FBTC surpasses $100M in TVL as Ignition launches Sparkle campaign

The omnichain Bitcoin (CRYPTO:BTC) asset, FBTC (CRYPTO:FBTC), has achieved a significant milestone by crossing $100 million in Total Value Locked (TVL), signaling a new era for Bitcoin’s utility in decentralised finance (DeFi).  

The milestone was announced by Ignition, the platform that incubated FBTC, which maintains a 1:1 peg to Bitcoin (BTC).  

This achievement highlights the growing adoption and evolving role of Bitcoin as it transitions from a mere store of value to a dynamic asset with various yield-generating possibilities.  

FBTC, currently deployed on Ethereum (CRYPTO:ETH), Mantle Network (CRYPTO:MNT), and BNB Smart Chain (CRYPTO:BNB), allows users to leverage their Bitcoin holdings across multiple blockchains.  

This flexibility has made FBTC a preferred choice for users looking to explore DeFi yields, contributing to its rapid adoption.  

The asset's ability to facilitate seamless swaps and bridging between these networks enhances its utility and accessibility, further driving its adoption.  

To celebrate this milestone, Ignition has introduced the “Sparkle” campaign, running from August 21 to September 21.  

During this campaign, early FBTC holders and participants in the ecosystem will receive points-inspired “Sparks,” which can be redeemed for future rewards.  

The campaign includes participation from protocols such as PumpBTC, Bedrock, Mezo Network, and others, with Ignition planning to integrate new protocols and launch additional incentives throughout the campaign.

Ignition is also collaborating with Babylon, a self-custodial Bitcoin Staking Protocol, to launch a BTC vault that offers users exposure to Babylon’s native staking.  

This collaboration is part of Ignition’s broader efforts to build a vibrant, community-driven ecosystem around FBTC, ensuring its continued growth and relevance in the DeFi space.  

FBTC’s rapid adoption and strong security underscore its potential to redefine Bitcoin’s role in the DeFi landscape, making it a cornerstone of the future decentralized economy.  

As Ignition continues to innovate, FBTC is set to unlock new opportunities and further solidify its position within the broader blockchain ecosystem.

At press time, FBTC was priced at $60,268.35.