what's Photon Labs?

Photon Labs is a cross-chain Bitcoin rehypothecation layer that enables permissionless use of multi-collateral BTC. The protocol facilitates trust-minimized lending, borrowing, and rehypothecation of native BTC, transforming it from a passive store of value into an active financial instrument. This unlocks capital efficiency and liquidity for Bitcoin-native DeFi applications without relying on wrappers, custodians, or synthetic assets. Built on a modular Layer 2 stack, Photon introduces PBTC—a non-rebasing, yield-bearing token backed by Bitcoin and its derivatives. Users interact via incentivized testnets like Supernova and HyperPhotonism, performing tasks such as minting PBTC, bridging to chains like Solana devnet or HyperEVM, and engaging DeFi protocols. Off-chain points track activity for future rewards, supporting scalable Bitcoin capital markets.

Photon Labs generated $828K in 30-day revenue as of April 2, 2026.