BIMA
About
BIMA is a DeFi ecosystem that enables Bitcoin holders to earn yield without selling their BTC. Users stake BTC to receive liquid staking tokens (LSTs), deposit them into BIMA vaults, mint USBD stablecoin, and access varied yield opportunities through lending, liquidity provision, and institutional-grade vault strategies. The protocol targets both retail and institutional investors seeking permissionless access to Bitcoin-backed yield generation across multiple chains.
Where Does Yield Come From?
BIMA lets Bitcoin holders earn rewards without selling their BTC. They can stake Bitcoin to get liquid tokens, then use those tokens in BIMA's system to generate yield in several interconnected ways:
Lending: People can deposit the USBD stablecoin into lending pools. They earn interest (around 3‑5%) from borrowers who put up Bitcoin as collateral worth more than what they borrow. This over‑collateralization (160% or more) helps keep the system safe.
Stability Pool: Users can supply USBD to a pool that helps handle loans that get automatically closed. In return, they receive discounted Bitcoin or USBD from those closed positions, plus ongoing incentive rewards.
Institutional Vaults: BIMA offers different investment vaults with varying risk profiles:
- Delta‑neutral vaults (around 15‑20% expected returns) use strategies that aim to avoid market price swings.
- Trend‑following vaults (around 25‑30%) try to profit from market momentum.
- iETH vault (around 50‑60%) seeks to capture profits from differences in price volatility.
- d2USBD vault (around 20%) focuses on low‑volatility trading opportunities within decentralized finance (DeFi).
Staking USBD: Users can lock up USBD to receive sUSBD tokens, which represent their staked position and accumulate rewards. There are monthly opportunities to add or withdraw liquidity, and a 7‑day waiting period to redeem.
Collateral Rewards: Simply by staking Bitcoin in BIMA, users earn the native Bitcoin network staking rewards, plus additional yield from BIMA's own ecosystem strategies.
Overall, yield comes from lending interest, rewards for helping with liquidations, and the institutional trading strategies run by the vaults. The system maintains stability through over‑collateralization, automatic loan closures, and structured redemption mechanisms.
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Cyfrin15-08-2024 - 23-09-2024 |
| The audit uncovered multiple high‑severity vulnerabilities that were addressed before deployment, but the complexity and number of issues warrant a competitive follow‑up audit before significant capital is deployed. |
Cantina02-12-2024 - 01-01-2025 |
| The audit revealed significant security concerns with 9 high-risk and 19 medium-risk findings, indicating substantial protocol risks that required comprehensive fixes before safe deployment. While many critical issues were addressed in remediation, the volume and severity of findings underscore the need for rigorous ongoing security reviews. |
ScaleBit13-08-2024 - 28-09-2024 |
| The audit identified several medium-severity operational risks but no critical vulnerabilities, with all findings addressed before deployment. The protocol demonstrates responsible security practices with comprehensive remediation of identified issues. |
Backers
BIMA raised a $2.3 million seed round on August 15, 2024, led by Portal Ventures with participation from 12 other investors. According to official sources, the investor group includes Core, Delta Blockchain Fund, Halo Capital, LSATS Ventures, Luxor, DGB, Aurion Capital, and TrustMachines. The protocol also counts numerous angel investors among its backers, including Jeffrey Feng (Sei Labs), Domo (BRC20 Creator), Brian Crain (Chorus One), mr Block (Curve), Smokey (Berachain), Paul Kim (Notifi, ex‑Circle), Ryan Fang (Ankr), Paul Taylor (ex‑BlackRock), Vlad (Auran Network), Mav (X+), Yiannis (Monday Capital), Tim Wang (Elixir), Sky (J17 Capital), FarmerJoe (Bitcoin Angel), Rex (R89 capital), Chalie (Bitlayer), Keith Chen (SNZ), Richard Malone (Drosera Network), Paul (Gauntlet), and Caoimh (Polychain).
Legal
Legal form
Limited company (BVI)
Registration jurisdiction
British Virgin Islands
Status and notes
Operator is BIMA PROTOCOL LIMITED, a British Virgin Islands entity. Terms of Use and Privacy Policy are available at docs.bima.money.