Overview: Bitcoin Ecosystem's [Eigenlayer + Pendle] Native Restaking Protocol Master Protocol
Since Ethereum launched staking ETH withdrawals in April 2023, many innovative protocols have emerged to explore multiple integrations of LST tokens in DeFi, providing users with additional income strategies in addition to staking income. The re-staking track has risen rapidly, attracting the attention of institutions, large investors and retail investors. Since Ethereum switched to the PoS mechanism, more than 32.5 million ETH have been staked, accounting for more than 26% of the ETH supply, with a total value of more than US$100 billion.
Entering 2024, the re-staking track continues to be favored by capital, and many projects have received tens of millions of dollars in investment. Binance launched the re-staking projects EtherFi and Renzo in March and April respectively. The frequent investment of institutions and the successive launch of projects have made the re-staking track a new gold mine for Web3.
The rise of BTC re-staking
Since 2023, innovations around BTC have emerged one after another. BTC Layer2, inscriptions, NFT, DeFi, SocialFi, runes and other subdivided tracks continue to subvert the perception of the crypto market. The re-staking track of the BTC ecosystem has become the most promising field after ETH, and has not yet been widely paid attention to by the market. As an ordinary user, early discovery and participation in these emerging fields can often bring returns beyond expectations.
BTC Ecosystem Restaking Potential Project — Master Protocol
Master Protocol is a one-stop financial platform designed specifically for LSD assets, gradually supporting all LST in different ecosystems. It simplifies interactions and transactions within the Bitcoin network, aggregates users and assets, and promotes liquidity and interaction within the ecosystem. Master also acts as a central hub, connecting local Bitcoin promoters with various applications. By introducing a re-staking layer, it enhances its infrastructure, promotes the connection between DeFi protocols and second-layer solutions, solves the fragmentation problem caused by the development of BTC Layer2, and improves the composability, operability and overall practicality of BTC in the ecosystem.
Currently, Master Protocol has completed angel and seed rounds of financing, with a valuation of $25 million. Participants include Cogitent Venture, Token Metrics, CSP DAO, and FounderHeads.
Botanix interacts frequently and may cooperate.
The core advantages of Master Protocol
1. Cross-chain interoperability: By developing and integrating cross-chain capabilities, bridge existing gaps and foster a cohesive and liquid DeFi ecosystem.
2. Operational flexibility: Provides more options to participate in cybersecurity without locking up assets, enabling strategic financial planning and asset management.
3. Reduced risk: Reduce system risk by decentralizing network verification and reducing the possibility of central points of failure.
4. Increase participation incentives: Enhance liquidity and lower entry barriers to encourage broader network participation and form a more secure ecosystem.
5. Forward Compatibility and Innovation: Facilitate integration with future technological advances and emerging market needs, ensuring the relevance and long-term operation of the Master ecosystem.
Master Protocol’s Early Opportunities: Pre-Mining Event (Open Airdrop)
Master has just released its Genesis series NFT: Genesis Master Pass on the Base chain, and simultaneously launched a pre-mining event. Holders can earn points by staking Genesis Master Pass on the official website, and the points can be exchanged for tokens after the token is launched.
The cost of participating in the pre-mining activity is not high at present. OpenSea shows that the highest level Genesis Master Pass costs only
0.046E, the lowest level NFT price is only a dozen dollars. After the subsequent sector rotation heat comes to the BTC ecosystem, the shovel attribute and airdrop rights of this NFT will bring high expectations for its price.
Genesis Master Pass Details
- Total quantity: 6500
- Public chain: Base
- Rarity and Benefits:
- SSR: 500, daily output 150 points, one-click mining
- SR: 1500, 40 points per day, complete daily tasks to mine
- R: 4500, 10 points per day, complete daily mining tasks
Genesis Master Pass introduces synthesis gameplay, forming a deflationary cycle. 3 R cards can be synthesized into 1 SR card, and 3 SR cards can be synthesized into 1 SSR card.
After the holder pledges NFT, he can get an exclusive invitation code and invite other holders to pledge, and both parties can get extra points rewards. The more invitations, the more rewards, and the more airdrops in the future. By inviting friends, you can get up to 50% of the points bonus.
Participation tutorial: staking, synthesis, invitation
Staking Tutorial
After purchase, enter the official website:
Click Connect Wallet to link your wallet, and remember to select the Base chain in your wallet. Then click Stake.
Click Confirm to confirm the authorization
After authorization is completed, click Stake again
Click Confirm again to confirm the pledge and wait patiently.
The appearance of Staking on the NFT indicates that the staking is successful.
SSR NFTs will automatically earn points after staking, while SR and R NFTs require completing daily tasks to earn points.
Click View Quest on Galxe on the far right of the page to enter the galaxy and complete daily tasks.
The task is very simple. Just hold NFT + enter DC + follow, like and forward. It can be completed in two or three minutes.
Compositing Tutorial
Prepare at least three R or SR grade NFTs, click Upgrade at the top of the page, and click Upgrade to SSR/SR below the NFT you want to upgrade.
Click "Confirm" again and wait for the upgrade to complete.
Invitation Tutorial
Click Referral at the top of the page, click the Copy button under My Referral Code, and share the referral code with more friends.
After the invitee enters the official website, he/she fills in the inviter’s invitation code on the right side of the page to bind the invitation relationship and pledge NFT.
After completion, both the inviter and the invitee can receive additional points as rewards.
Final Thoughts
On May 8, Master Protocol announced that MrBlock, who served as an advisor to Puffer Finance, will participate in the construction as a project advisor. This move has aroused people's imagination. As one of the most promising projects in the ETH re-staking track, does Puffer Finance indicate that
Does Master also have the potential to stand out in BTC re-staking?
Master Protocol has completed angel and seed rounds of financing, and most of the investors are influential institutions in the industry.
Does the frequent interaction between Botanix, led by Polychain, indicate that more good news is coming? Let us wait and see!
LSD, re-staking and BTC ecology are the hot spots in this round of bull market. The combination of these will surely produce a strong chemical reaction. With almost 0% high return expected airdrop, Master Protocol is an early opportunity that is hard to come by and worth a try!
