Ethereum Layer 2 Mantle Rolls Out Bitcoin Pegged FBTC, MNT Price Soars 5%
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Ethereum Layer 2 Mantle launches FBTC, a Bitcoin-pegged asset, boosting Bitcoin DeFi integration and driving a 5% surge in MNT price.

Ethereum Layer 2 network Mantle has introduced FBTC, a 1:1 Bitcoin-pegged asset aimed at increasing the usability of Bitcoin in the DeFi space.

The introduction of FBTC is a strategic decision by Mantle to extend its services to the BTC market and offer BTC holders a way to earn yield on their holdings..

Ethereum Layer 2 Mantle Introduces Bitcoin-Pegged FBTC

According to a press release, FBTC, an asset that is fully backed by Bitcoin on a 1:1 basis has been launched by Mantle, an Ethereum Layer 2 network. Created jointly with Ignition, FBTC helps Bitcoin owners to access the possibilities of earning on different blockchain platforms.

This initiative is a major new venture for Mantle as it extends its asset portfolio beyond Ethereum-based tokens such as $mETH.

Ethereum Layer 2 solutions like Mantle are aimed at solving the existing issues in the BTCFi (Bitcoin Finance) sector including fragmentation of liquidity and bad user experience. The newly launched FBTC is designed to aggregate liquidity across various chains in order to offer a smooth DeFi experience to Bitcoin owners. 

With the help of the Ethereum Layer 2 network, FBTC users are now able to engage in lending, staking, and liquidity provision which were either unavailable or restricted to Bitcoin users.

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