How does Pendle in the Bitcoin ecosystem use Master Protocol at low cost?

Author: Cryptodog Source: medium

24 years of popular project Lingo Handbook, will be publicly raised soon. The tutorial is as follows, it takes 5 minutes to complete (RWA is a global narrative. If you want to read the investment research article, I will write it later. First understand how to quickly realize it)

At present, the entire airdrop environment is deviating from the direction of "information gap". The basic pattern is that users gather on projects with high exposure and high volume, and many projects with good concepts are not paid attention to, resulting in the investment research of many unpopular projects being basically ignored.

The final result is that popular projects basically lost money, such as zkSync and Blast; while unpopular projects such as AI ARENA and Lista DAO (there were not many participants when the first version of the tutorial was released) made a lot of money.

Today, I will continue to take a side path and introduce a project with Yield Pass NFT (total 10,000) of only 3u - Master Protocol. Let's see how to make money.

This article is mainly divided into the following parts:

• Introduction to Master Protocol

• Before the airdrop tutorial

• Basic Tutorial

1. Introduction to Master Protocol

Master Protocol It is an emerging interest rate swap market and points farm accelerator in the Bitcoin ecosystem. It is a one-stop financial platform tailored for all LSD assets, and will gradually support all LST in different ecosystems. It simplifies interactions and transactions within the Bitcoin network, aggregates users and assets, and promotes liquidity and interaction within the ecosystem. Master also acts as a central hub, connecting local Bitcoin promoters with various applications, providing support for the development of new applications, and improving the utility of Bitcoin infrastructure. By introducing the re-staking layer, Master Protocol enhances its infrastructure, meets the needs of rapid expansion of the ecosystem, promotes the connection between various DeFi protocols and second-layer solutions, and thoroughly solves the fragmentation problem caused by the development and prosperity of BTC Layer2, and improves the composability, operability and overall practicality of BTC in the ecosystem.

After rummaging through a bunch of information, it feels like reading a book of heaven. I think so too, so this article will not pretend to be profound and write a technical analysis article, which is meaningless. Master Protocol can be simply understood as:

Now Ethereum has been ruined by the "two idiots" of zkSync and Blast. It will take a long time to rebuild trust. As early as the second half of 2023, the market was aware of this problem. At that time, Inscription solved the BTC expansion problem, making BTC Layer2 possible. Many forward-looking development teams began to deploy BTC Layer2, and many excellent projects emerged, such as: Babylon, Botanix, Bitlayer, BounceBit, B² and Merlin and other well-known L2 solutions took the lead in adopting various methods to realize Bitcoin staking. (I) But what does all this nonsense have to do with Master Protocol?

BTC Layer2 Basically, many projects use pledge to ensure on-chain security, just like the POS concept of ETH. So much money is pledged on BTC Layer2. If users pledge all their funds on BTC Layer2, it will cause a shortage of liquidity. The serious shortage of liquidity in ETH in the first quarter was caused by LSD.

This liquidity shortage did not last until the emergence of projects such as Pendle on ETH. The emergence of this kind of new narrative once again activated the market.

At present, BTC Layer2 has only been launched for a short time and the old road on ETH has appeared. At this time, a project like Pendle is needed to integrate the entire LSD market. Master Protocol is such a general existence.

(II) The value of Master Protocol is to do BTC-FI

Master Protocol can be regarded as Eigenlayer+Pendle of Bitcoin ecosystem, but it cannot be regarded as a simple replica of Pendle. The value of Master Protocol is to do the BTC-FI value chain.

This sentence is understood as follows:

The LST and Restaking protocols of the Bitcoin ecosystem have sprung up like mushrooms after rain. It is crucial to have a market that can price these Wrap interest-bearing assets and interest rate swaps for the Bitcoin ecosystem.

And Master Protocol has the following three functions, which block the key ecological niche of BTC-FI (liberating the productivity efficiency of BTC assets) and become the cornerstone of Bitcoin ecological income by integrating BTC ecological income assets. Because of this, Master Protocol has recently completed its seed round of financing with a valuation of $25 million.

Master Protocol three core products:

• Master Yield Market (flagship product, already launched, now it is)

• Master Liquid Staking

• Master Liquid Restaking

(III) About Master Yield Market

The main product at present is Master Yield Market.

To put it simply, Master Yield Market is an interest trading platform that supports multiple BTC L2s, aggregates multiple Bitcoin ecosystem assets, and splits them into MPT (principal) and MYT (interest) for users to trade.

• MPT is equivalent to a fixed-income product, locking in income in advance

• MYT is equivalent to the points futures market (which can be sold at any time on DEX), so there is room for speculation on expected returns. The unit price of MYT is low in the early stage, and the capital utilization rate will be greatly improved.

Currently supports BounceBit's stBB and stBBTC, and will support more assets in the future: BounceBit — Pell, Bitlayer — Pell, Multiple L2 — Lorenzo, Botanix — Master Protocol

II. Before the airdrop tutorial

(I) Things to know before interaction

Use the following cross-chain tool to cross ETH to BASE (if you have already crossed, please ignore it)

• https://bridge.base.org/deposit

Pay attention to the ETH cross-chain handling fee, the official handling fee is a bit high, 30u for one and 9u for another

So I chose Rhino, and zkSync crossed to BASE, and the handling fee can be controlled within 1u;

(II) About the airdrop interaction method

This is the additional airdrop activity launched by Master's core product Yield Market. There are two ways to participate:

• Trading Mining Reward Pool: Earn points by trading in Yield Market (1 USDT transaction amount = 1 point).

• New Mining Reward Pool: Staking Yield Pass can earn 200 points per day. Both the inviter and the invitee can get a mysterious treasure box (10-200 points), provided that the invitee is a valid Staker or reaches 100 USDT The more people you invite, the higher the bonus points you get.

(III) About Genesis Master Pass

Genesis Master Pass is the Genesis NFT of Master Protocol, with a total of 6,500. It was also Free Mint at the time and was completed in 5 minutes.

According to rarity, it is divided into:

• SSR — 500 daily output 150 points one-click mining

• SR — 1,500 daily output 40 points Complete daily mining tasks

• R — 4500 Daily output 10 points Complete daily mining tasks

• SSR pledge ratio: more than 75%

• The current market prices are: 117u, 26u, 11u

In addition to staking to earn points, Genesis Master Pass also introduces a synthesis gameplay to form a deflationary cycle. Three R cards can be synthesized into one SR card, and three SR cards can be synthesized into one SSR card. Therefore, the number of Pass cards will become fewer and fewer and more scarce.

(IV) About Master Yield Pass

Master Yield Pass was launched at the same time as the LSDFi product Master Yield Market:

• Total amount: 10,000

• Price: Free (completed)

• Current floor price: 3u

Do you think the Master Yield Pass (total amount of 10,000, current floor price 3u) has greater growth potential, or the Genesis Master Pass (total amount of 6,500, floor price 11u) has greater growth potential? It's up to you how to play. This article is a low-cost airdrop tutorial. The following tutorial takes the Master Yield Pass as an example.

What is the use of Master Yield Pass?

Staking Master Yield Pass has the following benefits:

• Earn high points from the trading pool and referral pool to get token airdrops

• Commissions from the revenue sharing market

• Additional benefits will be announced by the official in the future

Trading Mining Reward Pool: Staking Yield Pass will enjoy 300% points bonus;

New Mining Reward Pool: Staking Yield Pass can earn 200 points per day, and inviting friends can get unlimited Buff bonus!

Three, Airdrop Tutorial

Here, by default, the interaction is carried out under the Master Yield Pass, which can be purchased at OK Hua 3u. It doesn’t matter if you don’t have it, and you can also get points for trading.

Step 1. Pledge Master Yield Pass (If you don’t have NFT, you can jump to the third step of the transaction)

Related links: https://campaign.masterprotocol.xyz/myp/referral/?referralCode=UCJ2Y

• Click Mint&Stake

• Click Stake

• Click twice to pledge

• After success, it will be displayed as follows

Step 2. Create an invitation link

• Click Referral

• Click Generate Referral Code Create your own invitation link

• Then try your best to invite your own trumpet

Step 3. Trading and Mining

Increase trading volume in Yield Market and earn points (1 USDT trading volume = 1 point). The specific operations are as follows (taking $BB as an example):

1. Buy some $BB on Binance;

2. Mention the BounceBit network address of your wallet;

3. Enter https://portal.bouncebit.io/stake, change BB to stBB (handling fees are settled in BB tokens)

• After entering, data transaction quantity, change stBB to MPT

The above is the entire interactive process. Now the official has a bonus activity. As an early user, it is best to increase the transaction volume.

The project may issue coins in the third quarter. During this period, we can use small accounts to brush each other. If you rush your score ranking into the top 5,000, you will have meat to eat (don’t run into the top 100).

Each airdrop can be operated with multiple accounts. The multi-account tool I currently use is: MorLogin fingerprint browser. After testing, MoreLogin has made great efforts in security:

https://www.morelogin.com/?from=AANvwSB8onX4

As for the wallet plug-in that everyone is most concerned about, MoreLogin has done layers of encryption. Even if someone with ulterior motives invades your computer and takes away the wallet plug-in file, it cannot be cracked. This is what I have been using. The data of other chrome-core browsers are universal and not encrypted.

Multi-opening tutorials are as follows: