neoBTC

neoBTC is an index-based rebasing token that represents real BTC held by trusted custodians like BitGo, allowing users to earn yield while maintaining exposure to Bitcoin.
wneoBTC is a wrapped, non-rebasing version of neoBTC designed for seamless use in DeFi protocols like lending, borrowing, and trading.

Overview

NeoLyf’s BTC staking system enables users to benefit from Bitcoin yield without actively managing their BTC. It combines off-chain yield generation with on-chain utility, unlocking new DeFi opportunities for BTC holders in a simple and transparent way.

Contracts

Contract	Description
neoBTC.sol	Rebasing token reflecting BTC staked off-chain
wneoBTC.sol	Non-rebasing wrapper used for DeFi compatibility

How It Works

Flow Summary

1. Users lock BTC through the NeoLyf mobile app.
2. BTC is sent off-chain to a trusted custodian like BitGo.
3. The NeoLyf admin (multisig) mints neoBTC to reflect the user’s position.
4. Yield earned by the custodian is added through a rebase, increasing the index.
5. User balances grow automatically as the index increases.
6. Users can wrap their neoBTC into wneoBTC for DeFi usage.
7. When users wish to redeem BTC, the admin burns neoBTC, and the user is paid in BTC through the NeoLyf app.

sequenceDiagram
    participant User
    participant NeoLyf App
    participant BTC Custodian (BitGo)
    participant Admin (Multisig)
    participant neoBTC Contract

    User->>NeoLyf App: Lock BTC
    NeoLyf App->>BTC Custodian (BitGo): Send BTC
    Admin->>neoBTC Contract: mint(user, amount, btcWallet, custodian)
    note right of neoBTC Contract: neoBTC shares are tracked
    Admin->>neoBTC Contract: rebase(reward)
    neoBTC Contract->>User: Index increases, balance grows
    User->>wneoBTC: wrap(amount)
    User->>DeFi: Supply wneoBTC to protocols

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Why CoreDAO?

neoBTC is deployed on CoreDAO, the fastest-growing Bitcoin-secured EVM chain. CoreDAO combines the security and decentralization of Bitcoin with the programmability of Ethereum, making it an ideal home for BTC-based applications like neoBTC.

With native BTC bridging, low gas fees, and a growing DeFi ecosystem, CoreDAO offers the perfect foundation for a yield-bearing BTC product that can integrate with lending markets, staking platforms, and cross-chain swaps.

neoBTC leverages CoreDAO's infrastructure to make Bitcoin productive — without compromising user experience or security.

Design Details

• neoBTC
• Rebasing via a global index.
• No ERC4626: BTC is not held on CoreDAO chain.
• Only admin/multisig can mint/burn.
• Emits BTC wallet and custodian data for auditability.
• No transfers allowed — must use wneoBTC to interact with DeFi.

wneoBTC

• ERC20-compliant wrapper for DeFi protocols.
• Fixed-balance token with wrapping and unwrapping based on the current index.
• Allows users to supply collateral, trade, or provide liquidity using BTC yield representation.