Function (FBTC)
AuditedVerifiedFunction is the issuer of FBTC, an institutional 1:1 Bitcoin-backed asset distributed natively across 8 EVM chains with MPC custody, Chainlink Proof-of-Reserve, and integrations across DeFi yield protocols.
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Score history
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The Problem
Bitcoin holders have $1T+ of idle BTC that cannot natively participate in DeFi yield strategies, and existing wrapped Bitcoin solutions either depend on a single custodian (WBTC's BitGo) or sacrifice the omnichain distribution that institutional users need.
The Solution
FBTC is a 1:1 BTC-backed asset with MPC-sharded custody across multiple trusted institutions, native deployment on 8 EVM chains via a canonical FireBridge contract, and continuous Chainlink Proof-of-Reserve attestation.
Why it Matters
First omnichain Bitcoin yield asset; multi-institution MPC custody (vs. single-custodian WBTC); Chainlink-verified PoR; deep institutional integrations (Galaxy Digital, Antalpha, Mantle as core contributors) and a Merchant-gated mint/burn channel optimised for institutional BTC capital.
Protocol Metrics
Related Research
View allFrequently asked questions about Function (FBTC)
What is Function (FBTC)?+
Function (FBTC) is a Bridge protocol operating on Ethereum, Mantle, BSC, Arbitrum, Base, BoB, Sonic, Plume. Function is the issuer of FBTC, an institutional 1:1 Bitcoin-backed asset distributed natively across 8 EVM chains with MPC custody, Chainlink Proof-of-Reserve, and integrations across DeFi yield protocols.
How does Function (FBTC) work?+
FBTC is a 1:1 BTC-backed asset with MPC-sharded custody across multiple trusted institutions, native deployment on 8 EVM chains via a canonical FireBridge contract, and continuous Chainlink Proof-of-Reserve attestation.
Is Function (FBTC) safe?+
DeFi Sentinel rates Function (FBTC) A with a safety score of 72/100, indicating low-to-moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Function (FBTC) has 3 audits on record. DeFi Sentinel's analysis flagged 2 high, 4 medium, 5 low risk alerts across Smart Contract & Technical Risk, Sustainability & Competitive Position, Economic Design & Market Risk, Governance & Centralization and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Function (FBTC)?+
Function (FBTC) has a DeFi Sentinel safety score of 72/100 (rating A), last updated October 13, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Function (FBTC) support?+
Function (FBTC) is deployed on Ethereum, Mantle, BSC, Arbitrum, Base, BoB, Sonic, Plume.
Has Function (FBTC) been audited?+
Yes. Function (FBTC) has 3 audit reports on record from firms including BlockSec, MixBytes, Secure3. Audit reports and dates are linked under the Resources tab on this page.