Protocol
Borrowing
The foundation of Gyndore. Deposit cbBTC as collateral and mint gynUSD, unlocking liquidity without selling your Bitcoin.
How it works
- Deposit cbBTC into the protocol as collateral.
- Mint gynUSD against it, a synthetic stablecoin pegged to the US dollar.
- Spend, trade, or stake your gynUSD. Repay the debt whenever you want to unlock your collateral.
This is a CDP (collateralized debt position) system: every gynUSD in circulation is minted against Bitcoin collateral held by the protocol. This is where gynUSD comes from and where the ecosystem's borrower base begins.
Key numbers
A worked example
Suppose cbBTC trades at $100,000 and you deposit 1 cbBTC. At the 90.91% maximum LTV you could mint up to ~90,910 gynUSD, though most borrowers mint less to keep a buffer against price moves. Mint 50,000 gynUSD and your position sits at a comfortable 200% collateral ratio; your Bitcoin stays yours, and you repay the 50,000 gynUSD whenever you choose to unlock it.
Where interest goes
Borrowers pay interest on minted gynUSD. That interest is allocated through the protocol's smart contracts on an immutable 70/30 split: 70% flows to gynUSD stakers in the Stability Pool, with the remainder allocated across the system, including GYND staking. Yield is paid out of real borrowing demand, not token inflation.
Collateral safety
Collateral is never rehypothecated. gynUSD stays fully backed and redeemable through the protocol's redemption mechanism, and the borrower-facing rules are immutable: no governance, multisig, or upgrade can change them.