Overview: The native restaking protocol Master Protocol, known as the "Eigenlayer+Pendle" of the Bitcoin ecosystem.
After the launch of staking ETH withdrawals in April 2023, a large number of innovative protocols emerged, seeking to integrate LST tokens multiple times in DeFi, providing users with new strategies to earn additional income beyond staking rewards.
Restaking quickly emerged as a popular track and gained favor from institutions, large holders, and retail investors. Since Ethereum transitioned to a PoS mechanism, over 32.5 million ETH has been staked on the Ethereum mainnet, accounting for over 26% of the ETH supply and worth over $100 billion.
In 2024, restaking remains favored by capital, with multiple restaking projects receiving tens of millions in investments. Binance launched the restaking projects EtherFi and Renzo in March and April, respectively. With frequent investments from institutions and projects launching one after another, along with various positive news, the restaking track has become a new gold mine in Web3.
For unreleased projects in the restaking track, airdrops are calculated based on the amount and duration of staked funds. For ordinary users, their funds cannot compare with institutions and large holders, so they have no advantage in airdrops. Currently, the restaking projects around the ETH ecosystem are approaching saturation and have passed the dividend period.
BTC Restaking Ready to Erupt
Since 2023, there have been numerous innovations surrounding BTC. BTC Layer2, Inscriptions, NFTs, DeFi, SocialFi, Runes, and other sub-tracks continuously challenge the perception of the crypto market.
Before these ecosystems emerged, most people only saw BTC as a store of value. However, Web3 developers with innovative spirits have changed people's perceptions with facts.
After missing out on the restaking dividends of ETH, institutions have shifted their focus and funds to the BTC ecosystem, and developers have started building around the BTC ecosystem. The restaking track in the BTC ecosystem has become the most potential and least widely recognized area after ETH.
Such deterministic and verified tracks are most likely to produce Alphas. As ordinary users, discovering and participating early often leads to returns beyond expectations.
BTC Ecosystem Restaking Potential Project - Master Protocol
Master Protocol is a one-stop financial platform tailored for all LSD assets, gradually supporting all LSTs in different ecosystems. It simplifies interaction and transactions within the Bitcoin network, aggregates users and assets, and promotes liquidity and interaction within the ecosystem. Master also acts as a central hub, connecting local Bitcoin advocates with various applications, providing support for the development of new applications, and improving the utility of Bitcoin infrastructure. By introducing a restaking layer, Master Protocol enhances its infrastructure, meets the needs of rapid ecosystem expansion, facilitates connections between various DeFi protocols and Layer 2 solutions, and completely solves the fragmentation caused by the development and prosperity of BTC Layer2, enhancing the composability, operability, and overall utility of BTC in the ecosystem.
Currently, Master Protocol has completed angel and seed rounds of financing, with a valuation of $25 million. Participants include Cogitent Venture, Token Metrics, CSP DAO, FounderHeads, etc. The official X account of Master has recently interacted frequently with Botanix, which was co-invested by Polychain, indicating possible cooperation.
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 broader blockchain and DeFi community, it encourages adoption, promotes 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 and cultivate a cohesive and liquid DeFi ecosystem. It solves the increasingly serious fragmentation problem and enhances the composability and operability of the ecosystem.
Operational flexibility
Restaking provides more choices for stakers to actively participate in network security without locking assets, enabling strategic financial planning and asset management.
Risk reduction
Master's security model significantly reduces system risks and the possibility of central failure points by distributing network validation to a broader stakeholder base.
Increased participation incentives
By enhancing liquidity and reducing 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 Opportunity of Master Protocol - Pre-mining Activity (Transparent Airdrop)
Master has just released its Genesis Master Pass NFT series on the Base chain and simultaneously launched a pre-mining activity. Holders can earn points by staking the Genesis Master Pass on the official website, and these points can be exchanged for tokens after the token is listed.
Currently, the cost of participating in the pre-mining activity is not high. According to OpenSea, the highest-level Genesis Master Pass is priced at only 0.046E, equivalent to just over $130, while the lowest-level NFT is only around a dozen dollars. When the heat shifts to the BTC ecosystem in the future, the attributes and airdrop benefits of this NFT will bring high expectations for its price.
Genesis Master Pass Details:
Total supply: 6,500
Blockchain: Base
Rarity and benefits:
SSR - 500, daily output of 150 points, one-click mining
SR - 1,500, daily output of 40 points, mining by completing daily tasks
R - 4,500, daily output of 10 points, mining by completing daily tasks
In addition to earning points through staking, Genesis Master Pass also introduces a synthesis gameplay, creating 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 quantity 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 point bonuses. The more users invited, the more points and airdrop rewards they will receive. By inviting friends, you can receive up to a 50% point bonus!
For specific invitation reward rules, please refer to the official detailed explanation: https://medium.com/@MasterProtocol_/unveiling-genesis-master-pass-mint-time-and-exclusive-early-bird-campaign-07bac2f64504
Tutorial: Staking, Synthesis, and Invitation
Genesis Master Pass purchase link:
https://opensea.io/collection/genesis-master-pass
Staking Tutorial
After purchasing, go to the official website:
https://campaign.masterprotocol.xyz/gmp/stake/
Click "Connect Wallet" and select the Base chain in your wallet. Then click "Stake."
Click "Confirm" to authorize.
After authorization, click "Stake" again.
Click "Confirm" again to confirm the staking and wait patiently.
The appearance of "Staking" on the NFT indicates a successful staking.
SSR NFTs automatically earn points after staking, while SR and R NFTs need to complete daily tasks to earn points.
Click "View Quest on Galxe" on the right side of the page to complete daily tasks in the galaxy.
The tasks are very simple, just hold the NFT, enter DC, and engage in activities like liking and sharing. It only takes a few minutes to complete.
Synthesis Tutorial
Prepare at least three R or SR level NFTs. Click "Upgrade" at the top of the page, and then click "Upgrade to SSR/SR" below the NFT you want to upgrade.
Click "Confirm" to upgrade and wait for the upgrade to complete.
Invitation Tutorial
Click "Referral" at the top of the page, click "Copy" below "My Referral Code," and share the invitation code with more friends.
When the invitee enters the official website, they can enter the inviter's invitation code on the right side of the page to establish an invitation relationship and stake NFTs.
After completion, both the inviter and invitee will receive additional point rewards.
Closing Remarks
On May 8th, Master Protocol announced that MrBlock, who serves as an advisor to Puffer Finance, will participate in the construction of Master Protocol as a project advisor. This move inevitably sparks speculation, as Puffer Finance is one of the most promising projects in the ETH restaking track, suggesting that Master also has the potential to stand out in the BTC restaking field.
Master Protocol has completed angel and seed rounds of financing, with influential investors in the industry who have invested in many high-quality Web3 projects. The backing of institutions has laid a solid 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, which was co-led by Polychain. Does this also indicate that more positive news is coming? Let's wait and see!
LSD, restaking, and the BTC ecosystem are absolute hot topics in this bull market. The combination of the three is bound to produce a fantastic chemical reaction and unleash stronger sparks. The early opportunity of Master Protocol, with almost zero-cost high-yield expectations and a transparent airdrop, is a high-cost-effective opportunity worth trying!
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