Ether.fi Staked BTC

Ether.fi Staked BTC

Ether.fi Staked BTC (eBTC) is a restaking token developed by ether.fi, designed to provide users with yield opportunities from both and restaking protocols. It allows users to deposit -backed assets like LBTC and WBTC to earn rewards.

Overview

eBTC functions as a restaking token that represents staked and restaked -backed assets within the ether.fi ecosystem. Its primary purpose is to simplify the process of earning yield from multiple sources simultaneously, including native and various restaking protocols. The token is built to be compatible with several networks, including , , , and Corn, maintaining the same contract address these chains [1].

The token is backed by LBTC through a collaboration with Lombard, aiming to deliver a product that offers dual yield generation from both and restaking activities. is facilitated through the Babylon protocol, while restaking services are integrated via platforms such as , , and . This structure allows users depositing LBTC and WBTC to potentially earn yields aggregated from these different protocols. eBTC is positioned as an alternative form of within the growing restaking landscape, intended to offer simplified yield optimization and expanded utility for holders [1] [2].

Technology

The eBTC token operates on a technical framework that integrates multiple underlying protocols to generate yield. When users deposit supported assets, such as LBTC or WBTC, into the eBTC vault, these assets are utilized various strategies. yield is primarily derived through integration with the Babylon protocol, which focuses on . Concurrently, the deposited assets are also deployed into various restaking protocols, including , , and [1].

This dual approach allows eBTC holders to potentially earn rewards from both native and the additional yields offered by restaking activities on -based protocols. The system is designed to the complexities of managing individual and restaking positions, providing users with a single token that represents their underlying staked and restaked assets and accumulated rewards. The eBTC token is available and bridgeable multiple networks, including , , , and Corn, using a consistent contract address [1].

The core technical components include the BoringVault, Token, Accountant, Lens, and Teller contracts, which manage deposits, withdrawals, token representation, accounting, and data querying. The vault's operations and code are publicly available for review [1].

Tokenomics

The eBTC token represents a share of the underlying Bitcoin-backed assets staked and restaked within the ether.fi protocol. As of July 2025, the circulating supply of eBTC is approximately 3.4 thousand tokens, which also represents the total supply. The maximum supply is uncapped. The is calculated based on the current price and circulating supply [2].

The price of eBTC is tracked various exchanges, primarily decentralized exchanges (DEXs). Trading volume fluctuates daily, reflecting market activity. The token's value is intended to accrue the yield generated from the underlying and restaking activities. Historical price data shows fluctuations, including an all-time high of $112,644 in May 2025 and an all-time low of $58,794.65 in October 2024 [2].

Use Cases

The primary use case for eBTC is to allow holders of Bitcoin-backed assets (LBTC and WBTC) to earn yield through and restaking without directly managing infrastructure or navigating multiple restaking protocols. By depositing assets into the eBTC vault, users receive eBTC tokens, which are and can be used within the broader decentralized finance (DeFi) ecosystem [1].

eBTC can be traded on various decentralized exchanges, including Curve (), Uniswap V3 (), and V2 [2]. The token is designed to be composable, allowing it to be integrated into other DeFi protocols for activities such as lending, borrowing, or yield farming, potentially earning additional rewards on top of the native and restaking yields [1].

Furthermore, ether.fi offers related products like vaults and a Cash card, which could potentially integrate with eBTC, allowing users to automate earnings strategies or spend their crypto assets in real-world transactions [3]. Participation in the eBTC ecosystem also provides access to various points programs, including those from , ether.fi, Lombard, and Veda, with potential for points from and [1].

Security

Security is addressed through several measures, including external audits and a bug bounty program. The smart contracts associated with the eBTC vault have undergone audits by firms such as Macro and Spearbit [1] [4].

ether.fi also maintains a bug bounty program on Immunefi to incentivize the identification and reporting of vulnerabilities within its protocols, including those related to eBTC [3] [5]. Incident response management procedures are also documented [6].

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