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BTC/stETH Market

Status: ✅ Deployed - Production v1 deployment on Ethereum mainnet

The BTC/stETH market allows users to mint pegged tokens (haBTC) and leveraged tokens (hsSTETH-BTC) using stETH (via wstETH) as collateral.

Market Overview​

This market uses stETH (via wrapped stETH) as collateral to mint:

  • haBTC: Pegged token representing BTC exposure (shared with BTC/fxUSD market)
  • hsSTETH-BTC: Leveraged token with variable exposure to BTC

Contract Addresses (Mainnet)​

  • minter: 0xF42516EB885E737780EB864dd07cEc8628000919
  • peggedToken: 0x25bA4A826E1A1346dcA2Ab530831dbFF9C08bEA7 (haBTC)
  • leveragedToken: 0x817ADaE288eD46B8618AAEffE75ACD26A0a1b0FD (hsSTETH-BTC)
  • reservePool: 0x515ECa19Ac381b0f37D616F99628136906fC5355
  • stabilityPoolManager: Not deployed (uses shared manager)
  • genesis: 0xc64Fc46eED431e92C1b5e24DC296b5985CE6Cc00
  • priceOracle: 0xE370289aF2145A5B2F0F7a4a900eBfD478A156dB (stETH/BTC aggregator)
  • feeReceiver: 0xc3a97138a5aDCC7d28A1375E28EC3440aeaeDF3e (TokenDistributor)
  • stabilityPoolCollateral: 0x667Ceb303193996697A5938cD6e17255EeAcef51
  • stabilityPoolLeveraged: 0xCB4F3e21DE158bf858Aa03E63e4cEc7342177013
  • collateralToken: 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0 (wstETH)
  • wrappedCollateralToken: 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84 (stETH)

Token Details​

Pegged Token (haBTC)​

  • Symbol: haBTC
  • Description: Pegged token representing BTC exposure
  • Use Case: Stable exposure to BTC price movements
  • Address: 0x25bA4A826E1A1346dcA2Ab530831dbFF9C08bEA7
  • Note: Shared with BTC/fxUSD market

Leveraged Token (hsSTETH-BTC)​

  • Symbol: hsSTETH-BTC
  • Description: Leveraged token with variable exposure to BTC
  • Use Case: Leveraged exposure to BTC with staking yield
  • Address: 0x817ADaE288eD46B8618AAEffE75ACD26A0a1b0FD

Collateral Token​

  • stETH: Lido Staked ETH (0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84)
  • wstETH: Wrapped Staked ETH (0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0)

Stability Pools​

Collateral Stability Pool​

  • Address: 0x667Ceb303193996697A5938cD6e17255EeAcef51
  • Rebalance Token: wstETH (collateral)
  • Purpose: Liquidates positions using collateral

Leveraged Stability Pool (Sail Pool)​

  • Address: 0xCB4F3e21DE158bf858Aa03E63e4cEc7342177013
  • Rebalance Token: hsSTETH-BTC (leveraged token)
  • Purpose: Liquidates positions using leveraged tokens

Price Oracle​

The stETH/BTC price oracle (0xE370289aF2145A5B2F0F7a4a900eBfD478A156dB) provides:

  • Rate Provider: wstETH (for stETH exchange rate)
  • Price Feeds: ETH/USD and BTC/USD Chainlink feeds (calculates stETH/BTC)
  • Purpose: Determines collateral value and minting/redemption rates

See Price Oracle Contracts for detailed information.

Market Parameters​

  • Collateral Type: stETH (via wstETH)
  • Leverage Mechanism: Variable leverage based on collateral ratio
  • Yield Source: Staking rewards from stETH
  • Rebalancing: Via stability pools
  • Deployment: Mainnet deployment December 2025 (startBlock: 24049273)

Genesis (Maiden Voyage)​

  • Start Date: December 19, 2025
  • End Date: January 4, 2026
  • Genesis Zap: 0x8Ee0D6AD1d15b3515Ba81CCE16Bba344Deea6781 (GenesisETHZap_v3)