ibBTC is an asset launched in collaboration with DeFiDollar, it stands for Interest Bearing Bitcoin. It was created to serve as the default Bitcoin asset on Ethereum while generating interest to the users who hold it.
How does it work?
ibBTC itself is a normal ERC-20 token, which means that can be sent normally, lent out, collaterized, bridge to other chains and even trade on a centralized exchange (allowing people whith the most basic DeFi knowledge to start earning interest in just a few clicks).
Users can mint ibBTC at the Badger App with different assets, for now these are:
Although ibBTC can be minted with all four options mentioned above it is 100% backed by bcrvRenWBTC tokens.