Overview: The native re-staking protocol Master Protocol of Eigenlayer+Pendle, known as the Bitcoin ecosystem

After the launch of ETH staking and withdrawal in April 2023, a large number of innovative protocols emerged, seeking multiple integrations of the LST token in DeFi, providing users with new strategies to earn additional income beyond staking rewards.

The re-staking track has risen rapidly and has been favored by institutions, large holders, and retail investors! Since Ethereum switched to the PoS mechanism, over 32.5 million ETH has been staked on the Ethereum mainnet, accounting for over 26% of the ETH supply, with a value exceeding $100 billion.

Entering 2024, the re-staking track continues to be favored by capital, with multiple re-staking projects receiving tens of millions in investment. Binance launched the re-staking projects EtherFi and Renzo in March and April, respectively. With frequent institutional investments and projects launching one after another, airdrops continue to pile up, and various positive news have accumulated. The re-staking track has become a new gold mine in Web3.

For unreleased projects in the re-staking track, airdrops are calculated based on the staking amount and duration. For ordinary users, their funds cannot compare with institutions and large holders, and they have no advantage in airdrops. Currently, re-staking projects around the ETH ecosystem are approaching saturation, and the dividend period has passed.

BTC Re-staking Ready to Erupt

Starting in 2023, innovations around BTC have emerged one after another. Subdivided tracks such as BTC Layer2, Inscriptions, NFT, DeFi, SocialFi, Runes, etc., continuously subvert the understanding of the crypto market.

Before the emergence of these ecosystems, most people had a stereotypical impression of BTC as only having value storage functionality. However, developers with innovative spirit in Web3 have changed people's perceptions with facts.

Having missed out on the dividends of the ETH re-staking track, institutions have begun to shift their focus and funds to the BTC ecosystem, and developers have also started to build around the BTC ecosystem. The re-staking track of the BTC ecosystem has become the most potential and still widely overlooked area after ETH.

The most certain and verified tracks are the most likely to produce Alpha. As an ordinary user, early discovery and participation often lead to returns that exceed expectations.

Potential Project in BTC Ecosystem — Master Protocol

Master Protocol is a one-stop financial platform tailored for all LSD assets, gradually supporting all LST in different ecosystems. It simplifies interactions and transactions within the Bitcoin network, aggregates users and assets, promotes liquidity and interaction within the ecosystem. Master also acts as a central hub, connecting local Bitcoin promoters with various applications, supporting the development of new applications, and improving the utility of the Bitcoin infrastructure. By introducing a re-staking layer, Master Protocol enhances its infrastructure, meets the rapid expansion needs of the ecosystem, promotes connections between various DeFi protocols and second-layer solutions, and completely solves the fragmentation problem caused by the development and prosperity of BTC Layer2, enhancing the combinability, operability, and overall practicality of BTC in the ecosystem.

Currently, Master Protocol has completed angel and seed rounds of financing, with a valuation of $25 million, with participants including Cogitent Venture, Token Metrics, CSP DAO, FounderHeads, etc. The official X has recently interacted frequently with Botanix, in which polychain has also invested, possibly indicating a collaboration.

Core Advantages of Master Protocol

Master Protocol aims to launch novel staking and liquidity solutions and position itself as a leader in the Bitcoin LSD field. By strengthening interaction with a wider blockchain and DeFi community, it encourages adoption, drives innovation, and nurtures a vibrant Master ecosystem.

The core advantages of Master Protocol include:

Cross-chain Interoperability

By developing and integrating cross-chain functionality, Master Protocol aims to bridge existing gaps, cultivate a cohesive and liquid DeFi ecosystem, solve the increasingly serious fragmentation problem, and enhance the combinability and operability of the ecosystem.

Operational Flexibility

Restaking provides stakers with more choices, allowing them to actively participate in network security without locking assets, thereby achieving strategic financial planning and asset management.

Risk Reduction

Master's security model significantly reduces system risks by distributing network validation to a broader stakeholder base, reducing the likelihood of central failure points.

Increased Participation Incentives

By enhancing liquidity and lowering entry barriers, Master incentivizes broader network participation, forming a stronger and more secure ecosystem.

Forward Compatibility and Innovation

Master aims to achieve forward compatibility, promote integration with future technological advancements and emerging market demands, ensuring the relevance and long-term operation of the Master ecosystem.

Early Opportunities with Master Protocol

Pre-mining Activity (Airdrop)

Master has just issued its Genesis Master Pass NFT series on the Base chain and simultaneously launched a pre-mining activity. Holders can earn points by staking Genesis Master Pass on the official website, which can be exchanged for tokens after they go live.

The cost of participating in the pre-mining activity is currently not high. According to OpenSea, the price of the highest-level Genesis Master Pass is only 0.046E, equivalent to over $130, while the lowest-level NFT is only around a dozen dollars. As the heat shifts to the BTC ecosystem in the future, the shovel attributes and airdrop rights of this NFT will bring high expectations for its price.

Genesis Master Pass Details:

Total Supply: 6500

Public Chain: Base

Rarity and Rights:

SSR — 500, produces 150 points daily, one-click mining

SR — 1500, produces 40 points daily, completes daily tasks for mining

R — 4500, produces 10 points daily, completes daily tasks for mining

In addition to earning points through staking, Genesis Master Pass also introduces a synthesis gameplay, forming a deflationary cycle. Three R cards can be synthesized into one SR card, and three SR cards can be synthesized into one SSR card. Therefore, the number of Pass cards will become scarcer over time.

After staking the NFT, holders can obtain their exclusive invitation code. By inviting other holders to stake, both parties can receive additional bonus points. The more users invited, the more points and future airdrop rewards they will receive. By inviting friends, you can receive up to a 50% bonus points reward!

Participation Tutorial: Staking, Synthesis, Invitation

Start by purchasing the Genesis Master Pass.

Staking Tutorial

After purchase, go to the official website:

Click on "Connect Wallet" to link your wallet, and remember to select the Base chain in your wallet. Then click on "Stake".

Click "Confirm" to authorize.

After authorization, click "Stake" again.

Then click "Confirm" again to stake, and wait patiently.

The appearance of "Staking" on the NFT indicates a successful staking.

After staking an SSR NFT, points are automatically obtained, while SR and R NFTs require completing daily tasks to earn points.

Click on "View Quest on Galxe" on the right side of the page to complete daily tasks in the galaxy.

The tasks are very simple: hold NFT + enter DC + like, share, and follow, which can be completed in just a few minutes.

Synthesis Tutorial

Prepare at least three R or SR level NFTs, click on "Upgrade" at the top of the page, and then click on "Upgrade to SSR/SR" below the NFT you want to upgrade.

Then click "Confirm" and wait for the upgrade to complete.

Invitation Tutorial

Click on "Referral" at the top of the page, click on the "Copy" button below "My Referral Code", and share the invitation code with more friends.

After the invitee enters the official website, they can enter the inviter's invitation code on the right side of the page to establish the invitation relationship and stake the NFT.

After completion, both the inviter and the invitee can receive additional points rewards.

In Conclusion

On May 8th, Master Protocol announced that MrBlock, who serves as an advisor to Puffer Finance, will participate as a project advisor in the construction of Master Protocol. This move inevitably leads to speculation: as Puffer Finance is one of the most promising projects in the ETH re-staking track, does this indicate that Master also has the potential to stand out in the BTC re-staking track?

Master Protocol has already completed angel and seed rounds of financing, with influential investors in the industry who have invested in many high-quality Web3 projects! Institutional support has laid a good foundation for the long-term operation of Master. It is worth noting that the official X account of Master Protocol has recently interacted frequently with Botanix, led by Polychain. Does this also indicate that more positive news is on the way? Let's wait and see!

LSD, re-staking, and the BTC ecosystem are absolute hot topics in this round of the bull market. The combination of these three is complementary and is sure to produce a wonderful chemical reaction, bursting with even stronger sparks. The early opportunity of Master Protocol, with almost zero investment and high expected returns from the airdrop, is a high-value opportunity worth taking a chance on!

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