Bitlayer is the first Bitcoin second-layer project based on Bitcoin finality. Bitlayer is building a Bitcoin native second-layer ecosystem supported by innovative technologies such as OpVM, Finality Bridge and RtEVM, providing developers and users with Bitcoin security equivalence, trustless cross-chain bridges and real-time EVM programming experience.
On October 29, Bitlayer officially launched the third phase of the First Mining Festival. This phase of the event was jointly initiated by the official and five ecological projects including RollDex, Jasper Vault, DeSyn Protocol, Avalon Labs and Lorenzo Protocol. The theme is "Battle for the Treasure Chest", which provides users with a total of 10 million $BTR tokens, ecological project airdrops, and Bitlayer ecological joint medal rewards.
Currently, the event has been officially opened, and users can now log in to the Bitlayer official website or other official cooperation portals, including UXUY Wallet, OKX Web3, Freee.xyz, Trusta Labs, OneKey, Ave.ai, Gate Web3, TokenPocket and FoxWallet and other platforms to participate in the event. Among them, the official participation entrance of the event is: https://www.bitlayer.org/mining-gala
This article will provide readers with important information about the third participating project Avalon Labs of the Bitlayer First Mining Festival and provide users with a guide.
Avalon Labs is building a comprehensive Bitcoin financial platform that integrates Bitcoin lending, collateralized debt position (CDP) stablecoins, yield generation and credit card services into a seamless ecosystem.
In terms of DeFi, Avalon Labs works with leading liquidity staking projects to enable retail users to use BTC liquidity staking tokens as collateral for loans. In terms of CeDeFi, the project provides institutional clients with fixed-rate Bitcoin-secured loans. In order to promote the popularity of Bitcoin-backed stablecoins, Avalon Labs will launch USDe, a CDP token backed by over-collateralized Bitcoin loans, to promote cross-chain, stable interest rate lending within our ecosystem.
So far, Avalon Labs has received support from Matrixport Venture, SNZ Capital, Summer Ventures, ViaBTC and Paka. In addition, KAKA, Degen Pool, CSPDAO and others have also participated in the investment.
Avalon Labs official website: https://www.avalonfinance.xyz/
Avalon Labs X: https://x.com/avalonfinance_
X Followers: 175K
Discord Members: 60K+
TVL: $900M+
Bitlayer on-chain TVL: $325M, Bitlayer TVL list No. 1
Users: 100K+
Avalon Labs Tutorial for the First Mining Festival
In this first mining festival, Avalon Labs has set the following two tasks, namely:
Follow Avalon Labs X account
Deposit at least 0.0001 BTC assets on the Avalon Labs Bitlayer chain
The tutorial to complete the task through the Market page is as follows:
Click this page: https://app.avalonfinance.xyz/
Select the Pool you want to deposit assets
Select the asset you want to deposit
On the asset details page, enter the amount of the asset you want to deposit and click "Supply"
Congratulations, you have successfully completed the task. Your deposited points will be visible in about 8 hours.
The tutorial for completing the task through the Dashboard page is as follows:
Click to view the Dashboard page: https://app.avalonfinance.xyz/dashboard/
Select the Pool you want to deposit assets into
Select the asset you want to deposit
On the asset details page, enter the amount of the asset you want to deposit and click "Supply"
Congratulations, you have successfully completed the task. Your deposit points will be visible in about 8 hours.
Borrowing Assets Tutorial
Choose which Pool you want to borrow assets from
Choose which asset you want to borrow
On the asset details page, please check the collateral information before clicking "borrow"
Enter the amount of assets you want to borrow and check the account health factor before sending the transaction
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