# Introducing uBTC, a BTC-Accumulating Liquid Staking Solution for Harmony ONE, by UtilityDAO **URL:** \ **Category:** Announcements\ **Created:** [December 23, 2024, 11:41am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557 "2024-12-23T11:41:46Z")\ **Posts on this page:** 19\ **Page:** 1
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [December 23, 2024, 11:41am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/1 "2024-12-23T11:41:46Z")
Expecting to go live in 2025, uBTC revolutionizes the way Harmony users can stake ONE and indirectly accumulate BTC. **What is uBTC?** uBTC is a liquid staking token that allows ONE holders to: - **Indirectly accumulate BTC:** All staking rewards are converted into on-chain BTC. - **Maintain liquidity:** Trade uBTC at any time. - **Participate in BTC Yield Farming:** Earn BTC interest by staking uBTC in our rebasing farming contract. Our solution provides a seamless way to stake ONE and gain exposure to BTC, acting as a BTC-accumulation tool for the Harmony ecosystem. **uBTC Token Address:** (To be deployed) **FeeWallet:** (To be deployed) **uBTC - ONE LP Pool Address:** (To be deployed) **🤖 Smart Contracts** - **StakedONEContract:** (To be deployed) - Handles ONE staking and uBTC minting/burning. - **uBTCRewardsConverter:** (To be deployed) - Converts ONE staking rewards into BTC onchain. - **RebasingFarmContract:** (To be deployed) - Rebasing contract where uBTC holders can farm BTC. - **OnchainValidatorRelay:** (To be deployed) - Manages interaction with Harmony validators. **Benefits of uBTC** uBTC offers several key advantages: - **Automated BTC Dollar Cost Averaging:** Automatically convert your ONE staking rewards into BTC, allowing you to consistently acquire Bitcoin over time. - **Liquidity and Flexibility:** Maintain liquidity by being able to trade uBTC at any time. Use your uBTC in DeFi protocols or stake to further your BTC growth. - **Consistent BTC Growth:** Staking uBTC provides exposure to BTC rebasing rewards, amplifying your efforts to grow your BTC portfolio. - **Consistent and Reliable Validator Selection:** Our validator selection ensures consistent rewards that contribute to your ongoing BTC accumulation - **BTC Rebasing Rewards:** Stake uBTC in our farm to earn BTC interest with a dynamic rebasing model. Our rebasing contract supercharges your BTC accumulation over time - **Auto-Compounding (Indirect):** Your staked assets in ONE grow, and so does your potential BTC earned through rebasing, minimizing required interactions. Set-it-and-forget-it, UtilityDAO does the work for you **How uBTC Staking Works** 1. Connect your wallet to the uBTC dApp using your preferred wallet. 2. Deposit your ONE tokens into the smart contract. 3. Receive an equivalent amount of uBTC tokens (1 uBTC = 1 ONE). 4. The staking rewards from ONE are converted into BTC and accumulated into the RebasingFarmContract. 5. Stake your uBTC in the RebasingFarmContract to earn BTC interest which automatically compounds. 6. Utilize the uBTC in other DeFi protocols if you choose like swap.harmony.one **uBTC-ONE LP and uBTC-BTC LP** - Provide liquidity on DEX’s with uBTC to increase liquidity, earn fees and access additional earning opportunities. **If you want to unstake your uBTC:** 1. Use the dApp to unstake your uBTC. 2. Wait for 7 epochs to unstake your funds. (7 epochs currently takes ~7 days) 3. Redeem your uBTC for ONE via the dApp or Swap your uBTC on swap.harmony.one for instant redemption. **UtilityDAO Team Experience** The UtilityDAO team has: - Worked in crypto for 2+ years. - Deep involvement in the Harmony community since day one. - A track record of deploying user-centric smart contracts: - [uONE Liquid Staking](https://utilitydao.one/uONE) - [Recovery Tracker](https://utilitydao.one/recovery) - Token Creator - Ecosystem Landscape - Token Burner - Independent Smart Contract Token Interface - Independent NFT Interface - [Swap.harmony.one Autocompounder](https://utilitydao.one/Compound) **Key Features** - Industry low 1% fee on staking rewards - Expert validator selection - BTC Rebasing farming contract - 1:1 uBTC peg to ONE - Unique Aspects - Fills gap in providing BTC rewards and staking in a user friendly interface - Set-and-forget Bitcoin acquisition using a Dollar Cost Average strategy **Goals** - 0.1 million ONE staked - 0.2 million ONE staked - 0.3 million ONE staked **Future Plans** - **Gradual Decentralization:** - Transition to a multisignature wallet consisting of UtilityDAO members and core Harmony protocol and ecosystem partners. - **Enhanced Transparency:** - Develop analytics dashboard for real-time performance tracking. **Fees** - No transaction fees. - No deposit fees. - 1% fee on collected staking rewards from ONE, which are converted to BTC. - Dynamic rebasing contract fee, used to pay out rewards from uBTC staking. This fee will fluctuate based on contract parameters including expected runway and current available funds, making it a effective way to manage fund distribution. **Disclaimer** - This document is a draft and is subject to significant changes. We are actively seeking community feedback. Please feel free to share your criticisms, concerns, and enthusiasm. Together, we can build a better toolset for users on Harmony! Some extra information on Dollar Cost Averaging: [Dollar-Cost Averaging (DCA) Explained With Examples and Considerations](https://www.investopedia.com/terms/d/dollarcostaveraging.asp) ---
**Author:** ![FortuneValidator](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/fortunevalidator/32/2161_2.png) [@FortuneValidator](https://talk.harmony.one/u/FortuneValidator)\ **Post date:** [December 23, 2024, 10:21pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/2 "2024-12-23T22:21:30Z")
Nice concept. Keep us updated 👌 ---
**Author:** ![GoodTimesBrad](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/goodtimesbrad/32/5384_2.png) [@GoodTimesBrad](https://talk.harmony.one/u/GoodTimesBrad)\ **Post date:** [December 24, 2024, 3:10am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/3 "2024-12-24T03:10:25Z")
Looks good. Look forward to seeing this. ---
**Author:** ![ValidatorONE](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/validatorone/32/643_2.png) [@ValidatorONE](https://talk.harmony.one/u/ValidatorONE)\ **Post date:** [December 24, 2024, 4:56am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/4 "2024-12-24T04:56:35Z")
Interesting project for those wanting exposure to BTC. Could you define “expert validator selection”. I’m assuming it will be a fair and open selection process after the Tranquil liquid staking fiasco. ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [December 24, 2024, 9:34am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/5 "2024-12-24T09:34:23Z")
Great question and we are trying to further define the validator selection criteria so that these criteria are transparent to everyone. Currently we are looking at validators who: 1. Contribute to meaningful discussions on HIP proposals 2. Retain good uptime practices and redundancies 3. Are elected 99%+ of the time With uONE we try to maximize staking rewards but with this new product we foresee a more stable / conservative approach in validator selection. Hope this clarifies a little bit, but always feel free to ask and discuss further. ---
**Author:** ![easynode](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/easynode/32/16959_2.png) [@easynode](https://talk.harmony.one/u/easynode)\ **Post date:** [December 28, 2024, 1:49am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/6 "2024-12-28T01:49:22Z")
Another exciting offering from the UtilityDAO! How will BTC be brought on the chain to back this up? Will we be getting layer zero BTC shortly? I’m just curious as to the method and cost of moving BTC on/off the chain. I’m excited to hear more as we get closer. ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [December 29, 2024, 1:29pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/7 "2024-12-29T13:29:32Z")
🙂 Thank you for the kind words. We will be buying onchain BTC via swap.country that has been bridged already, we might have to bridge some more onto harmony using layerzero but we do not foresee that with current traction and reward numbers. ![image](https://canada1.discourse-cdn.com/flex035/uploads/harmony1/original/3X/0/3/03f44ecc93e0cf100daf137ae52894d70a6a5d67.png) Currently working on a transparent document that will be used as launch manifest, enjoy the last days of 2024! ---
**Author:** ![ValidatorONE](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/validatorone/32/643_2.png) [@ValidatorONE](https://talk.harmony.one/u/ValidatorONE)\ **Post date:** [January 1, 2025, 6:04pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/8 "2025-01-01T18:04:29Z")
Sounds good. As a validator, it’s hard to promote these liquid staking protocols if the validator selection process isn’t fair, open, or transparent. For community-building purposes, it’s important to have validator buy-in as we generally have a large delegator following who may be more willing to try liquid staking alternatives. To that point, may I recommend that you consider social metrics in your validator selection process? It’s much more beneficial to support validators with, let’s say, at least 500 combined social media followers versus only 10 or no social media presence at all. ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [January 2, 2025, 11:29am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/9 "2025-01-02T11:29:58Z")
Thank you, @ValidatorONE, for your insightful feedback. I acknowledge the importance of fair, open, and transparent validator selection, for any dapp but particularly for liquid staking protocols. Your point about validator buy-in and its impact on delegator participation is well-taken, and I appreciate your suggestion to include social metrics. We are committed to a thorough process, and I’m planning a validator deep dive this week. I will be incorporating these considerations, and you can expect to see some tangible results by Friday. ---
**Author:** ![GoodTimesBrad](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/goodtimesbrad/32/5384_2.png) [@GoodTimesBrad](https://talk.harmony.one/u/GoodTimesBrad)\ **Post date:** [January 14, 2025, 1:57am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/10 "2025-01-14T01:57:19Z")
Hey, Are you guys open source or do you have verified contracts? I’d like to incorporate uONE into High stakes to allow for instant withdrawals. Not sure if this is the best place to ask ---
**Author:** ![Black\_XXoR](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/black_xxor/32/16355_2.png) [@Black\_XXoR](https://talk.harmony.one/u/Black_XXoR)\ **Post date:** [January 22, 2025, 7:15pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/11 "2025-01-22T19:15:36Z")
Very good concept! Want to see this to fruition how can we help ? ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [January 26, 2025, 9:36am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/12 "2025-01-26T09:36:19Z")
Morning! We will verify our contracts in the future and open source it since we are moving to more structured organisation. Feel free to DM me on twitter for the High Stakes ideas Enjoy your sunday 🙂 ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [January 26, 2025, 9:37am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/13 "2025-01-26T09:37:34Z")
working on it as we speak. How to help: share our story and be open, transparent about it. No KOL’s or sketchy stuff for our projects, only organic and therefore sustainable growth ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [January 26, 2025, 9:39am UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/14 "2025-01-26T09:39:35Z")
Update: we are closely monitoring validators using [smartstake.io](http://smartstake.io) Currerntly we look for validators with \> 300 validators, sign rate above 99.5% and avg. ERI \> 1 Hope this clarifies some things \<3 Have a great sunday y’all ---
**Author:** ![slugo\_slugom\_crypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/slugo_slugom_crypto/32/1605_2.png) [@slugo\_slugom\_crypto](https://talk.harmony.one/u/slugo_slugom_crypto)\ **Post date:** [January 28, 2025, 3:26pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/15 "2025-01-28T15:26:50Z")
Will repost from my real account, work tricked me into my old one! ---
**Author:** ![easynode](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/easynode/32/16959_2.png) [@easynode](https://talk.harmony.one/u/easynode)\ **Post date:** [January 28, 2025, 3:32pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/16 "2025-01-28T15:32:44Z")
I would be cautious on using ERI as a metric, here is why: Currently validators only on shard 0 by default have a high ERI due to shard imbalance. Fortune & the EasyNode group do what we can to balance shards but as far as we know others who change slots at the last minute do so for selfish reasons to get into the bounds area if they can to have an artifically higher ERI. EasyNode has a high ERI because we are small and fully run on shard 0 trying to keep it even with shard 1 so that’s why we’re saying throw ERI out even as one of the top ERI performers 😁 In reality every validator should have an ERI of 1 if everyone has a proper number of slots. The other criteria looks great though! ---
**Author:** ![FortuneValidator](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/fortunevalidator/32/2161_2.png) [@FortuneValidator](https://talk.harmony.one/u/FortuneValidator)\ **Post date:** [January 28, 2025, 6:28pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/17 "2025-01-28T18:28:45Z")
Completely agree with EasyNode here 👍 Also, glad to see this project this in the works. Reach out anytime. ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [January 29, 2025, 1:44pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/18 "2025-01-29T13:44:56Z")
Excellend addition. thank you for pointing out. Will be thinking about this in the meantime ---
**Author:** ![4MCrypto](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/4mcrypto/32/6382_2.png) [@4MCrypto](https://talk.harmony.one/u/4MCrypto)\ **Post date:** [April 1, 2025, 1:44pm UTC](https://talk.harmony.one/t/introducing-ubtc-a-btc-accumulating-liquid-staking-solution-for-harmony-one-by-utilitydao/25557/19 "2025-04-01T13:44:26Z")
Being transparent here. we have put this project temporary in the fridge due to lack of demand on the harmony chain. We will be back working on this when relevant.