eBTC is a liquid restaking token (LRT) issued by EigenLayer, representing Bitcoin that has been deposited into the EigenLayer protocol to be restaked across various actives. It is designed to track the price of BTC closely, currently trading around $75,755, and uses 8 decimals for precision.
On Base, eBTC has limited but direct liquidity, primarily featured in a single Aerodrome pool paired with Coinbase's cbBTC (EBTC-CBBTC). While its on-chain presence on Base is modest, the token maintains significant activity on Ethereum through Pendle markets, where its expected yield is fractionalized into principal and yield tokens across multiple maturity dates.
As an LRT, eBTC allows holders to earn restaking rewards while maintaining liquidity, making it a building block for yield strategies and cross-chain Bitcoin DeFi. LPs providing eBTC on Base should note that its value is fundamentally tied to BTC price action and EigenLayer's restaking mechanics rather than native Base ecosystem growth.