In-kind vs LST
In-kind remap offers an alternative to the direct issuance of Liquid Staking Tokens (LSTs). Instead of relying on a bridge contract or custodial setup to mint an LST for staked Bitcoin, in-kind remap allows users to establish a BitcoinPod (BOD) with the LST issuer and designate the BOD as the unbonding address for the staked Bitcoin. This approach limits trust requirements to the point of unbonding, significantly reducing counterparty risk while maintaining decentralization. While this stack eliminates the need for an LST in most scenarios, it retains the flexibility to support LST issuance by remapping to an LST issuance contract. Issuers gain the ability to assign custom unlock conditions with arbitrary rebasing logic and pre-signed transactions, providing a versatile framework for diverse use cases.
Similar to EigenPods in EigenLayer, BitcoinPods rely on the post-unbonding state of the BOD to enforce custom validation logic for already staked bitocoin in other protocols.
Ownership
Bitcoin remains native, unwrapped, and under user control.
Bitcoin is locked, and an ERC-20 token is minted as a derivative.
Tokenization
No tokens are issued.
LSTs are issued as synthetic representations of staked Bitcoin.
Custody
Non-custodial; relies on BitcoinPods (BODs) for delegation.
Custodial or semi-custodial setups often required for processing peg-out.
Composability
Primarily designed for delegation via remap.
Highly composable with DeFi protocols as an ERC-20 token.
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