Getting Started
Why Gyndore
Base has growing cbBTC adoption, but no dedicated home for Bitcoin liquidity. Gyndore fills that gap.
The gap on Base
There is no CDP-based borrowing product purpose-built for cbBTC. Existing multi-asset money markets price Bitcoin against every other asset they list, using conservative risk parameters designed around broader collateral risk. For BTC holders that means lower LTVs, utilization-driven rate spikes, and a weaker borrowing experience.
At the same time, the liquidity gynUSD and cbBTC need to scale, deep trading pairs and accessible yield, is scattered across generic venues.
Gyndore's answer
Gyndore focuses on a single, deeply liquid collateral asset and builds the trading and yield rails around it. One collateral means simpler risk modeling, and simpler risk modeling means better terms for borrowers.
What that unlocks
- Higher capital efficiency — risk parameters tuned for one asset, not a basket.
- More predictable borrowing costs — no utilization-driven rate spikes.
- Simpler risk modeling — one collateral, fixed rules, nothing to re-underwrite.
- A unified ecosystem — borrowing, trading, and yield in one place, where BTC liquidity can compound.
Compared to Ledn
For most Bitcoin holders, the familiar way to borrow against BTC is a custodial lender — Ledn being one of the longest-standing names in the category. You send Bitcoin to the company, it holds the keys, and it lends you dollars on terms it sets. Gyndore reaches the same outcome, liquidity without selling, through the opposite structure: collateral sits in immutable smart contracts, and the loan is gynUSD you mint yourself.
| Ledn (custodial) | Gyndore (onchain) | |
|---|---|---|
| Custody | BTC held by the company and its custody partners | cbBTC held by immutable smart contracts |
| Counterparty | The company — its solvency, policies, and terms | None. Code only, verifiable onchain |
| Access | KYC account, jurisdiction-dependent | Any wallet on Base, permissionless |
| Maximum LTV | Typically 50% at origination | Up to 90.91% |
| Loan term | Fixed terms, renewed on the lender's schedule | Open-ended — repay whenever you choose |
| What you borrow | USD or USDC lent to you | gynUSD you mint yourself |
| Transparency | Periodic proof-of-reserves attestations | Every position visible onchain, every block |
The trade-off is real on both sides. A custodial lender gives you a company to call, native BTC collateral, and no smart-contract risk — and the 2022 failures of Celsius and BlockFi showed what it costs when the company itself fails. Gyndore removes the company from the loop entirely: no balance sheet to trust, no terms that change at renewal, and immutable rules in place of a lending desk.
Principles
Six values guide every design decision in the protocol.