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Bitget Upgrades BGBTC Token With Daily BTC Rewards

Created at 1 Aug · 11:01 AM1 source↑ Market-relevant
IN SHORT

Crypto exchange Bitget has upgraded its BGBTC token, a Bitcoin-backed asset, to offer daily BTC-denominated rewards to holders. The upgrade also enhances utility across trading, lending, and DeFi protocols, secured by Chainlink's interoperability and reserve proof infrastructure.

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Key Numbers

1:1BGBTC to BTC peg ratio

Who's Involved

Bitget
Crypto exchange that launched and upgraded BGBTC
Gauntlet
Appointed independent Curator for BGBTC's yield strategies
Chainlink
Provider of CCIP and Proof of Reserve infrastructure for BGBTC

↳ Why This Matters

This upgrade aims to provide Bitcoin holders with a more efficient way to earn passive yield on their idle assets while maintaining liquidity and expanding utility across decentralized finance and trading platforms.

Key facts

  • Bitget has upgraded its BGBTC token, which is pegged 1:1 to Bitcoin.
  • The upgrade introduces daily BTC-denominated rewards for BGBTC holders.
  • BGBTC now offers enhanced utility across trading, margin, loans, Launchpool, and PoolX.
  • Chainlink's CCIP and Proof of Reserve are integrated for security and transparency.
  • Gauntlet has been appointed as the independent Curator for BGBTC's yield strategies.

Crypto exchange Bitget has announced a significant upgrade to its BGBTC token, a yield-enhanced asset pegged at a 1:1 ratio with Bitcoin. The enhancement introduces daily rewards denominated in BTC for BGBTC holders, aiming to increase capital efficiency for users holding idle Bitcoin.

The upgraded BGBTC token now offers expanded utility, allowing holders to use it across various financial activities including trading, margin trading, loans, and participation in Bitget's Launchpool and PoolX platforms. This move addresses the traditional dilemma of either holding BTC without earning yield or engaging in complex yield-generating strategies that sacrifice liquidity.

Security and cross-chain functionality have been bolstered through the integration of Chainlink's Cross-Chain Interoperability Protocol (CCIP) for secure multi-chain distribution and Chainlink's Proof of Reserve (PoR) for asset verification. This dual integration aims to enhance the credibility, portability, and usability of BGBTC across different blockchain ecosystems.

Further strengthening the token's framework, Bitget has established an independent Curator structure, appointing Gauntlet, a recognized DeFi vault curator, to oversee BGBTC's underlying yield strategies. This initiative is designed to improve portfolio monitoring, risk management, and ensure the sustainability of long-term yield rewards.

Frequently asked questions

BGBTC is a yield-enhanced asset launched by Bitget, pegged 1:1 to Bitcoin, designed to offer holders passive yield.

The upgrade introduces daily BTC rewards, fast redemption, institutional-grade risk protection, greater transparency, and broader utility across trading and DeFi activities.

Bitget integrated Chainlink's CCIP for secure multi-chain distribution and Proof of Reserve for asset verification.

Gauntlet, a DeFi vault curator, has been appointed as the independent Curator to oversee BGBTC's yield strategies.

What Happens Next

01BGBTC holders will receive daily BTC-denominated rewards.
02Users can leverage BGBTC across Bitget's trading, margin, and lending services.
03Gauntlet will oversee BGBTC's yield strategies for risk management and sustainability.

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Cadence

How It Developed

Bitget launched BGBTC, a yield-enhanced asset pegged 1:1 to BTC.
Bitget has upgraded BGBTC to offer daily BTC-denominated rewards.
The upgrade includes enhanced utility for trading, margin, loans, Launchpool, and PoolX.
Chainlink's Cross-Chain Interoperability Protocol (CCIP) was integrated for multi-chain distribution.
Chainlink's Proof of Reserve (PoR) is used for asset verification.
Gauntlet was appointed as the independent Curator to oversee BGBTC's yield strategies.

Sources

T1
Bitget-Unveils-Major-BGBTC-UpgradeCoinGape

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