In the Bitcoin yield ecosystem built by the Lorenzo Protocol, stBTC and enzoBTC are the two core flagship products aimed at users. Although both originate from Bitcoin, they have different positioning, functions, and use cases, together building a complete ladder for users from basic staking yield to cross-chain diversified yield.
stBTC: The native yield 'savings certificate' of Bitcoin
Positioning: stBTC is a Bitcoin liquid staking derivative generated by the Lorenzo Protocol in collaboration with the Bitcoin staking infrastructure Babylon.
How to generate: Users deposit native BTC into the Lorenzo protocol, which securely stakes these BTC through the Babylon network and mints stBTC for users at a 1:1 ratio.
Core features:
1. Represents the staked principal and returns: Holding stBTC means you have an amount of BTC that is currently being staked on the Bitcoin network and continuously generating returns. Its value will gradually grow as staking rewards accumulate.
2. Liquidity: Unlike traditional staking that requires locking assets, stBTC can be freely transferred, traded, or used as collateral. You can utilize the value of this asset in advance without needing to unstake it.
3. High security: Its returns come directly from the Bitcoin network itself (through Babylon), without relying on complex cross-chain or third-party strategies, making the risks relatively straightforward.
Who it's suitable for: Long-term holders pursuing native and relatively stable returns from the Bitcoin network. It is the most direct and fundamental step to convert BTC from a 'sleeping asset' to a 'yield-generating asset.'
enzoBTC: The 'passport' to the DeFi world across all chains
Positioning: enzoBTC is a wrapped Bitcoin with cross-chain capabilities designed to release Bitcoin's liquidity into the DeFi ecosystems of other blockchains.
How to generate: Users can wrap BTC or stBTC into enzoBTC. This process essentially bridges assets from the Bitcoin network to other chains supported by Lorenzo (such as BNB Chain).
Core features:
1. Cross-chain interoperability: enzoBTC can circulate across multiple blockchains, allowing it to interact directly with mature DeFi protocols in ecosystems like Ethereum and BNB Chain (such as decentralized exchanges and lending platforms).
2. Expanded yield strategies: Holding enzoBTC means you can deposit it into liquidity pools, lending markets, or yield aggregators on other chains, participating in more complex strategies with potentially higher yields that may not be directly achievable on Bitcoin L2.
3. Maintain 1:1 redemption right: Despite circulating across various chains, enzoBTC always retains the right to redeem 1:1 for native BTC, ensuring its value anchoring.
Who it's suitable for: Active users dissatisfied with basic staking returns who wish to leverage Bitcoin capital to actively participate in a broader DeFi ecosystem and pursue higher returns.
Comparison and collaboration
· Target difference: stBTC primarily addresses the issue of 'earning interest on BTC itself'; while enzoBTC mainly addresses the problem of 'earning money with BTC in other ecosystems.'
· Risk and return spectrum: stBTC is closer to the native risks of Bitcoin, with relatively stable returns; enzoBTC, on the other hand, carries additional risks and return opportunities associated with the target DeFi ecosystem, potentially offering higher returns and volatility.
· Synergistic relationship: The two form a perfect return closed loop. Users can first obtain basic returns through stBTC, and then, depending on the situation, convert some stBTC into enzoBTC to venture into high-yield cross-chain areas, achieving diversification in asset allocation.
In short, stBTC is your 'Bitcoin interest-bearing deposit certificate,' while enzoBTC is your 'Bitcoin multifunctional financial credit card.' The Lorenzo Protocol meets the needs of Bitcoin holders from conservative to aggressive by providing these two tools, achieving a comprehensive upgrade in Bitcoin capital efficiency.
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