Getting Started
Introduction
Gyndore is the Bitcoin liquidity hub of Base, where users borrow, trade, and earn yield around cbBTC in one connected ecosystem.
What is Gyndore?
Gyndore gives cbBTC holders one place to put their Bitcoin to work: borrow against it, trade it through an aligned DEX, and earn yield on it, all in one connected ecosystem instead of stitched together across generic venues.
Under the hood, that is several distinct protocols working as one. A Bitcoin-backed, CDP-based stablecoin protocol lets you deposit cbBTC and mint gynUSD, a synthetic dollar-pegged stablecoin, without selling your Bitcoin. A concentrated-liquidity DEX gives those assets their market. A dedicated yield platform pays the stakers who backstop the system. Rather than a single product, Gyndore is these protocols combined into one venue for Bitcoin liquidity on Base.
The stablecoin protocol and the DEX are immutable: no upgrades, no multisigs, and no discretionary levers. One collateral means simpler risk modeling, and simpler risk modeling means better terms for borrowers: higher capital efficiency, more predictable costs, and a single ecosystem where BTC liquidity compounds.
The three pillars
Gyndore is built from three components. Each stands on its own, and each makes the others stronger.
Core assets
| Asset | Role |
|---|---|
| cbBTC | The only accepted collateral. Coinbase's token, backed 1:1 by Bitcoin. |
| gynUSD | The synthetic dollar-pegged stablecoin minted against cbBTC. Spend it, trade it, or deposit it to earn. |
| GYND | The utility and fee token. Stake it to earn a share of protocol revenue in USDC, including trading fees and a portion of borrowing interest. Learn more |
| bGYND | The incentive token, backed 1:1 by GYND. Stake it for the same rewards, or unbond by paying the required USDC price. Learn more |
Who it's for
Gyndore serves three kinds of users in one system.
Borrowers
For people who want to borrow against their cbBTC at the most competitive rates. Gyndore accepts one collateral only, so there is no cross-asset risk from a shared money market and no conservative parameters set for a basket of other tokens: just cbBTC-backed borrowing at high capital efficiency compared with general money markets that are not focused on a single asset type, on terms that do not swing with unrelated markets.
Traders
For people who want to trade against cbBTC and its pairs. A Bitcoin-centric DEX built around dedicated Bitcoin markets, so you can price and hold your assets against Bitcoin instead of routing through generic venues. Concentrated liquidity lets LPs put capital exactly where it trades, and fees route back into the ecosystem rather than out of it.
Yield seekers
For people who want to put their Bitcoin to work and earn a competitive, BTC-native yield. Earning is connected to the borrowing side of the protocol: returns are paid out of real borrowing demand rather than token inflation, without ever opening a loan yourself.
Where it lives
Gyndore is built on Base, Coinbase's Ethereum L2, around cbBTC, Coinbase's wrapped Bitcoin. Base has growing cbBTC adoption, and the funnel is wide: Bitcoin liquidity on EVM chains flows down to Base, and Gyndore is built to catch it.
Why it exists
Base has growing cbBTC adoption, but no dedicated home for Bitcoin liquidity. 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 Bitcoin markets on Base that need to scale — deep trading pairs and accessible yield — are scattered across generic venues. Gyndore fills that gap.
Compared to TradFi alternatives
For Bitcoin holders who want liquidity without selling, the familiar alternative is a custodial lender in the TradFi mold: companies like Ledn and others that take BTC, hold the keys, and lend dollars on terms they set. It is not an obscure niche. Several large names operate in the same model, often under the radar of people who only watch onchain DeFi.
Gyndore brings what that category offers under one umbrella, then goes further: borrowing, a Bitcoin-focused DEX, and yield connected to borrowing in a single connected system, with high capital efficiency, permissionless access, and rules that scale onchain rather than through a lending desk. Collateral sits in immutable smart contracts, and the loan is a stablecoin you mint yourself.
| TradFi | 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 |
| Capital efficiency | Typical CeFi origination | High |
| 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.