L2 Update: 97 Bitcoiners living on their stash with Zero Interest Loans (While Controlling the Keys)

Sovryn (Bitcoin DeFi protocol) on Rootstock sidechain launched its Zero-interest loan product, and as of today has 577 BTC put up as collateral by people taking out loans to use for their day-to-day activities. Yes, pay bills, travel, etc without having to sell BTC.

Up to date stats here

Origination fee hiked to 8% via Bitocracy vote to slow down uptake of the loans as too many borrowers were draining stablecoin liquidity and triggering redemptions (liquidity still comparatively low for the young protocol). This has since normalised, and lines of credit slowly increasing at par with stables in the system.

1ZUSD always redeemable for 1USD worth of Bitcoin Holdings transparent and auditable on the blockchain. Fees set by decentralized Bitocracy vote. And Hodlers keep control of their keys.

DefiLama tracking Bitcoin sidechains currently has Rootstock as the largest, closely followed by Stacks

The ecosystem is evolving. We don't know what the future will be. But the fact that there are actual products enabling real world usage of Bitcoin without giving up control of the keys is exciting!

As always, DYOR before using any of the products.

And for those who want to dig deeper into the statistics of the Zero protocol, here you go

Stack sats. Embrace full sovereignty.

Bitcoin gifted total the world digital property rights. Great to see solutions that enable hodlers to use this within their lifetime.