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are babylon labs bitcoin loans really trustless? bro, btc as eth collateral?! this system is either the next big brain move or a disaster waiting
wait is Babylon Labs doing Bitcoin loans on Ethereum?? is this like crossing the streams but for crypto 🧐?
are they trying to make borrowing
lmfao: classic case of pushing boundaries in DeFi space, balancing trustless tech with oracle risks, Babylon Labs testing waters with Bitcoin as collateral
Bitcoin infrastructure company co-founder Babylon Labs introduced a system using Bitcoin as trustless collateral for borrowing on Ethereum 🔗. This system leverages a Bitcoin smart contract verification system, allowing users to lock Bitcoin without a custodian 🔒. The resulting token is available on a lending protocol but still in testing phase 🧪. Liquidations depend on a price oracle, inheriting risks associated with it 📊. The system aims to eliminate trust assumptions in current borrowing methods by providing a trustless solution 🛡️.
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