Mezo has officially launched its pre-deposit vaults as part of the “Bring Bitcoin Home” initiative aimed at transitioning significant liquidity from Ethereum back to the Bitcoin network. This move targets more than $11 billion currently held in wrapped Bitcoin on Ethereum’s decentralized finance (DeFi) platforms. Participants in this migration will not only facilitate a return to Bitcoin’s native infrastructure but will also be eligible for rewards in the form of MEZO tokens.
To incentivize early depositors, Mezo has allocated up to 2.5% of its total MEZO token supply, offering boosted rewards starting with an attractive annual percentage rate (APR) of 5%, which may estimate a total APR of approximately 7% when including base yield. The initiative encourages users to deposit various forms of Bitcoin, including tBTC, cbBTC, WBTC, or USDT, into the Ethereum-based vaults. These assets are set to migrate automatically to Mezo’s native Bitcoin infrastructure by the end of January, promising fixed-rate borrowing, a Bitcoin-backed stablecoin, and yield derived from genuine on-chain activities.
CEO of Thesis, the venture studio behind Mezo, Matt Luongo, highlighted the historical context of this initiative, noting that sixteen years ago, Hal Finney ran the second Bitcoin node and envisaged a comprehensive financial system based on Bitcoin. Luongo emphasized that Mezo is a Bitcoin-first solution designed to facilitate essential banking services—like borrowing, saving, and earning yield—directly against Bitcoin, without dependency on custodians or wrapped tokens.
Since its launch, Mezo has made significant strides in the Bitcoin financial landscape, recently introducing features such as:
– Fixed-rate Bitcoin-backed loans available on the mainnet.
– A fully Bitcoin-backed stablecoin.
– Transaction fees denominated in MUSD.
– A structure that rewards users for engaging with the on-chain ecosystem.
– Direct fiat on-ramps for its native stablecoin.
The launch of the pre-deposit vaults comes with critical dates for potential participants:
– Vaults open for deposits today, January 12, with bonuses available for early entrants.
– The vaults will lock on January 26, initiating the migration process to Mezo.
– Vaults are expected to unlock on March 23, when depositors can receive their MEZO tokens.
Mezo provides a unique banking avenue for Bitcoin holders, offering self-custodial banking solutions tailored to user needs without typical banking barriers such as credit checks. This decentralized network empowers users by facilitating liquidity while preserving their Bitcoin holdings.
The venture studio, Thesis, has a long-standing commitment to innovating within the Bitcoin ecosystem since its establishment in 2014. Its portfolio includes various projects that focus on decentralized finance and the promotion of a sovereign digital future.
For further details, prospective users can explore the Mezo Earn whitepaper or visit the official website at mezo.org.
