Tuna Chain Launches their LBP on Fjord Foundry, Unlocking Native Yield for BTC Assets through EVM Compatibility
London, United Kingdom, March 12th, 2024, Chainwire
Bitcoin achieved a new record high, reaching $72,476 today, accompanied by $2.6 billion in capital inflows this week.
Despite Bitcoin’s status as the cryptocurrency with the highest market cap and its role as a symbol of digital autonomy, the Tuna Chain team notes that its characterization has often been limited to that of a store of value This is due to its limitations in scalability, transaction speed, and adaptability.
Tuna Chain, a Layer 2 solution built on top of the Bitcoin Network, aims to combine Bitcoin’s inherent security with the adaptable Ethereum Virtual Machine (EVM) functionality.
Tuna Chain is a Layer 2 Solution built on top of the Bitcoin Network that represents an ambitious effort to bridge Bitcoin’s foundational security with the versatility of Ethereum’s Virtual Machine (EVM) capabilities. Tuna Chain seeks to unlock Bitcoin’s potential for complex smart contracts and broader application utility, something that Bitcoin has struggled with due to its original design constraints.
Speed, Cost Efficiency, Privacy, and Native BTC Yield
Tuna Chain is both EVM-compatible and modular execution layer, offering a unique blend of technologies that are set to redefine the landscape of DeFi on Bitcoin:
- Toro Stablecoin: At the heart of Tuna Chain is Toro, a stablecoin that users can acquire by over-collateralizing their BTC holdings. This system enables BTC holders to potentially earn yield in Toro without needing to sell their BTC assets.
- Modularity via Celestia: Celestia is a modular blockchain platform designed to decouple data availability from transaction execution. Utilizing Celestia as a data availability layer greatly reduces transaction costs, while enhancing throughput.
- Hybrid ZK-OP Layer: Integrating the strengths of Zero-Knowledge (ZK) proofs and Optimistic Rollups (OP), Tuna Chain introduces a two-tiered execution layer. Aimed at blending OP’s rapid, secure transaction facilitation with ZK’s execution power, this hybrid layer ensures transactions are swift, secure, and private.
These advancements, in unison, have the potential to create opportunities for earning using BTC assets, ensure extremely low gas fees, and create an unparalleled environment for DApp execution on Bitcoin’s Layer 2.
Bridging Bitcoin and EVM Chains: A Leap Towards Seamless DeFi
By introducing EVM compatibility within its Layer 2 framework, Tuna Chain enables the execution of Ethereum-style smart contracts on the Bitcoin network. This strategic move significantly expands Bitcoin’s utility and applicability, bridging the gap between Bitcoin and EVM-based chains.
In addition, Tuna Chain also introduces possible yield opportunities for users by allowing them to earn yields on their staked-wrapped Bitcoin assets
The Tuna Chain team aims to emphasize the importance of native yield for BTC assets, given BTC’s position as the institutional gateway into crypto, highlighted by the ETF approval.
Tuna Chain’s LBP on Fjord Foundry
A Fjord Foundry Liquidity Bootstrapping Pool (LBP) represents an innovative and equitable method for projects to raise funds by distributing their tokens in a transparent and fair manner that allows for dynamic price discovery. This inclusive approach ensures that anyone interested in the project can participate, promoting a fair distribution of tokens.
The upcoming LBP for Tuna Chain on Fjord Foundry will begin at 1 p.m. UTC on Tuesday, March 12.
About Tuna Chain
Tuna Chain stands out as the leading EVM-compatible modular execution layer on Bitcoin, bridging the gap between BTC’s security and the programmability of EVM chains.
Through its suite of technological advancements, including a native stablecoin, modular data availability leveraging Celestia, and hybrid ZK-OP technology, Tuna Chain is setting new standards for efficiency, scalability, and user experience in Bitcoin DeFi
Endorsed by industry giants such as ByBit, ArkStream, Cogitent, Digi Strats, MH Ventures, and Serafund, and in collaboration with strategic partners like Fireblocks, Artis Group of Faculty Group, and Black Mamba Ventures, TunaChain is positioned to revolutionize DeFi at the forefront of the most widely adopted cryptocurrency in the world.
