Babylon Labs submitted a proposal to allow users to borrow stablecoins on Aave using native Bitcoin as collateral. Users would lock their BTC in vaults on the Bitcoin network with a non-transferable token on Ethereum representing the collateral, keeping Bitcoin on its native blockchain without bridging or wrapping. The proposal, currently at the ARFC stage, was initially submitted on May 25 and passed a preliminary community vote on June 10. Aave DAO would receive the first $500,000 in qualifying annual revenue generated by the integration.
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