The Three Pillars

Borrowing

Borrowing turns Bitcoin you intend to keep into dollars you can use. Deposit cbBTC, Coinbase's token backed 1:1 by Bitcoin, mint gynUSD against it, and hold the Bitcoin. Selling closes your exposure; borrowing leaves it open. This is a CDP: no lender, no credit check, only the ratio between collateral and debt. cbBTC is the only collateral. Mint up to the maximum LTV, then spend, trade, or earn with the gynUSD you minted, and repay whenever you want the collateral back: no term, nothing to roll over. The CDP is built for high capital efficiency, so more of your Bitcoin can be put to work than in a typical general money market. Most borrowers still take less than the maximum to keep a buffer. Interest is shared between people earning and GYND and bGYND stakers; none of it goes to a company. Collateral is never rehypothecated. The rules are immutable: the terms you open on are the terms you close on.

Trading

Trading is a concentrated-liquidity DEX built around Bitcoin on Base. Gyndore lists the market alongside borrowing instead of waiting for generic venues, so Bitcoin pairs get dedicated depth and the fees stay with the protocol's own stakers. Liquidity providers keep 80% of every swap fee; the protocol's fixed 20% is paid to GYND and bGYND stakers in USDC. Providers place capital in a price range they choose, so more of it works near the current price. Traders see tighter spreads; once price leaves the range, the position stops earning until the market returns or the range moves. The DEX is immutable: no admin can pause it or redirect its fees. Providing liquidity carries impermanent-loss risk. Fees & Revenue has the full route; read the Disclaimer before committing capital.

Earning

Earning is the on-ramp: deposit gynUSD and get paid from real borrowing demand, with no loan to manage and no trade to time. It opens the ecosystem to people who are neither borrowers nor traders. The yield is whatever borrowers are paying. It arrives through the contracts, not from a treasury rate and not from minting a token to hand out. When demand is high, more interest flows in; when it is low, depositors earn less. The loop is funded end to end by people with open positions. Nothing is printed to fund it.

How they fit together

Each pillar stands on its own. You can borrow without trading, trade without borrowing, and earn without doing either. Together they feed each other: borrowing creates dollars and interest, earning gives those dollars a home, and trading gives both assets a market. GYND and bGYND stakers are paid from trading fees and a portion of borrowing interest. Liquidity, fees, and activity stay in one place instead of leaking out across generic venues. Core Concepts is the map; The Big Picture is the loop.