tBTC is a decentralized, non-custodial Bitcoin bridge token deployed on Base at address 0x236aa50979d5f3de3bd1eeb40e81137f22ab794b. It functions as a 1:1 pegged representation of Bitcoin on EVM chains, allowing BTC holders to access DeFi without relying on centralized custodians. The token is minted and redeemed through the tBTC v2 protocol, which relies on a decentralized network of keepers to secure the underlying BTC and manage cross-chain liquidity.
On Base, tBTC is actively paired in Aerodrome pools against USDC, cbBTC, and WETH, with combined TVL exceeding $1 million and base APYs ranging from roughly 1% to 5.4%. Beyond Base, tBTC also features a Pendle market on Ethereum with approximately $6.6 million in TVL and a maturity date of September 2025, reflecting active yield-trading and rate-derivative strategies around the asset.
As a trust-minimized BTC derivative, tBTC serves as a foundational liquidity primitive for cross-chain yield generation and portfolio diversification. Its integration into major DEXs and yield protocols underscores its utility as a bridge between Bitcoin and EVM-based DeFi ecosystems, enabling seamless participation in lending, trading, and structured yield products.