💜cBTC2 - BRC-20 & Atomicals
cBTC2 and its Role in Enabling BRC-20/Atomical Borrowing and Lending:
cBTC2 takes the concept of tokenized Bitcoin to the next level within Ordibank. While cBTC1 represents the wrapped form of Bitcoin, cBTC2 serves as a specifically minted token that signifies the inscription and transfer of Bitcoin within the Ordibank protocol. It plays a crucial role in enabling borrowing and lending activities on the platform.
When a user pays Ordibank to approve cBTC1 to the vault, cBTC1 is essentially transformed into cBTC2. This transformation is the minting of inscription, and it is facilitated by cBTC2. Once minted, users can engage in the borrowing and lending of cBTC2, representing a dynamic and programmable form of Bitcoin lending within the Ordibank money market.
Swap cBTC1 to cBTC2
Analysis: This step involves the user authorizing the transfer of cBTC1 to the vault by paying the ord server. The ord server then mints an inscription (cBTC2 transfer) to the vault. Subsequently, the user signs a PSBT to send cBTC1 and receive cBTC2, sending it to the server. The vault wallet counter-signs the PSBT to finalize the transaction.
Registering Market
Analysis: This step involves determining the token to serve, deploying, and minting the cToken to the vault. It sets up the market for the specified token, preparing it for lending and borrowing operations.
cToken and Comptroller
These functions form the core of the Ordibank protocol, enabling users to interact with the money market for BRC20 tokens on the native Bitcoin network. They facilitate operations like minting new tokens, redeeming tokens, borrowing and repaying assets, managing collateral, entering/exiting markets, and ensuring the overall integrity and security of the protocol.
The workflow and functions are designed to ensure security, efficiency, and a seamless user experience.
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