Overview
Last updated
Last updated
Acre is a simple bitcoin-in bitcoin-out experience, where users can deposit bitcoin to earn bitcoin rewaards, and then withdraw their bitcoin plus any additional rewards (denominated in bitcoin).
Bitcoin deposits into Acre are first used to mint tBTC (a fully permissionless and decentralized wrapped-bitcoin token) to Ethereum. tBTC is then used to provide economic security to protocols such as bitcoin-L2s, re-staking protocols, lending, and insurance markets across the EVM ecosystem and beyond.
Bitcoin L2s are similar to all other proof-of-stake chains and provide rewards in exchange for economic security. These rewards auto-compound into tBTC and are fully-redeemable to mainnet bitcoin.
In the future, Acre will support direct tBTC deposits via Ethereum-compatible wallets, at which time users will receive a receipt token (called stBTC) to denote the deposited amount. stBTC is a non-rebasing token ERC4626 token on Ethereum. stBTC is redeemable to bitcoin.
stBTC can be redeemed for the underlying BTC and associated rewards at any time, however there is a withdrawal delay and fee associated with each transaction. This withdrawal delay is due to pulling the underlying tokenized Bitcoin out of the smart contract and trustlessly redeeming back to the Bitcoin network.
