dForce Announces Support for imBTC – dForce

DeFi Needs More Collaterals — Bitcoin Is the Solution

As an open system that anyone from anywhere in the world can access, DeFi has come to the attention of the world by its capabilities to take the matter of trust out of the hands of a few players (usually banks and regulators).

DeFi’s potential and growth is significantly handicapped due to lack of liquid and high value collateral. BTC is the dominant collateral asset in cryptoland, but it only confines to centralized lending services.

It is evitable that more ERC-20 BTC token will be introduced to Ethereum ecosystem. ERC-20 BTC will give user a wider range of choices. The robust security, greater liquidity and larger market capitalization of Bitcoin will expand the reach of DeFi and fuel the growth of a permission-less, trustless, efficient, and affordable open finance infrastructure.

Support for imBTC

As an integrated and interoperable open finance platform, dForce endeavors to create a boundless and inclusive financial system where anyone can participate and yield massive savings and efficiencies. Bitcoin is absolutely a much-needed asset in DeFi.

The first of such we would like to introduce into our lending protocol is imBTC, a wrapped BTC (ERC20 token) launched by imToken, the world’s largest Ethereum wallet.

“imBTC is an Ethereum token backed 1:1 with Bitcoin. It can work with smart contracts, seamlessly integrate into decentralized applications and financial services, while injecting liquidity into the Ethereum ecosystem. The addresses of BTC and imBTC are public. The balances on both chains are publicly verifiable, and all imBTC issuance and burning can be easily traced. The BTC reserve is guaranteed to be 1:1. Anyone can openly audit with 100% transparency.

There are two ways to mint and get your imBTC:

· Visit imBTC DApp and deposit your BTC to a specified Bitcoin address to receive imBTC in your specified Ethereum address

· Simply buy imBTC with your ETH or USDT on Tokenlon DEX

To redeem your imBTC, visit the imBTC DApp and burn your imBTC there, the redeemed BTC will soon arrive at your Bitcoin address.

Users can take out a crypto loan (mostly in stablecoins USDx or USDT) by collateralize their imBTC in Lendf.Me (http://lendf.me/) at a competitive rate.

We will continue to assess and onboard more crypto assets in the coming weeks. Stay tuned.

Contact us:

Website: https://dforce.network/

Telegram: https://t.me/dforcenet

Twitter: @dForcenet