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Phase 2 has ended. This page is maintained for historical reference. For current campaign information, see Phase 3.
Duration: 2 months (November 17, 2025 - Mid-January 2026)
Reward Budget: $300,000 in NTRN rewards
Status: Completed This page contains phase-specific information for BTCFi Phase 2. For complete step-by-step deposit instructions, see the How to Deposit guide.

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What’s New in Phase 2

Phase 2 introduced meaningful upgrades to vault mechanics and reward structures, making participation simpler, more efficient, and more rewarding for long-term users.
wBTC remains the backbone of on-chain Bitcoin liquidity. To strengthen its role, the wBTC lending multiplier on Amber increased from 3x to 4x, improving capital efficiency for the most important lending asset in the system.
The Boost mechanism received a major upgrade.Previously, achieving max boost required locking NTRN for four years. Starting in Phase 2, you can reach max boost with just a one-year lock, while still earning staking rewards on your locked NTRN.This change makes it easier for new participants to get started and for existing users to optimize their positions.Updated Boost Formula:Boost=min⁡(2,NTRNLockedTVLDeposited×DurationuserDurationmax (1 year)×2)\text{Boost} = \min(2, \frac{\text{NTRN}_{\text{Locked}}}{\text{TVL}_{\text{Deposited}}} \times \frac{\text{Duration}_{\text{user}}}{\text{Duration}_{\text{max (1 year)}}} \times 2)
Amber’s looping vaults have an updated reward structure.Key change: Incentives are now distributed based on your collateral minus debt rather than on the full notional amount leveraged.This change balances accessibility with sustainability, ensuring looping remains one of the most powerful yield strategies in the ecosystem while creating a more equitable reward distribution.
Phase 2 completed the campaign’s full transition to Neutron.
  • All Ethereum-based vaults were sunset
  • maxBTC is now mintable directly on Neutron, simplifying the user journey
  • This unlocks the full benefits of Neutron’s scalability and interoperability
  • Users now have a single hub for Bitcoin-denominated yield strategies
maxBTC minting on Neutron still requires KYC verification through Structured.

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Eligible Protocols

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wBTC Lending on Amber

Eligible positions: wBTC lending positions
Reward multiplier: 4x base (eligible for NTRN locking boosts)

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BTC LST Lending on Amber

Eligible positions: BTC LST lending (eBTC, solvBTC, uniBTC)
Reward multiplier: 2x base (eligible for NTRN locking boosts)

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Looping Strategies on Amber

Eligible positions: maxBTC looping with wBTC, uniBTC, solvBTC, eBTC
Reward calculation: Based on collateral minus debt
Reward multiplier: Varies by pair (eligible for NTRN locking boosts)
For complete NTRN multiplier details across all activities (1x-6x), see NTRN Rewards Multipliers.
Access:

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maxBTC Supervaults

Eligible positions: maxBTC paired with various assets (wBTC, USDC, LSTs)
Reward multiplier: 2x-6x depending on pair (eligible for NTRN locking boosts)

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BTC LST Supervaults

Eligible positions: BTC LST pairs (eBTC, solvBTC, uniBTC with wBTC or maxBTC)
Reward multiplier: 2x base (eligible for NTRN locking boosts)Access: Through app.neutron.org/earn/supervaults or Neutron app interfaces
Eligible positions:
  • wBTC lending positions
  • BTC derivative collateral strategies
Access: Through Mars Protocol interfaces
Eligible positions: Various BTC asset LP pairs
Reward multiplier: Varies by pairActive pairs included:
  • USDC/wBTC
  • maxBTC/wBTC
  • USDC/maxBTC
  • Various LST pairs
Access: Through app.astroport.fi

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Supported Assets

All assets are bridged to Neutron via IBC Eureka for secure cross-chain transfers. maxBTC is now mintable directly on Neutron.
AssetDescriptionEligible Protocols
wBTCWrapped Bitcoin (most liquid)Amber, Supervaults, Mars, Astroport
maxBTCStructured Protocol’s yield-bearing BTC (now mintable on Neutron)Supervaults, Amber (looping), Astroport
solvBTCSolv Protocol BitcoinAmber, Supervaults
eBTCEtherFi Protocol derivativeAmber, Supervaults
uniBTCBedrock uniBTCAmber, Supervaults
USDCNoble USDC for LP strategiesSupervaults, Astroport

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Phase 2 NTRN Rewards Multipliers

MultiplierActivity
6xLP in the maxBTC/USDC Supervault
5xLP in the WBTC/USDC Supervault
4x
LP in the maxBTC/WBTC Supervault
Lend WBTC on Amber
2x
LP in the maxBTC/uniBTC Supervault
LP in the maxBTC/solvBTC Supervault
LP in the maxBTC/eBTC Supervault
Lend uniBTC, solvBTC, or eBTC on Amber
LP in the WBTC/uniBTC Supervault
LP in the WBTC/solvBTC Supervault
LP in the WBTC/eBTC Supervault
Lend WBTC on Mars
1xHold maxBTC
Key Changes from Phase 1:
  • wBTC Lending on Amber: Increased from 3x to 4x
  • Looping Strategies: Now calculated on collateral minus debt

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Phase 2 Boost Mechanics

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Max Boost with 1-Year Lock

The most significant change in Phase 2 was the simplified boost system:
PhaseLock Duration for Max BoostMax Boost Multiplier
Phase 14 years3x
Phase 21 year3x
This meant:
  • New participants could achieve max boost with a significantly shorter commitment
  • Existing lockers with locks >1 year already qualified for max boost
  • You continue earning staking rewards (~3% APR) on locked NTRN

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Phase 2 Specifics

  • Total Budget: $300,000 in NTRN rewards
  • Distribution: Pro-rata based on points earned
  • Calculation: Daily snapshots of deposit values
  • Boost eligible: All protocols support NTRN locking boosts
  • Activity Multipliers: Different activities earn different NTRN multipliers (1x-6x)
  • Phase Start: November 17, 2025
  • Phase End: Mid-January 2026
  • Duration: 2 months
  • Reward Claims: Available after phase end
ChangePhase 1Phase 2
Reward Budget$250,000$300,000
wBTC Lending Multiplier3x4x
Max Boost Lock Duration4 years1 year
Looping Reward BasisFull notionalCollateral minus debt
Ethereum VaultsDeprecated Nov 1Fully sunset
maxBTC MintingVia bridgeNative on Neutron

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Get Started

Current Phase

See Phase 3 for current campaign details and participation

How to Deposit

Complete step-by-step deposit guide with wallet setup

Rewards Optimization

Learn about NTRN locking and boost strategies