bxBTC

Your Bitcoin,
earning.

Mercato deploys Bitcoin into fully on-chain yield strategies — lending markets, basis trades, restaking. No banks, no custodians. Just code.

Open landscape at dusk
Live protocol metrics

The numbers,
on-chain and open.

↑
—
Current APY
BTC-denominated
◈
Launching
Total Value Locked
cbBTC vault
⬡
3
Active Strategies
Phase 1
%
10%
Performance Fee
On yield only
∅
None
Custody
Permissionless
Strategies

Built for
the on-chain era.

Morpho Blue, Aave V3, autonomous rebalancing. Every position verifiable on-chain — no black box, no middlemen.

Three horses running across sand dunes
Why bxBTC

Higher highs.
Softer dips.

bxBTC tracks BTC price — but with yield accumulating underneath. When BTC dips, bxBTC dips less. When BTC rises, bxBTC rises further. Same asset. More of it over time.

+65%
BTC price return (24mo)
Price only
+79%
bxBTC total return (24mo)
Price + lending yield
+2.8pts
Yield cushion at dip
Less drawdown vs BTC

Illustrative only. BTC price path is simulated based on a typical 2-year cycle. Yield assumes ~4% annualised from lending markets, denominated in BTC. Past strategy performance does not guarantee future returns. Not financial advice.

BTC price
bxBTC (price + yield)
90100110120130140150160Now+6mo+12mo+18mo+24mo
Why now

DeFi tried everything.
BTC yield is what's left.

The last five years were an experiment in synthetic yield. Protocols manufactured returns from nothing — inflation dressed as income. What remains after the cycle is boring, real, and sustainable: lending Bitcoin to people who need it.

2020–21
Yield farming

Protocols printed governance tokens and called it yield. 1000% APYs lasted weeks. The "yield" was inflation — you earned tokens worth less each day.

dead
2022–23
LSTfi loops

Stack stETH, borrow ETH, restake. Lever up on LST derivatives for extra points. One depeg cascade wiped leveraged positions across the board.

dead
2023–24
Points farming

Deposit into a protocol, earn points, hope for airdrop. Most airdrops disappointed. The yield was speculative and denominated in nothing.

fading
2024–25
BTC lending yield

Institutional demand for BTC borrowing is structural. ETF inflows, corporate treasuries, and DeFi leverage desks all need BTC liquidity. That demand pays real interest — in Bitcoin.

real
₿
Denominated in the hardest money

You earn more Bitcoin. Not points, not governance tokens, not stablecoins. The yield accrues in the same asset you hold — so a BTC bull run compounds on top of your yield.

⟁
Demand is structural, not manufactured

Morpho Blue and Aave V3 pay interest because borrowers need BTC as collateral to open leveraged positions. That demand is real and persistent — it doesn't evaporate when token incentives end.

◎
No custodian, no counterparty

You never give up your keys. Funds sit in immutable smart contracts — on-chain, verifiable by anyone. No Celsius, no BlockFi, no middlemen.

↗
Institutions need on-chain BTC yield

ETF approval changed the game. Treasuries holding BTC want yield. That institutional demand for permissionless, non-custodial BTC yield is just beginning.

Deposit

From zero to yield-bearing
Bitcoin.

Connect a wallet or pay with card. bxBTC starts earning the moment you deposit — no manual steps, no compounding required.

You depositcbBTC · Base
cbBTC
You receive—
or

Not available to US persons · Smart contract risk exists · Not financial advice

Person at desk in sweeping landscape
The team

No fund managers.
Just agents.

Mercato runs on four autonomous agents. They monitor, rebalance, communicate, and report — without human intervention. Every action is on-chain and verifiable.

Strategy Monitor
Keeps your yield competitive
Runs every 12h

Watches lending markets around the clock. When a better yield appears, it rebalances — automatically, within strict on-chain limits. No human decides where your Bitcoin goes.

Daily Brief
Your morning update
9AM UTC daily

Every day at 9AM UTC, a full protocol health report lands in your inbox. TVL, APY, treasury status, what happened overnight. Plain language, no spin.

GTM Agent
Builds the community
Runs every 6h

Posts strategy updates, explains the protocol, engages with the DeFi conversation. Every rebalance gets announced publicly the moment it's executed — transparency as a default.

Treasury Watcher
Keeps the lights on
Runs every hour

Monitors the gas reserve. If operations are about to be disrupted, it flags it before it's a problem. Never moves funds — only watches and alerts.

Seniority programme

Hold more.
Pay less.
Get there first.

Three interlocking programmes that reward early depositors, loyal holders, and people who bring others into the protocol. No token promises. No inflation. Everything comes from real protocol revenue.

Your referral link
Connect wallet
Connect your wallet to generate a referral link
Referral bonus+500 SR
01 · Fee rebates
Hold more, keep more of your yield

The performance fee drops as your bxBTC balance grows. Sovereign holders pay nothing — 100% of yield is yours.

Base< 0.1 BTC10%
Silver≥ 0.1 BTC8%
Gold≥ 0.5 BTC5%
Sovereign≥ 2 BTC0% fee
02 · Referrals
Bring someone in, both of you win

Share your link. When a referred wallet makes its first deposit, you earn seniority — applied toward your fee tier. They start ahead too.

You (referrer)
Per referred deposit
+500 SR
Them (referee)
On first deposit
+100 SR

Referral links are wallet-bound. One link per address, unlimited uses. Seniority accrues in real time and determines your fee tier.

03 · Seniority
Protocol seniority, not speculative farming

Seniority has no monetary value and will never be sold. It is a transparent record of protocol loyalty — and determines your priority access when new strategies launch.

◈Hold bxBTC100 SR / BTC / day
↗Refer a depositor500 SR per referral
✦First deposit100 SR bonus
Phase 2 early access

Wallets with ≥1,000 SR get priority allocation to the Basis Trade strategy when it launches — before public open access.

View seniority rankings→