Welcome to Cambi
Welcome to Cambi's GitBook documentation! Here you'll get an overview of the protocol, as well as deep dives into what makes it special.
TL;DR
What: Permissionless Bitcoin-backed yield protocol powered by tokenized Latin American bonds and receivables (up to 20%+ APY)
How: Deposit BTC/Stables → Mint yield-bearing synthetics (cmBTC/cmUSD/cmBRL) → Daily rebasing shows balance growing → Withdraw anytime after lock period
Why: Users get auto 7-25% yield without selling; LatAm users dollarize/bitcoinize savings and hedge inflation; institutions access emerging market yields without complexity
Traction: Won Base Batches hackathon, Won XRPL Hackathon, Incubated by Odyssea. Partnerships with Liqi & DUX (tokenized receivables), Etherfuse & Fungi
Ask: $2/3M seed round to scale operations, secure audits, lock down Brazilian markets
Executive Summary
Cambi Protocol represents a paradigm shift in how Bitcoin & Stablecoin holders access yield and how Latin Americans interact with their wealth. By creating the world's first permissionless Bitcoin-backed yield system powered by Latin American real-world assets, we're expanding El Salvador's Volcano Bonds towards a more accessible and replicable path, offering high-yield Bitcoin instruments across the globe by unlocking Latam markets.
The protocol enables users to deposit Bitcoin, Ethereum, or stablecoins and mint yield-bearing synthetic assets (cmBTC, cmUSD, or cmBRL) that automatically appreciate through daily rebasing. Unlike El Salvador's five-year lockup Volcano Bonds, Cambi offers flexible terms starting from just three months, with yields ranging from 7% to 25% annually depending on risk appetite and RWA exposure.
Our breakthrough innovation comes from accessing USD-denominated/hedge-embedded Brazilian receivables yielding 14-18% annually, making cmUSD the highest-yielding stablecoin without FX exposure.
At its core, Cambi solves three fundamental problems:
First, Bitcoin holders globally have no trustworthy way to earn yield on their BTC without selling or engaging with opaque centralized platforms. Most BTC L2s/sidechains that offer this type of yield are also a joke (centralized/zero-sum/inflationary/non-inheriting/all of these).
Second, Latin Americans face currency devaluation and limited access to dollar-denominated savings, while sitting on some of the world's highest-yielding fixed income assets. Even with growing crypto adoption, investment culture is still nowhere near the west and, empirically, retail investors in Latam are very polarized, missing out on a potentially balanced portfolio.
Thirdly, tokenization of RWA in Brazil has grown a lot but it still faces dozens of millions of dollars of outstanding demand per month, even with high yields. There are NO protocols currently building beyond basic tokenization, so DeFi composability and accessibility are still not a reality for this market.
Cambi bridges these two realities by collateralizing Bitcoin $ Stables to access tokenized Brazilian receivables, Mexican government bonds, and other high-yield RWAs that routinely deliver 20%+ annual returns.
The protocol's innovation lies not just in connecting these markets, but in how it structures the risk and delivers the user experience. Through isolated vault strategies, users can choose their exposure level to RWAs while maintaining their Bitcoin position. The daily rebasing mechanism shows users their wealth growing in real-time – a powerful psychological counter to the inflation mindset that plagues emerging markets.
Unlike other yield protocols that rely on circular DeFi mechanics or risky strategies, Cambi's yields come from real economic activity:
cmBRL: Direct access to Brazilian fixed income & bonds markets (20-25% APY)
cmUSD: USD-denominated receivables from Brazilian exporters (14-18% APY)
cmBTC: Institutional Bitcoin lending plus liquidity premium (5-8% APY)
Through our Cross-Collateral Yield Optimization Engine (CCYOE), excess yields from high-performing assets boost returns across the entire protocol, creating network effects that benefit all users and direct yield to where the future is: Bitcoin.
Cambi's main synthetic assets (cmBTC and cmUSD) can also be wrapped into traditional ERC20 tokens to leverage the broader DeFi composability: lend them, use them as collateral in other protocols or leverage yield farm; these new magic money LEGO blocks are yours to use as you better see fit.
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