Bitcoin
Auto Allocation - Bitcoin with wBTC
Accumulate dollar cost averaged Bitcoin with automatic swaps into WBTC.
Any MATIC sent to an Amasa account which has setup Bitcoin in Auto Allocation, automatically enters a set of smart contracts and is swapped via Uniswap v3 pairing: MATIC/WBTC
The percentage of MATIC swapped to WBTC will match the set percentage chosen by the account holder in their Auto Allocation.
As part of the same transaction executed by the smart contracts, the wallet address connected using Metamask to setup the Amasa account will be issued with arWBTC tokens. These function similarly to LP tokens as a record of ownership over funds within the contract.
In a user-actioned withdrawal transaction,
User’s arWBTC tokens are sent back to the Amasa smart contract and burned
User receives USDC ( or MATIC if selected from the dropdown option) into their connected wallet.
Users can independently confirm and track all transactions on the Polygon network.
Risk Disclosure
The DeFi space is not without risk. It is highly recommended to do your own research and only supply assets you can afford to lose. Read Risk Disclosure
What is WBTC?
Wrapped Bitcoin, or WBTC, is an ERC-20 token that represents the value of one Bitcoin. One WBTC should generally be equivalent to one BTC and can be converted back and forth from BTC. The key benefit of WBTC is that it facilitates faster transactions compared to traditional Bitcoin, and it can be integrated into Ethereum wallets, decentralized apps, and smart contracts. At time of writing, there are more than 180,000 WBTC in circulation.
In January 2019, Wrapped Bitcoin was introduced on the Ethereum mainnet. It was a joint effort by leading players in the DeFi ecosystem such as BitGo, Ren, Dharma, Kyber, Compound, MakerDAO and Set Protocol, to increase liquidity in the Ethereum network by incorporating Bitcoin. Currently, the project is governed by a Decentralized Autonomous Organization (DAO) known as the WBTC DAO.
Many of the widely used DeFi dapps on Ethereum necessitate the provision of collateral. On platforms such as MakerDAO and Compound users must pledge crypto assets to borrow other crypto assets. Due to the limited value of Ethereum in comparison to Bitcoin, this limits the potential growth of these protocols. Wrapped Bitcoin enables the integration of Bitcoin on Ethereum and L2s on top of Ethereum,, increasing liquidity and providing more collateral options for dapps. Additionally, Wrapped Bitcoin enables Bitcoin holders to use their assets as collateral while utilizing DeFi dapps like Compound for borrowing or lending purposes.
WBTC promotes trust and transparency through regular audits and publicizing all on-chain transactions and verifications for both the Bitcoin and Ethereum networks. Users have the ability to independently confirm the amount of BTC sent to the WBTC address on the Bitcoin blockchain and check if they match with the creation of WBTC tokens on the Ethereum blockchain. The process of redeeming BTC through the burning of WBTC can also be tracked on the blockchain.
What are arWBTC tokens?
Amasa uses Amasa Record (ar) tokens which function like Liquidity Pool ( LP ) tokens as a record of ownership over funds within Amasa smart contracts.
Currently these are the following arTokens used in the Amasa smart contracts.
arUSDC ( USDC )
arUSDT ( USDT )
arWBTC ( WBTC )
arwstETH ( Liquid staked wrapped ETH on Lido )
arDPI ( DPI )
arMVI ( MVI )
How long do I have to keep funds in my account?
There are no restrictions or lockup time periods on any user funds in accounts. If there are funds in your account they can be withdrawn at any time.
Who holds my funds?
All user funds are non-custodial and securely stored in the Amasa smart contracts on Polygon, a Layer2 network on the Ethereum blockchain. Only a connected wallet which holds arTokens ( Amasa Record Tokens ) is able to withdraw funds from the Amasa smart contracts. Only the value of the arTokens held by the user can be withdrawn.
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