strategies to farm yields.
• Used in many DeFi protocols to farm liquidity yields.

How does Fire Bitcoin ($FBTC) work?

The creation of $FBTC unlocks more DeFi yield opportunities for idle BTC. When users convert BTC into $FBTC, their BTC is stored with a secure custodian, who handles the minting and burning of $FBTC. Upon burning $FBTC, users can reclaim their BTC balance from the custodian. During the minting process, users send BTC to the custodian and receive an equivalent amount of $FBTC tokens. Users wishing to swap between $FBTC and BTC initiate a trade to transfer funds to a merchant. Once the trade is finalized, users can use their BTC or $FBTC as desired. If $FBTC is converted back to BTC, the corresponding wrapped Bitcoin balance is destroyed through a burn transaction.

What are potential use cases for Fire Bitcoin ($FBTC)?

$FBTC is designed to operate on various blockchain networks. Initially, $FBTC will adhere to the ERC-20 token standard, allowing it to be used across the broader Ethereum ecosystem. Users can trade $FBTC on decentralized exchanges and explore various DeFi opportunities through protocols and platforms that support $FBTC.

DeFi opportunities for $FBTC include funding rate arbitrage, lending and borrowing, restaking rewards, yield farming, token swapping, and liquidity pools. Various protocols and platforms support $FBTC, including Avalon, Lombard, Bedrock, Lorenzo, PumpBTC, StakeStone, Ethena, Lendle, Uniswap, OpenBit, Merchant Moe.

How many $FBTC coins are there in circulation?

Fire Bitcoin ($FBTC) debuted on July 12, 2024. As of 10:30AM UTC on July 12, approximately 399 $FBTC tokens have been minted and circulated on the open market.

Where can I buy Fire Bitcoin ($FBTC)?

$FBTC is available for trading on a growing number of decentralized exchanges and aggregators, with cryptocurrency pairs currently available.

[Uniswap] (https://coinmarketcap.com/exchanges/uniswap-v3/) offers liquidity for WBTC/FBTC on Ethereum as of July 2024, While [DODO] (https://coinmarketcap.com/exchanges/dodo/) also offers liquidity for WBTC/FBTC on Ethereum and Mantle Network as of July 2024. [Merchant Moe] (https://coinmarketcap.com/exchanges/merchant-moe/) also offers liquidity for METH/FBTC on Mantle Network as of July 2024. [Agni Finance] (https://coinmarketcap.com/exchanges/agni-finance-mantle/) also offers liquidity for METH/FBTC on Mantle Network as of July 2024.

Who are the backers of Fire Bitcoin ($FBTC)?

Fire Bitcoin ($FBTC) is backed by Mantle and Antalpha Prime. Mantle is behind Mantle Network, an Ethereum layer 2. Antalpha Prime is the world's leading BTC ecosystem services platform.