Many Bitcoin ecosystem projects are currently limited by Bitcoin's lack of smart contract functionality, limiting their potential to expand and innovate. Mezo is a leader in the Bitcoin Finance (BitcoinFi) space by driving network development and expanding Bitcoin's functionality, making Bitcoin a vibrant asset.
The Success of tBTC
tBTC is a decentralized, permissionless and scalable Bitcoin equivalent that is pegged 1:1 to Bitcoin. This allows users to convert Bitcoin into tBTC tokens (ERC20 format) for use on Ethereum and other blockchain networks. Unlike existing centralized solutions, tBTC allows Bitcoin holders to access DeFi and Web3 without relying on centralized custodians.
TBTC replaces intermediaries with a group of randomly selected node operators running on the Threshold network to protect the Bitcoin deposited by users. These operators use Threshold cryptography to jointly protect the security of user funds and manage user funds through majority consensus to prevent any single entity from gaining control. In addition, tBTC v2 is permissionless, ensuring that everyone can access it. By combining Threshold cryptography, proxy re-encryption (PRE) and other privacy protection services, tBTC enhances user privacy, control, and accessibility in Web3.
As a decentralized Bitcoin-backed ERC-20 token, tBTC opens the door for Bitcoin users to participate in various DeFi applications, such as lending, liquidity provision, etc., without having to give up Bitcoin holdings. Its decentralized and trustless nature, interoperability, and strong security demonstrate the team's commitment to innovation and user-centric design.
Thesis: The Pioneer Behind tBTC
Thesis is the venture studio behind tBTC and Mezo, with over a decade of experience in the Bitcoin ecosystem. Their portfolio includes successful projects like Fold, Keep Network, and tBTC, all of which contribute their deep understanding of user needs and the technical expertise required to build robust blockchain solutions. This extensive background equips Thesis with the necessary skills to develop secure, innovative, and user-friendly blockchain technology.
Thesis has always focused on creating solutions that prioritize user ownership and security. The development of tBTC reflects this commitment, providing Bitcoin holders with a trustless and decentralized way to participate in DeFi without compromising their Bitcoin holdings. This user-centric approach ensures that projects developed by Thesis not only meet technical requirements, but also address the needs and concerns of real users.
We have witnessed cutting-edge innovation from the Thesis team on tBTC. Their expertise and pioneering efforts in creating tBTC demonstrate their ability to push the boundaries of blockchain technology, developing secure, decentralized solutions that enhance the utility and interoperability of Bitcoin.
Mezo: Revolutionizing Bitcoin
Mezo uses the technology and principles behind tBTC to build a Bitcoin-first, EVM-compatible network that enhances Bitcoin's scalability and usability. By using tBTC as a core component, Mezo ensures a reliable and secure bridge for Bitcoin holders to participate in its ecosystem. This integration enables Mezo to provide reliable cross-chain bridging, an economic layer that prioritizes BTC users, and enhances the scalability and usability of Bitcoin transactions.
Unlike other Bitcoin layers, Mezo positions itself as an economic layer that prioritizes BTC users and long-term holders. Mezo uses the "Proof of HODL" consensus mechanism, where users lock BTC and MEZO tokens, and uses CometBFT consensus to verify transactions and protect the network. This BTC-first economic layer allows users to earn BTC by protecting the network and includes a supply reduction mechanism that helps protect the Bitcoin network.
Mezo aims to enhance Bitcoin’s infrastructure by facilitating cheaper and faster transactions while maintaining the core principles of the network. Mezo is currently under development, but accepts early BTC, tBTC, and wBTC (wrapped Bitcoin) deposits, giving participants the opportunity to earn higher yields when the protocol launches.
User Ownership and BTC as Gas
Mezo is designed with an emphasis on user ownership, allowing users to fully control their BTC. In addition, Mezo uses BTC as gas fees, maintaining the network's Bitcoin-centric approach and ensuring seamless integration with the broader Bitcoin ecosystem.
Dual Staking Model
The network uses a dual staking model, which enhances security and rewards users. Participants can stake BTC and MEZO tokens to verify transactions and protect the network, and receive rewards in the process.
EVM Compatibility
As an EVM-compatible chain, Mezo supports complex smart contracts, enabling developers to create a variety of DeFi applications. This compatibility brings the rich functionality of Ethereum to the Bitcoin ecosystem, promoting innovation and expanding the utility of Bitcoin.
mechanism
tBTC
Bitcoin will be bridged to Mezo via tBTC, a two-way bridge system that has been running on the Ethereum network since 2020. It is pegged to BTC at a 1:1 ratio, and tBTC is minted when BTC is deposited into the bridge. tBTC enables users to use their BTC on Ethereum, Solana, Optimism, and other EVM networks to access DeFi products such as lending, stablecoin minting, and liquidity provision.
On Mezo, users can interact with various decentralized applications (dApps) using BTC bridged via tBTC. Whether it is used to run a validation node, pay gas fees, or be used in dApps, all BTC on Mezo is bridged via tBTC. When bridging back to Bitcoin, tBTC is burned and BTC is unlocked.
Proof of HODL
Mezo utilizes a Proof of HODL consensus mechanism where participants stake (lock) BTC and MEZO tokens to secure the network and validate transactions through CometBFT consensus.
CometBFT is a software that serves blockchain applications similar to how a web server serves a web application. It uses the Byzantine Fault Tolerance (BFT) algorithm, which is able to keep the network unaffected even if one-third of its validating nodes are malicious. CometBFT validators are responsible for proposing transaction blocks and voting on them.
Mezo’s Proof of HODL encourages long-term holding of BTC, which, according to Mezo, helps improve the security of the network, support Bitcoin native applications, and generate returns. Mezo claims it also reduces the circulating supply of BTC by converting gas fee payments into BTC.
Aquarius' Investment Philosophy
Committed to true decentralization
Our main goal is to achieve true decentralization in the blockchain world. We are only interested in projects that align with this vision, especially the DEGEN project. We firmly believe that decentralization is the cornerstone of a strong and fair blockchain ecosystem. Therefore, we do not accept compromises in decentralization for project implementation. By supporting projects that align with this principle, we aim to promote a decentralized future where power and control are distributed among all participants, ensuring fairness, security, and resilience.
Focus on basic technology and innovative applications
We focus on the intersection of basic blockchain technology and initial application layers. Our investment strategy targets projects that leverage advanced cryptography, game theory, and other mathematical disciplines to achieve innovative and visionary functions. We prioritize investing in projects that push the boundaries of the blockchain space through rigorous research and development. By investing in cutting-edge technologies and methods, we aim to support the creation of breakthrough solutions that address current limitations and open up new possibilities for the blockchain ecosystem.
Embracing non-Web3 users and driving the blockchain revolution
Our vision has always been to embrace the vast number of non-Web3 users and drive the blockchain revolution. We seek to invest in projects that make blockchain technology accessible and beneficial to mainstream users, thereby accelerating the adoption and impact of blockchain in everyday life. Our goal is to bridge the gap between the potential of blockchain technology and the actual needs of users around the world. By supporting user-friendly and practical applications, we aim to ensure that the blockchain revolution reaches its full potential, transforming industries and improving lives on a global scale.
in conclusion
Mezo represents a big step forward in integrating Bitcoin with advanced blockchain technology, creating a more versatile and user-friendly ecosystem for Bitcoin holders. Building on the success of tBTC and the expertise of the Thesis team, Mezo is expected to enhance Bitcoin's infrastructure, scalability, and usability. This makes it a compelling investment opportunity, especially against the backdrop of growing interest in decentralized finance. By investing in Mezo, we are not only supporting a project that aligns with our investment principles, but also one that has the potential to drive significant innovation and growth in Bitcoin and the broader blockchain ecosystem.