BitVault

BitVault is a decentralized finance (DeFi) protocol that introduces a crypto-native stablecoin, bvUSD, primarily collateralized by Bitcoin derivatives. This positions bvUSD as a scalable alternative within the stablecoin market, distinct from traditional fiat-backed offerings like USDC and USDT. The protocol's core function is to provide a capital-efficient stablecoin that maintains its peg through various stability mechanisms, including fully automated on-chain liquidations and redemptions.

The platform operates as a hybrid friendly fork of Liquity V2 on the Katana network, allowing whitelisted entities to borrow, mint, and redeem the bvUSD stablecoin. A key feature is the user-set interest rates, granting participants more control over their financial positions. In addition to bvUSD, the protocol offers a yield-bearing staked version, sbvUSD, creating an opportunity for users to earn returns.

BitVault's architecture is designed with immutable governance, meaning its core smart contracts have no admin keys and cannot be altered, a feature inherited from Liquity V2. The protocol is managed by the same core contributors behind VaultCraft, a tokenized yield protocol with a significant total value locked (TVL), suggesting an experienced team is steering the project.

Keywords: DeFi, stablecoin, bvUSD, Bitcoin-backed, autonomous risk management, Liquity V2, Katana, multi-collateral, immutable governance, yield-bearing