Bitlayer First Mining Festival S3 Project Inventory: Lorenzo Protocol

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.

Recently, 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. The official entrance to the event is: https://www.bitlayer.org/mining-gala

This article will provide readers with important information about participating in the third phase of the Bitlayer Mining Festival, Lorenzo, and provide guidance for users.

Project Introduction

Lorenzo Protocol is building the first Bitcoin liquidity financial layer, aiming to provide innovative Bitcoin financial products and become the preferred platform for the issuance, trading and settlement of yield tokens. On its platform, Lorenzo connects Bitcoin stakers of all sizes with top projects that require liquidity and security, thereby unlocking the liquidity of staked assets and capturing returns for stakers. Lorenzo provides simplified Bitcoin management as well as security protections such as staking insurance, node operator credit scores, mechanisms to prevent penalties, and validator licensing.

Lorenzo introduces a principal-interest separation mechanism. After users complete BTC deposits, they receive two forms of liquid staking tokens: Liquid Principal Tokens (LPTs) and Yield Accumulation Tokens (YATs). Lorenzo not only enhances liquidity, but also lays the foundation for the DeFi ecosystem built on these token standards. This makes it possible to create more complex DeFi products using stBTC (Lorenzo's native LPT) and YATs, further exploring the potential of Bitcoin finance.

According to official information, Lorenzo Protocol has been supported by Binance Labs.

Team Information

Matt Ye, co-founder and CEO, former Two Sigma trading engineer

Fan Sang, co-founder and CTO, PhD in Computer Science from Georgia Institute of Technology

Tad Tobar, COO, former Zeta Chain Operations Director

Ecosystem Data

Lorenzo Official Website: https://www.lorenzo-protocol.xyz/

Lorenzo X: https://x.com/LorenzoProtocol

X Followers: 76K

stBTC - Babylon LST: 1,909.38612657 BTC

Reward Introduction

• Bitlayer provides a total of 10 million $BTR tokens for airdrops for this first mining festival; Lorenzo can distribute 200,000 treasure chests. Players can get 2 free unpacking opportunities for each completed Lorenzo task, and can complete 5 tasks per day;

• Lorenzo also provides 1,000,000 Lorenzo points rewards to users participating in this event.

Head Mine Festival Tutorial

Users can follow the following tutorial to complete the tasks set by Lorenzo:

1. Follow Lorenzo X account: https://x.com/LorenzoProtocol

2. Bridge stBTC to Bitlayer. Please open the following official link: https://app.lorenzo-protocol.xyz/bridgestBTC/progressResult?type=bridge

Send stBTC to Bitlayer:

3. Deposit at least 0.0001 stBTC into Avalon.

Please follow the prompts to open the following link: https://app.avalonfinance.xyz/reserve-overview/?underlyingAsset=0xf6718b2701d4a6498ef77d7c152b2137ab28b8a3&marketName=proto_bitlayer_v3

Link wallet

Follow the prompts and click "Supply"