exBTC
BTC-denominated yield-bearing token.
exBTC represents a growing claim on Bitcoin. Deposit cbBTC (Coinbase wrapped Bitcoin on Solana), receive exBTC, and earn yield denominated in BTC. Your position stays in Bitcoin terms — no USD or altcoin exposure.
Key Facts
| Underlying asset | cbBTC (Coinbase Wrapped BTC) |
| Target APY | 6% |
| Withdrawal period | 24–48 hours |
| Withdrawal fee | 0.20% |
| Deposit cap | 250 BTC (~$20M) |
| Minimum deposit | 0.0001 BTC (~$7) |
| Mint address | HabWg55SK5Jam5WUpbk8Wfq7JbuAaFVPu8KVFMJj9yVg |
| Pair address | GpV9U2yY3L5u4DkWC6Unejsz42iNME4Usk5RzTaA23to |
How Yield Is Generated
The exBTC vault deploys cbBTC across strategies including lending and collateralized lending across Kamino and JupLend, with a portion allocated to institutional credit products.
Exchange Rate Mechanics
exBTC follows the same weekly rate-setting process:
- Weekly measurement of BTC vault net asset value change (in BTC terms)
- 15% performance fee deducted
- Net yield set as on-chain APY
- Compounds every 8 hours
The current rate is set at 6% APY. This is adjusted based on realized performance.
Withdrawal Process
- Request — Submit anytime before midnight UTC
- Lock-in — Midnight UTC, request becomes irrevocable
- Delivery — cbBTC delivered within 24 hours after lock-in
- Fee — 0.20% withdrawal fee
Risks
| Risk | Mitigation |
|---|---|
| cbBTC bridge risk | Coinbase-custodied BTC backing. Institutional-grade bridge. |
| Smart contract exploit | Quantstamp audit, Hypernative monitoring |
| Liquidation | 25% BTC drawdown modeled for effective LTV calculation |
| Limited yield venues | BTC yield opportunities are inherently more limited than SOL/USDC. Deposit cap reflects available capacity. |
| Concentration | 250 BTC cap prevents overallocation to thin markets |
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