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Maestro - Bitcoin Renaissance | Blog

**Key Insights (TLDR)**
- Last month, Maestro Institutional was announced, a **Bitcoin treasury solution and yield marketplace** designed to power a Bitcoin native banking system
- Today, we launch Mezzamine, a **mining-powered Bitcoin yield product**, already attracting over **1,000 BTC ($120M) in borrow demand** from miners
- Mezzamine built an open credit platform, delivering the **first on-chain yield platform that connects idle BTC** to miners through secured credit facilities
- By bridging demand for yield and demand for capital, **Mezzamine marks the next frontier of on-chain credit infrastructure**, elevating Bitcoin beyond a store of value

As part of [Maestro Institutional’s](https://www.gomaestro.org/institutional) mission to build the **financial backbone of the Bitcoin economy**, Mezzamine represents the next evolution in **Bitcoin credit infrastructure.**


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There are two core facilities through which financial systems generate sustainable yield:

- **Credit** — lending, debt, and credit lines that fund purchases and productive economic activity.
- **Trading** — derivatives, market-making, and arbitrage that capture volatility and enable sophisticated risk protection and hedging.

In traditional markets, both work together to create depth, liquidity, and stability. Bitcoin trading is maturing, but **lending has mainly remained limited to capital-inefficient over-collateralized loans.**

The best credit markets are built on value creation, where capital funds business activity that generates economic value. For example, early American banking began with agricultural financing, the engine of early economic growth. The equivalent **backbone of the Bitcoin economy is mining.**

**Mezzamine is an open credit framework that enables BTC holders to earn native yield from Proof of Work while financing mining and network decentralization.**

### Market Context

Bitcoin mining underpins the network’s security, yet it faces one of the most severe credit gaps in the digital asset economy.

As hashrate and energy demands grow, miners need access to stable, long-term capital, but **71% report difficulty securing growth financing.** 

The result is systemic centralization: today, the top five mining pools capture roughly [75% of global block rewards](https://mempool.space/mining), and the top 15 public mining firms have raised more than [$6 billion in debt since 2024](https://cryptodnes.bg/en/bitcoin-miners-raise-billions-to-bet-on-ai-and-hpc-expansion/).



 Source: https://b10c.me/blog/015-bitcoin-mining-centralization/

Bitcoin Hashrate Distribution donut chart

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When credit is available, it often comes at high costs of capital and is denominated in USD, exposing miners to BTC price volatility and stressing their balance sheets. Even many of the largest operators have historically reduced their cost of capital through equity financing from private equity and public stock issuance, but have increasingly turned to debt to avoid further dilution.

Meanwhile, more than **$2 trillion in BTC sits idle** and now seeks yield. **Bitcoin has deep liquidity but shallow credit infrastructure**, leaving holders without a native way to earn yield through productive lending. 

Mezzamine bridges this gap with an **institutional-grade, on-chain structured facility for BTC, offering high-yield secured loans backed by hashrate, energy, and mining assets.**

### Mezzamine: Bitcoin Native Yield powered by Proof-of-Work

The core principles behind Mezzamine’s design are simple: **Bitcoin-native, on-chain, and secured by miners**. Built on [Maestro’s](https://www.gomaestro.org/institutional) battle-tested Bitcoin infrastructure, Mezzamine is designed to meet all three — without compromise.

#### Decentralized

Mezzamine secured execution environment brings **EVM-like programmability to Bitcoin, while remaining anchored to Bitcoin finality.** That means no bridges or wrappers, and users can connect a native Bitcoin wallet — Mezzamine never custodies funds.

**All programs, terms, and rates are fully on-chain and market-driven.** Bitcoin miners can post financing opportunities by creating a “Mezzamine program” including details about their current operation with on-chain verified uptime history and hashrate, as well as target parameters and revenue performance.

>“Mezzamine leverages the power of on-chain rails and liquidity to bridge the gap between capital financing, energy and Bitcoin mining. As a result, mining will become more decentralized, creating arbitrage opportunities for investors and a more secure network for Bitcoiners.”
— Maestro Co-Founder & CTO, Varderes Barsegyan





Mezzamine provides a powerful financial interface for Bitcoin miners and investors.

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#### Bitcoin-native

From start to finish, Mezzamine’s programs are denominated in Bitcoin. This reduces loan complexity and streamlines supply & demand incentives compared to USD-denominated debt:
- Liquidity providers and lenders **stay long Bitcoin and earn APY on top of appreciation**
- Miners’ debt and revenues are denominated in the same currency, **drastically reducing exposure to BTC/USD volatility** — both for individual miners and, transitively, for the network as a whole 
- Establishes the **first Bitcoin native credit market**, where capital can be productive and yield generating without leaving the Bitcoin network

#### Safe

Mezzamine goes beyond a protocol — it’s a platform designed to decentralize structured, institutional-grade credit. Each program is governed by smart contracts that enforce terms and automate repayment directly through block rewards. **All Mezzamine contracts have been audited and approved by [Halborn](https://www.halborn.com/audits)**, a leading blockchain security firm known for its work with institutional protocols such as Core Dao, Circle, and Chainlink.

As miners earn BTC, a share of each block rewards services outstanding debt, eliminating fiat intermediaries and aligning incentives with lenders. Long-term Bitcoin holders and institutions can now **compound their Bitcoin by owning a share of network hashrate and future block rewards**.

All loans are overcollaterized with Bitcoin and real-world assets. Additionally, programs can be paired with a **proprietary hedging strategy that protects downside exposure**. Mezzamine’s risk model simulates mining profitability, network hashrate, and BTC price to hedge against credit losses during adverse Bitcoin economic environments, such as the [mining market stress seen in 2022](https://www.galaxy.com/insights/research/2022-end-of-year-mining-report).


>“With Mezzamine, we have introduced the most sustainable source of BTC yield powered by Proof-of-Work. And by pairing it with our downside risk hedging strategy developed by industry leading experts, we have crafted the most attractive institutional BTC yield in the market to date.” 
— Maestro Co-Founder & CEO, Marvin Bertin— Maestro Co-Founder & CEO, Marvin Bertin

### More than 1,000 BTC in Borrower Demand Committed

At launch, Mezzamine has already secured over **1,000 BTC in borrower commits from large, qualified miners**. Bitcoin treasuries and other investors are committing nearly 100 BTC. Mezzamine will continue to onboard Bitcoin miners and institutional lenders throughout the rest of the year.

Prospective miners range from publicly traded companies to mid-sized operators. Borrower programs are structured as **secured credit loans with indicative rates of 6–15% and terms of 6–48 months.**

Each program represents not just an investment opportunity, but a way to strengthen Bitcoin’s network, **reinforcing its economic base through a closed-loop capital market and advancing towards a more decentralized mining ecosystem.**



Specialized structured financial products for the mining economy.

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### The Road Ahead

Mezzamine’s first programs lay the foundation for a broader **Bitcoin credit ecosystem**. Over time, these same on-chain structures can extend into **secondary markets**, where active loan positions are traded, syndicated, and repriced in real time ,**providing liquidity, transparency, and instant exit options for lenders.**

Mining remains the most critical pillar of the Bitcoin network. Mezzamine will serve as the capital market that supports that pillar, **ensuring the resilience of the mining economy and allowing every Bitcoin to participate in its growth.**

Beyond mining, the architecture naturally supports **specialized financing products**—from GPU and PPA financing to equipment leases and equity-linked instruments—designed to serve capital-intensive, asset-backed operators across the Bitcoin and energy economies.

Long-term, Mezzamine aims to power a full spectrum of **Bitcoin-denominated financial products, creating diverse, risk-adjusted yield opportunities** for both long-term holders and active market participants.

> “We’re Bitcoin-specialized and mining is the ground zero for yield, but ultimately, yield can come from many places. We’re already exploring intersections with the energy sector and speaking with AI companies that face similar financing constraints and centralization in GPU compute and HPC.”
— Suresh Rajan, Mezzamine

### Learn More
Get access to Mezzamine as a miner or institutional lender:
 👉 [https://mezzamine.com/participate](https://mezzamine.com/participate)

View upcoming programs:
 👉 [https://app.mezzamine.com](https://app.mezzamine.com)

Mezzamine Testnet app:
👉 [https://testnet.app.mezzamine.com](https://testnet.app.mezzamine.com)

Maestro announces the launch of **[Mezzamine](https://www.mezzamine.com/), an on-chain credit platform that allows BTC holders to finance miner hashrate expansion** and Bitcoin miners to access growth capital secured loans on-chain. By bringing financing on-chain, miners can tap deeper liquidity pools with market-driven terms and native BTC settlement. Official press release: https://chainwire.org/2025/11/11/maestro-launches-mezzamine-to-unlock-bitcoin-native-yield-for-institutions-while-powering-the-mining-economy/?mfk=JOJT73CNPXjL1xtlgODrLTNoDQmkkt8dLB3VFh57cTmNRowoXFqX2a6ZKKYyeuZeZyjWEz8gHv4nSfFfQLEfFprTJTFSZ4tB56%2FIcl4HwcHyxzY%3D

Introducing Mezzamine: Sustainable Bitcoin yield, powered by Proof-of-Work

Mezzamine: Real Bitcoin Yield Powered By Miners

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The financial world is undergoing a historical shift. Bitcoin has proven itself not just as a store of value, but as a foundational asset for a new, decentralized financial system. We’ve seen the first wave of institutional adoption: over **$1 trillion in BTC is now held by corporations, nation-states, and institutions.** As Larry Fink of BlackRock stated, Bitcoin is “a legitimate instrument every portfolio should examine.”

But so far, this capital has been passive, sitting idle in wallets and corporate treasuries. **The question is no longer if institutions will adopt Bitcoin, but how they will make it productive.**

This second wave requires a new kind of infrastructure. It demands a software stack that combines the robust security of the Bitcoin network and the sophisticated needs of institutional finance.

That’s why I’m thrilled to introduce [Maestro Institutional](https://www.gomaestro.org/institutional), **a compliant Bitcoin treasury solution and yield marketplace designed to power the banking system of tomorrow.**



Platform Benefits put institutional BTC to work

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---

## Why Maestro? A Battle-Tested Platform for a New Financial System

Before building the financial rails, we had to lay the bedrock. An institutional platform is only as strong as the infrastructure beneath it. Our track record is our proof:

- **Rock-Solid Reliability:** Our infrastructure powers leading Bitcoin protocols, including [Liquidium](https://liquidium.fi/) ($500M+ volume), [Odin.fun](https://odin.fun/) ($700M+ volume), and [SatsTerminal](https://www.satsterminal.com/) ($100M+ volume), all with **99.993% uptime**.
- **Unmatched Performance:** We operate the most performant UTXO indexing stack on the market, handling over **5,000 calls per second per customer,** combined with a low-latency global mempool monitoring system.
- **Trusted by the Ecosystem:** We are a trusted validator for Bitcoin L2s, including [Stacks](https://www.stacks.co/) ($1.2B market cap), [Arch](https://www.arch.network/), and [MIDL](https://midl.xyz/), as well as institutional-grade chains such as [Canton Network](https://www.canton.network/ecosystem) (**$3.5 trillion in institutional loans**) and [Midnight Network](https://midnight.network/).

We understand institutional requirements deeply because we are already helping secure the networks built for them. Now, we are bringing that same enterprise-grade rigor to financial services.


---

## Maestro Institutional - Welcome to the Bitcoin Economy

_**Maestro Institutional**_ is a Bitcoin treasury financial platform built for institutions and corporations. By blending traditional finance with on-chain efficiency and security, it creates tomorrow’s financial rails—connecting treasuries, asset managers, custodians, and miners to the global Bitcoin capital market.



Maestro Institutional: Bitcoin Corporate Treasury Manager

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We are solving two fundamental problems:

1. **Idle Capital:** Over $150 billion in institutional BTC lacks access to attractive, sustainable, and compliant yield-bearing products.
2. **An Infrastructure Gap:** Existing TradFi solutions, such as ETFs, are constrained by the legacy financial system, sacrificing the benefits of 24/7, borderless, and low counterparty risk that on-chain infrastructure offers. At the same time, existing DeFi protocols fail to meet institutional requirements for compliance, privacy, and native-asset settlement.

_Maestro Institutional_ bridges the gap by combining compliance with on-chain innovation, transforming how institutions manage Bitcoin treasuries and access on-chain yield investment products.


At Wave, we like to invest in critical infrastructure that powers the future of blockchain adoption. Maestro is solving one of the biggest bottlenecks in Bitcoin

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As **David Siemer, CEO at Wave Digital Assets**, puts it, "At Wave, we like to invest in critical infrastructure that powers the future of blockchain adoption. Maestro is solving one of the biggest bottlenecks in Bitcoin. This is the kind of foundational innovation that moves the entire ecosystem forward."

---

## Institutional-Ready Bitcoin Infrastructure for a New Era
_Maestro Institutional_ is engineered to integrate directly with key players driving this financial revolution:
- **For Asset Managers:** Unlock the TradFi demand for Bitcoin yield. We provide the compliant, secure rails to bring traditional capital to on-chain private credit markets, allowing you to tap into the deep liquidity of corporate BTC holdings.

- **For Bitcoin Custodians:** Evolve your offering beyond static custody. Seamlessly integrate our tri-party vault architecture to provide secure, yield-bearing products to your clients, meeting the strictest institutional risk and compliance requirements.

- **For Bitcoin Miners:** Access a transparent and efficient market for growth capital. Finance hardware expansion and operations with BTC-denominated loans, freeing you from the constraints of over-collateralized lending.


Maestro Institutional: Bitcoin Yield Vault Manager

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This is made possible through our strategic partnerships with best-in-class providers across the Bitcoin financial stack—from custodians and compliance experts to asset managers and brokers. 

---



## Putting Institutional Bitcoin to Work

Maestro’s integrated platform delivers institutional-grade, risk-adjusted yield products, **all settled on-chain without bridging or wrapping BTC.**

Our platform is built on three core pillars:

1. **Bitcoin Corporate Treasury Manager:** This is the operating system for your on-chain treasury. Using an intent-based architecture that integrates natively with regulated custodians’ MPC wallets, it allows you to deploy and manage sophisticated BTC financial products securely.

2. **Bitcoin Yield Vault Manager:** Put your Bitcoin to work. Our platform provides access to a marketplace of whitelisted, compliant, and risk-adjusted yield vaults. Connect institutional BTC with sustainable yield sources. We're unlocking access to instruments like **Bitcoin Yield Notes, Bitcoin Credit Lines,** and **Bitcoin Bonds.**


Maestro Institutional: Bitcoin Miner Lending Marketplace

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3. **Bitcoin Miner Lending Marketplace**: We directly connect yield-seeking capital with the mining industry. Our institutional-grade lending framework provides loan infrastructure for miners to finance mining operations and hardware chip expansion, while offering investors real, sustainable BTC yield derived from mining rewards.

Invest Bitcoin in the mining economy, and earn a share of the newly minted BTC from Bitcoin block rewards.

As **Brandon Turp, Founder of Next Layer Capital**, notes, “As Bitcoin matures, it will fuse into financial primitives: lending, credit, debt, and more structured products. Maestro is the technological middleware that powers this future — compliant, scalable, and programmable.”

Brandon Turp: Maestro is the tehnological middlewayre that powers this future

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## The Rise of a Bitcoin-Native Capital Market

A global shift toward Bitcoin-native capital markets is underway. Legacy banking infrastructure is being rebuilt on this new standard, a transformation that may represent the largest transfer of wealth and technology in modern history.

**Tim Draper, Founder of Draper Associates and co-lead in Maestro’s last funding round,** shares this vision: “The Bitcoin economy will be a catalyst for global economic empowerment, transforming how people interact with money on every level. Maestro provides the infrastructure rails needed for this digital financial revolution.”

Bitcoin economy will be a catalyst for global economic empowerment. Maestro provides the critical infrastructure.

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For institutions and corporations seeking a trusted partner to navigate this new landscape, Maestro Institutional is built to guide you through the digital asset transformation.

Maestro is the technological backbone that plugs you into the Bitcoin-denominated world.

The Bitcoin economy is here. Welcome.

[Learn more about Maestro Institutional](https://www.gomaestro.org/institutional).

The financial world is undergoing a historical shift. Bitcoin has proven itself not just as a store of value, but as a foundational asset for a new, decentralized financial system. We’ve seen the first wave of institutional adoption: over **$1 trillion in BTC is now held by corporations, nation-states, and institutions.** As Larry Fink of BlackRock stated, Bitcoin is “a legitimate instrument every portfolio should examine.”

But so far, this capital has been passive, sitting idle in wallets and corporate treasuries. The question is no longer if institutions will adopt Bitcoin, but how they will make it productive.

This second wave requires a new kind of infrastructure. It demands a software stack that combines the robust security of the Bitcoin network and the sophisticated needs of institutional finance.

That’s why I’m thrilled to introduce Maestro Institutional, a compliant Bitcoin treasury solution and yield marketplace designed to power the banking system of tomorrow.

 Introducing Maestro Institutional: the Financial Rails for the Bitcoin Economy

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_[Disclaimer: The following is a copy of an official press release.]_

AUSTIN, TX – February 17th – Maestro, the first enterprise-grade infrastructure provider designed from the ground up for Bitcoin DeFi, today announced the successful close of its $3 million seed funding round. Co-led by Wave Digital Assets and Draper Associates—with participation from UTXO Management, Bitcoin Frontier Fund, Draper Dragon, and Necto Labs—the capital injection will accelerate Maestro’s mission to enable businesses, financial institutions, and even nation-states to seamlessly interface with the emerging Bitcoin financial system.

>"I believe the Bitcoin economy will be a catalyst for global economic empowerment, transforming how people interact with money on every level. Maestro provides the critical infrastructure needed for this digital financial revolution. I’m thrilled to lead this seed round and support a future where Bitcoin empowers communities worldwide.."  -- Tim Draper, Founder of Draper Associates


"I Believe in the Bitcoin Economy...Maestro Providesthe critical infrastructure needed for the digital financial revolution."" Tim Draper 

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Maestro stands at the forefront of Bitcoin Defi, pioneering UTXO-based infrastructure services that simplify the complex process of building Bitcoin-native financial applications. Maestro offers high-performance APIs, powerful developer tooling, and innovative solutions such as mempool metaprotocol indexing that enables real-time onchain insights. Maestro is laying the foundation for a decentralized financial ecosystem reminiscent of the transformative impact cloud providers like AWS had on the Web2 technology sector.

>“With this seed round, we’re not just raising capital—we’re igniting a movement to unlock Bitcoin’s full potential as a financial system,” said Marvin Bertin, CEO at Maestro. “Our vision is to redefine how tech companies and enterprises interact with Bitcoin, moving it beyond a digital store of value to a dynamic, programmable platform for decentralized finance. We are running the infrastructure that will power the blockchain economy of tomorrow.”

How Maestro is fueling a financial transformation by empowering the Bitcoin ecosystem: 

- **An All-In-One Blockchain Infrastructure Platform:** Last year Maestro released a state-of-the-art UTXO indexing platform taylor-made for the needs of Defi on Bitcoin. This year, Maestro is onboarding top protocols across all Defi segments: crypto wallets, decentralized exchanges, and lending protocols that will onboard millions to Bitcoin.

- **Bridging Traditional and Decentralized Finance:** Maestro’s technology overcomes longstanding barriers, such as poor developer tooling, delivering a user experience that empowers both innovative startups and enterprises to build scalable financial products directly on Bitcoin’s base layer.

- **Ecosystem Partnerships:** The company is forging strategic alliances across the Bitcoin landscape. For example, a collaboration with Arch Network to enable Bitcoin contract programmability via a parallel execution layer. Another example is Saturn leveraging Maestro to launch the first AMM DEX on Bitcoin L1, enabling a trustless high-frequency trading experience.

>“Saturn and Maestro are redefining what's possible on the base layer of Bitcoin, delivering a user experience that feels like sub-1-second transactions. It’s about bringing unparalleled efficiency and usability to Bitcoin’s foundation, setting a new standard for decentralized trading.” noted Saturn.

Maestro’s technology is already making significant inroads into the broader Bitcoin ecosystem. By providing the blockchain infrastructure needed to catalyze what many are calling the first “DeFi Summer” on Bitcoin. The company’s innovative approach not only enhances Bitcoin’s utility but also paves the way for traditional financial institutions to leverage Bitcoin’s $2 trillion market cap to power a new generation of financial services.

>“At Wave, we like to invest in critical infrastructure that powers the future of blockchain adoption. Maestro is solving one of the biggest bottlenecks in crypto—building developer-friendly infrastructure for UTXO chains like Bitcoin and Cardano. Their platform provides scalable APIs that dramatically accelerates development for dApp builders. This is the kind of foundational innovation that moves the entire ecosystem forward. We’re excited to back Maestro as they continue to push the boundaries of blockchain infrastructure and enable the next generation of builders.” – David Siemer, CEO at Wave Digital Assets


Maestro Founders, Marvin Bertin and Varderes Barsegyan

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The $3 million raised in this seed round underscores the investment community's support for Maestro’s vision and technological expertise. With the backing of industry-leading investors, Maestro is well-positioned to accelerate the transition of Bitcoin from a mere store of value to a vibrant, blockchain-native financial ecosystem that is secure, scalable, and accessible to all communities around the globe.

For more information about Maestro visit [www.gomaestro.org](link).

Maestro, an enterprise-grade blockchain infrastructure that transforms Bitcoin from a store of value into a decentralized financial ecosystem, raises $3M in seed funding to propel the Bitcoin DeFi Revolution.


Maestro Raises $3M in Seed Funding to Propel the Bitcoin DeFi Revolution

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### Key Insights
- **Early traction:** Since Testnet has been operational, Midl has seen over 1M BTC transactions and 2.1M smart contract transactions (EVM).
- **Bitcoin-native, EVM-compatible:** Users retain BTC wallets, pay fees in BTC, and interact with Runes, while developers deploy familiar Solidity smart contracts and use existing frontends.
- **Symphony at the core:** Midl nodes embed Maestro’s open-source Symphony indexer directly at the validator node level, enabling real-time indexing, mempool awareness, and state visibility without external dependencies.
- **Unified data flow:** Through Maestro’s RPC and indexing suite, developers access a comprehensive view of confirmed and unconfirmed states, connecting mempool activity to final confirmation within a single, queryable pipeline.


As the blockchain landscape evolves, new protocols continue to emerge with distinct design goals and technical philosophies. Maestro now supports [Midl](https://midl.xyz), a next-generation execution environment for Bitcoin. Midl brings EVM-compatible smart contracts directly on Bitcoin - no bridges, no changing wallets. Through integration with the [Midl Node RPC API,](https://www.gomaestro.org/chains/midl) developers can now query real-time blockchain data, broadcast transactions, and build Bitcoin applications directly on the Midl network using Maestro’s infrastructure suite.

This expansion reflects Maestro’s commitment to providing unified infrastructure for the most promising ecosystems. Midl joins a growing list of supported chains, extending the same low-latency RPC, indexing, and data-streaming capabilities through Maestro’s developer platform.


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## The Midl Unlock
Midl brings EVM familiarity to Bitcoin-grade trust. Developers can port existing EVM applications with minimal changes and ship to a community that prefers to remain on Bitcoin. Users sign once with their BTC keys, move through bundled actions, and complete flows without bridging, allowing for fewer steps, lower cognitive load, and a neutral security envelope anchored to Bitcoin.
- **Native UX:** stay on Bitcoin, use BTC wallets, pay in BTC, and treat Runes as first class
- **Familiar build:** keep Solidity, Foundry, and the frontends you already have
- **One Bitcoin transaction, many actions:** approvals, swaps, and follow-up steps can be bundled into a single and smooth flow
- **Predictable safety:** Midl offers instant transaction execution, while being able to gracefully handle Bitcoin forks and reorgs

## What Sets Midl Apart
Midl unlocks new capabilities for Bitcoin, such as staking, AMMs, lending, stablecoins, etc., within a secure, fast, and predictable execution environment. The experience also stays truly native to Bitcoin. You keep your Bitcoin wallet, you pay fees in BTC, and you move Bitcoin-native assets like Runes. Actions that typically take many steps in traditional L2 architectures can be bundled into a single flow. For example, approving, then swapping, and then adding liquidity can happen after one signature, making it feel simple and ensuring the total fee is spread across the entire set of actions.

Midl is friendly to builders, too. It uses tools familiar to many teams in the Ethereum world, so bringing an existing app to Bitcoin is more like a quick port than a full rebuild. On the asset side, Midl was designed from the start to work with Bitcoin native tokens. From day one, Midl will support Runes seamlessly, allowing users to leverage assets they already own and hold in their Bitcoin wallet. Midl fits the way Bitcoin works and extends its functionality, so developers can build fast and flexible apps while maintaining Bitcoin-level trust.

## Symphony at the Validator Node Level


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One of the most exciting aspects of Midl’s architecture is its native adoption of **Maestro’s Symphony indexer** at the node level. Symphony—[recently open-sourced](https://chainwire.org/2025/10/09/maestro-open-sources-the-worlds-first-fully-audited-bitcoin-indexer-to-accelerate-bitcoinfi-adoption/)—provides a high-performance Bitcoin indexing engine that monitors transaction data in both blocks and the Bitcoin mempool in real-time. By embedding Symphony directly into validator nodes, Midl’s network benefits from native mempool awareness, global network synchronization, and event-driven data propagation without relying on third-party indexers.
In addition to helping secure the Midl network, Maestro’s Symphony provides developers with access to Bitcoin chain state within Midl’s smart-contract execution environment, enabling the execution of complex dapp logic triggered and **anchored by Bitcoin finality**. You can learn more about Symphony’s open-source release and its implications for blockchain indexing [in our blog post](https://www.gomaestro.org/blog/symphony-bitcoin-indexer).

## From Testnet to Traction
Early usage is promising. Over the short time since Testnet has been operational, Midl has seen over **1M BTC transactions and 2.1M smart contract transactions (EVM)**. The team is increasing validator participation, improving the explorer with clearer unconfirmed state views, and preparing security audits before the mainnet launch. On the product side, priorities include expanding wallet coverage and delivering cross-chain atomic transactions, enabling users to acquire non-BTC assets directly from a Bitcoin wallet without using bridges. As these features are implemented, the story becomes easier to tell: EVM-compatible apps, Bitcoin-level trust, and growing usage.


## Case Study: Building with Midl
Our collaboration with the Midl team exemplifies how deep technical alignment accelerates ecosystem growth. By co-designing the node RPC layer alongside the Symphony integration, Maestro ensures that Midl’s infrastructure will be **developer-ready from day one**, providing compatibility through API specifications and monitoring tools.

This integration enables:
- **JSON-RPC interface** for real-time querying of network and block data.
- **Symphony’s robust indexing solution** continuously monitors the Bitcoin mempool and new blocks, parses Runes activity, and links that data to Midl’s network.
- **Global Mempool** with dedicated endpoints for reliable transaction propagation.

Together, these capabilities empower developers to go from idea to deployment without waiting for third-party tools to mature. Maestro’s shared API design ensures that building on Midl feels as familiar and smooth as possible.

>“Maestro saved us weeks of work by introducing a mempool-aware runes indexation tool, which afterwards flawlessly passed the audit. We can’t wait to share the rest of what we’re building together - including the upcoming RPC services Maestro will power for both Midl L1.5 and Bitcoin in order for the end users to form their Tx Packs.” - Gosha Skryuchenkov, _COO, Midl_

## Build on Midl Today
Developers can start building with Midl immediately using Maestro’s unified RPC interface and SDKs. The [Midl Node RPC documentation](https://docs.gomaestro.org/midl/node-rpc-api/overview) offers detailed specifications, example calls, and integration guides for connecting your application to the network. Whether you’re creating wallets, explorers, or DeFi protocols, Maestro’s infrastructure simplifies the process—so you can concentrate on innovation.

Midl’s integration represents another step in Maestro’s mission to accelerate blockchain development through open infrastructure, developer-first APIs, and LLM-native documentation that reduces the journey from idea to implementation.


Midl provides an EVM-compatible execution layer that merges Ethereum’s flexibility with Bitcoin’s security. This product release and case study explore how Maestro’s open-source Symphony indexer powers Midl’s node-level architecture, unifying mempool data and real-time state tracking. Maestro's drop-in support for Midl's JSON-RPC interface enables developers to deploy familiar smart contracts and build fully native Bitcoin applications without bridges or wrapped assets while demonstrating the traction and reliability of Maestro’s infrastructure partnership. [Read the Official Press Release](https://chainwire.org/2025/10/23/maestros-enterprise-grade-infrastructure-enables-midl-to-bring-evm-level-dapps-to-bitcoin/).

Strategic Launch Partner: Midl - Smart Contract DApps on Bitcoin

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### Key Insights
- Mempool awareness: Global mempool monitoring paired with real-time mempool transaction processing capabilities, offers industry-leading performance.
- Reorg protection: Automatic adjustments of indexed chain state during Bitcoin block reorganizations to prevent phantom transactions or corrupted balances.
- Consensus proven: [Midl](https://midl.xyz/), an EVM-compatible Bitcoin execution layer (L1.5) embeds Symphony at its node level to validate Bitcoin metaprotocol transactions.
- Audit-backed trust: Certified as verifiably secure by [Thesis Defense](https://thesis.co/defense/), a leading Bitcoin cryptography & security auditing firm. [Read the official audit report](https://github.com/maestro-org/maestro-symphony/blob/main/docs/audits/Thesis-Defense-audit-9-18-25.pdf).


Maestro is proud to introduce [Symphony](https://github.com/maestro-org/maestro-symphony), the first fully open-source and audited Bitcoin indexer—built as high-performance middleware for secure interaction with the Bitcoin network.

Symphony empowers businesses to develop Bitcoin-based products and financial services by running a battle-tested, performant and audited indexing stack in-house.

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## Designed for BitcoinFi

Bitcoin’s expansion into on-chain finance has taken the network far beyond its origins as a peer-to-peer payment system. Today, it serves as programmable infrastructure for complex financial products and digital assets.

Unlike account-based systems, however, Bitcoin’s UTXO model requires constant reconstruction of the global chain state. This makes robust block indexing and real-time mempool monitoring essential. Without these tools, no BitcoinFi protocol on Bitcoin can operate at scale.

That’s where Symphony comes in. It provides low-latency data tracking, reliable indexing, and high-throughput data streaming—the critical ingredients for BitcoinFi applications.

Built in-house by Maestro and its partners, Symphony is designed from the ground up for large-scale financial applications on Bitcoin and serves as a general-purpose indexing framework that is both mempool-aware and resilient to block reorganizations.

For developers, this means less time spent reinventing and maintaining fragile indexers and more time focused on product innovation. For startups and enterprises alike, Symphony offers a plug-and-play data backbone that scales reliably.

## Open Source

By open-sourcing the Symphony codebase alongside documentation and expansion examples, Maestro now provides teams unrestricted access to infrastructure that has already powered more than 250 applications and thousands of developers through Maestro’s hosted platform.

>“Symphony is the first fully audited Bitcoin indexer. We’re giving the Bitcoin developer community the same battle-tested infrastructure that has powered billions of API calls for our clients. Open-sourcing is our way of giving back to the community and accelerating the adoption of Bitcoin financial applications.” — Marvin Bertin, _CEO, Maestro_

Open-sourcing is a continuation of [Maestro’s master plan](https://www.gomaestro.org/blog/master-plan3) and core to our vision of providing institutional-grade middleware that companies can rely on. As Maestro’s CTO Varderes Barsegyan notes, “open source establishes trust and allows a lot of eyes to vet the code. Without it, it would be impossible for a small internal team to reach the same level of assurance.”

By making its most advanced infrastructure openly available, Maestro reaffirms its role as a contributor towards open-source innovation—and sets the stage for Bitcoin to become the backbone of global financial settlement.

## In Production Today

For forward-looking teams like Midl, Symphony functions as a reliable, secure source of truth embedded directly in their validator network. Midl uses Symphony at the consensus level to validate Bitcoin metaprotocol transactions. As a result, they’ve been able to abstract away complex Bitcoin indexing infrastructure without sacrificing on reliability and security.

>"Maestro has been a reliable partner and a great team to collaborate with throughout Midl's journey. Symphony is another major step towards the adoption of Bitcoin, but Maestro's potential definitely goes far beyond that. And we're excited to scale the space up together." [Iva Wisher](https://x.com/fx16pxl), _Founder, Midl_

## The Road Ahead

With the increase in Bitcoin adoption by corporations and institutions, and the rise of global Bitcoin capital markets, Maestro’s release of Symphony establishes a secure and scalable  BitcoinFi foundation for both developers and financial institutions. 

We invite developers, researchers, and institutions to [contribute](https://github.com/maestro-org/maestro-symphony?tab=readme-ov-file#contributing) directly to the repository: improve performance, extend indexing capabilities, add new metaprotocol support, or simply review and harden the codebase.

Every contribution compounds value in the ecosystem, strengthens the reliability of critical infrastructure and accelerates the pace of BitcoinFi innovation. Together, we can ensure Bitcoin continues to evolve to become the backbone of global financial settlement.

Maestro has open-sourced Symphony, the first fully audited, high-performance Bitcoin indexer—engineered as secure middleware for BitcoinFi. Already trusted in production, Symphony now empowers developers and institutions to run their own verifiable, mempool-aware, reorg-resilient, and consensus-proven Bitcoin indexing data layer. Open-sourcing the codebase marks Maestro’s continued push for transparent, institutional-grade infrastructure, positioning Bitcoin as the backbone of global financial settlement.

Symphony: A Fully Audited, Open-Sourced Bitcoin Indexer

**Key Insights (TLDR)**
- Liquidium unlocks idle Bitcoin capital by enabling over 4,230 BTC in cumulative loan volume and more than 102,000 loans issued, all on native Bitcoin Layer 1 with no bridges or wrapped assets.
- Instant Loans have become the dominant borrowing method, with 100 percent of recent Runes loans fulfilled through a one-click lending flow powered by the Internet Computer.
- Maestro’s infrastructure has accelerated Liquidium’s development, saving significant time and resources with robust indexing and real-time mempool monitoring data.


### Unlocking Bitcoin’s Idle Capital
Despite its $2 trillion+ market cap, the vast majority of Bitcoin in circulation remains idle, sitting in wallets, disconnected from any productive financial use. Unlike Ethereum and other chains built with DeFi in mind, Bitcoin lacks native infrastructure for lending, borrowing, or yield generation. This gap has left trillions in untapped capital on the sidelines.

Liquidium set out to change that.

Launched in August of 2022, **Liquidium is the first major lending protocol to operate fully on-chain at Bitcoin Layer 1.** Its mission is to transform Bitcoin from a passive store of value into an active, yield-generating asset without compromising the decentralization and trustlessness that make Bitcoin unique.

Rather than relying on wrapped assets or bridged versions on EVM chains, Liquidium enables users to post Bitcoin-native assets, such as Ordinals, Runes and BRC-20s as collateral, and borrow real BTC in return. The protocol turns digital artifacts into productive financial instruments, unlocking lending and credit rails that run entirely on Bitcoin.


Borrow Bitcoin with yield-backed Ordinals, BRC20s, and Runes

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As Liquidium co-founder Peter Giammanco puts it:

>“We started Liquidium to bring real capital efficiency to Bitcoin inscriptions without sacrificing decentralization. Everything we do is to preserve Bitcoin’s principles while enabling financial applications.”

In a major leap forward, Liquidium introduced **Instant Loans**, a major upgrade to its peer-to-peer lending model. For the first time, lenders can create vaults to lock native BTC directly on Bitcoin Layer 1 (via ICP) and instantly offer loans to borrowers using Ordinals and Runes as collateral without relying on bridges, wrapped BTC, or custodial involvement. This preserves Bitcoin’s decentralization while enabling permissionless liquidity across chains.

In July 2025, Instant Loans accounted for **100% of all Runes lending volume**, signaling strong product-market fit and positioning the platform for further growth with upcoming support for ERC-20 and SPL tokens.

In parallel, Liquidium is actively developing **Cross-Chain Loans**, a more ambitious product that will enable users to lock BTC and borrow stablecoins like USDT on Ethereum. While still in development, this product represents the next step toward seamless, trust-minimized Bitcoin-native interoperability.

View of a BTC-backed USDT lending on Liquidium

view of a BTC-backed USDT lending on Liquidium

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This was made possible by integrating with the [Internet Computer (ICP)](https://internetcomputer.org/), whose native Bitcoin smart contract layer enables secure programmable access to Bitcoin without wrapping. 

According to [ICP’s public dashboard](https://dashboard.internetcomputer.org/bitcoin), the Bitcoin ICP Subnet has processed over $1.1 billion across 2.7 million transactions, signaling positive market response and making it one of the most actively used Bitcoin sidechains for integrating native Bitcoin with smart contracts.

**Ordinals Instant Loans have also overtaken Manual Loans in volume dominance**, signaling a clear shift toward more seamless and automated lending experiences. Unlike Manual Loans, which require a counterparty to manually accept the terms, Instant Loans are fulfilled automatically. The lender creates an offer, the borrower accepts it, and the loan is executed immediately. No need to wait for the lender to come back. With adoption accelerating, Instant Loans are becoming the preferred way to access liquidity across Liquidium.


Volume Dominance Between Ordinals Loan Types in July 2025

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Simultaneously, Liquidium’s cross-chain vault system is becoming the default experience for borrowing against Bitcoin-native assets and serves as perhaps the clearest example yet of unlocking Bitcoin’s composability with other chains in a trust-minimized way.


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### A Platform Expanding Its Reach
In its first quarter of availability in 2025, Instant Loans have gained strong traction, **facilitating over 3,000 loans and more than 40 BTC in volume**. By enabling one-click borrowing against Ordinals and Runes, Liquidium introduced a vital liquidity primitive for Bitcoin-native assets.

Now, the team is expanding far beyond native assets. As Bitcoin Layer 1 becomes increasingly programmable, Liquidium plans to support additional token types, including ERC-20s and SPL tokens and explore integrations for delegated underwriting, derivatives, and synthetic lending.

But the most ambitious step forward is the upcoming **cross-chain loan product, allowing users to deposit native BTC on Bitcoin and borrow assets on a separate chain**, all without centralized bridges and wrapping. This is made possible through Liquidium’s integration with the Internet Computer Protocol (ICP), which powers backend logic, oracle price feeds, and liquidations entirely on-chain. This design eliminates the need for rollbacks or inconsistent states across chains.

>“Now that’s kind of where we see ourselves growing, which is trying to be this unifying borrowing and lending pool for all assets. And starting with Bitcoin, so it’s the backbone and the core.”  
**— Peter Giammanco, Co-Founder of Liquidium**

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### Early Dominance in a Nascent Market
Since its launch, Liquidium has quietly become the dominant force in Bitcoin-native lending. The protocol has cemented itself as the go-to platform for turning Bitcoin inscriptions into productive capital.


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As of July 2025, Liquidium has facilitated more than 4,300 BTC in cumulative loan volume, representing nearly $500 million.

Spanning more than 102,000 individual loans, Liquidium is one of the most actively used protocols across both the Ordinals and Runes ecosystems. The platform’s high usage speaks to the demand for native Bitcoin credit markets, especially among NFT collectors and token holders seeking liquidity. Meanwhile, Lenders have earned a total of over $9 million in interest.


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Liquidium unlocks idle Bitcoin capital by enabling over 4,230 BTC in cumulative loan volume and more than 102,000 loans issued, all on native Bitcoin Layer 1 with no bridges or wrapped assets.
Instant Loans have become the dominant borrowing method, with 100 percent of recent Runes loans fulfilled through a one-click lending flow powered by the Internet Computer.
Maestro’s infrastructure has accelerated Liquidium’s development, saving significant time and resources with robust indexing and real-time mempool monitoring data.
Liquidium is emerging as the Aave of Bitcoin, providing scalable, censorship-resistant credit markets for both non-fungible and fungible Bitcoin-native assets and expanding the role of BTC in DeFi.


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