ETH and BTC based Derivatives

Below, we give a short description and overview of each derivative asset.

BTC Based derivatives

PumpBTC

• Roughly 8% market share of the Bitcoin LRT market

• Over $370mil in TVL (at the time of writing)

• Over $19mil worth of liquidity in Uniswap V3

• Based on (re) staking the following assets: FBTC + WBTC

EBTC

• Over $600mil in TVL (at time of writing)

• $7.2mil worth of liquidity on Curve

• Roughly 22% market share of the Bitcoin LRT market

SolvBTC

• Offers two different Bitcoin backed LSD’s, and beraborrow will accept the following as collateral assets:

• • 1:1 Backed -> SolvBTC

  • Yield bearing -> SolvBTC.BBN

• Consists of around 20% of the Bitcoin LRT market share

• Offer a fully transparent proof of reserve system -> showing that, in real time, each asset is fully backed 1:1 by BTC

UniBTC

• Offers a restaked Bitcoin derivative, via staking on Babylon

• Offer a proof of reserves solution via Chainlink

• Just over $400mil in TVL (at time of writing)

• Have $85mil worth of liquidity on Ethereum’s Taiko DEX (at time of writing)

SBTC

• Offers a simple 1:1 backed Bitcoin derivative, no underlying yield to keep track of

• Accepts cbBTC, fBTC, bBTC as collateral for their derivative asset

• Working with eOracle as their oracle provider

• Raised over $20mil

• Just over $17mil worth of TVL (at time of writing)

LBTC

• Lombard have over $1billion in TVL (at time of writing)

• Underlying derivative is backed by vanilla Bitcoin, which is staked with Babylon to earn yield

• Utilise Redstone as their proof of reserves solution

• $40mil worth of liquidity is present on their Uniswap V3 LBTC/WBTC pair

• Consists of over 25% market share of the current BTC LRT market (at time of writing)

ETH Based Derivatives

BeraETH (Bridged pxETH)

• ETH staking derivative by Redacted Cartel

• Has roughly $17mil worth of liquidity sitting in a Curve pool (pxETH-WETH pair)

• Use Redstone as their oracle provider

StoneETH

• Offer a yield bearing ETH derivative that is yield bearing based on a number of different strategies

CianETH

• Accepts wsETH, stETH and wETH as the underlying backing for its derivative receipt token

• Underlying yield is derived from a number of different sources, such as Eigenlayer AVS yield and Renzo points