BitoBank

The detailed design will be completed upon the Bitomni DAO's approval of the BitoBank development proposal after the successful SNS.

BitoBank is a Bitcoin lending & borrowing DApp that allows users to lend and borrow Bitcoin and its tokens through a transparent auction process without intermediaries.

Key Features

Fixed-Rate Funding: Users can lock in their funding costs or secure a fixed rate of return when borrowing or lending Bitcoin and its tokens, facilitating better cash flow planning and management.

Crypto-Backed Loans: The DApp offers Bitcoin loans collateralized by mainstream crypto assets, allowing users to leverage their holdings.

Weekly Auctions: BitoBank conducts weekly auctions on IC, providing a variety of loan terms up to one year.

Inclusive Participation: Large and small participants can engage in the auctions, benefiting from the same market-determined rates.

Benefits

For Lenders: Earn interest on idle Bitcoin and its tokens, contributing to a passive income stream.

For Borrowers: Access Bitcoin and its tokens' liquidity without selling assets, enabling them to leverage their holdings for various financial needs.

For the Industry: It enhances the liquidity and usability of Bitcoin and its tokens through IC technologies, promoting broader adoption and integration of BTCFi solutions. This, in turn, boosts the development of the Web3 industry.

By providing a robust solution for lending and borrowing Bitcoin and Bitcoin tokens, BitoBank empowers users to maximize the utility of their Bitcoin assets. It fosters a more dynamic and inclusive financial ecosystem, driving innovation and growth within the BTCFi landscape and broader Web3 space.