PRESS RELEASE. BTC Proxy, the Bitcoin Liquidity Protocol on Polygon, has entered right into a strategic partnership with Blockchain.com, one of many world’s largest crypto platforms and an early pioneer of key Bitcoin infrastructure. As a part of the partnership, Blockchain.com will add BTC Liquidity into the Proxy ecosystem by Minting BTCpx. Moving Bitcoin to the Polygon community will develop the DeFi ecosystem and supply reward alternatives for customers.
BTC Proxy believes it has solved an actual ache level with Bitcoin by making a mechanism of interoperability to entry saved worth from long-term holders with out sacrificing security via using certified custodians. This tokenized quantity can then be utilized to present liquidity and drive worth to all of the networks concerned.
BTCpx is the tokenized receipt of Bitcoin (BTC) that has been deposited into a professional custodian. In this association, the BTCpx is used to navigate via fastidiously crafted and sustainable reward packages while maintaining the Bitcoin underneath a number of layers of safety and permitting for even higher accountability and security than ever earlier than.
“This relationship with Blockchain.com involves the participation of one of the original and most trusted names in crypto. It is a significant milestone for the project and signals confidence within the institutional space to see BTC Proxy as an option for significant Bitcoin holders.”
— Donn Kim, CEO BTC Proxy
Minting BTCpx is a decentralized course of that occurs when BTC is deposited right into a specified deposit deal with at a Custodian. The protocol mints the BTCpx token upon detection and affirmation of the deposit.
The significance of Blockchain.com’s participation extends past the quantity of BTC being deposited; it additionally ushers within the participation of the Polygon Foundation, incentivizing the extra motion of BTC with $Matic Tokens whereas concurrently rising the Total Value Locked (TVL) on the community. The Polygon Foundation can even provide $Matic Tokens every time a consumer Mints BTCpx onto Polygon. This supplies new customers coming to the community, and fuel to carry out the next transactions. These incentives and far more shall be summed up in an upcoming advertising and marketing marketing campaign dubbed #BTConPolygon. Stay tuned for extra particulars.
“More Bitcoin supply being kept in cold storage signifies a holding culture. Therefore, holding is a favoured strategy in the Bitcoin market, with long-term holders and crypto whales leading the race.” — Blockchain.information Sept 24 2021
Depositing Bitcoin into considered one of BTC Proxy’s insured custodial companions ensures the most secure holding environments.
“Bitcoin is unlike an altcoin where custody is not taken into consideration and where safety is heavily favored over risk.” — Donn Kim
Three Mechanisms Increase TVL of the Network
Within the DeFi ecosystem, BTCpx could be staked right into a program known as iBTCpx (Interest Bearing BTCpx) which yields $PRXY governance tokens for every block. $PRXY derives its worth from the Total Value Locked (TVL) gained from Minting, Staking after which Restaking ( MCAP/TVL ratios of most DeFi protocols could be researched at DefiLlama).
Restaking permits members to speed up their positive aspects once they Claim and Stake the $PRXY rewards into the principle Compounding Staking Pool. Detailed Calculations could be discovered under. Annual Percentage Yield (APY) values might fluctuate.
Provide BTC Liquidity to declare PRXY and MATIC rewards:
- Deposit BTC into custody to mint BTCpx (Polygon) https://btcpx.btcproxy.io
- Deposit BTCpx into the iBTCpx program to earn PRXY tokens https://app.btcproxy.io/#/programs
- Claim and Stake PRXY rewards into the compounding staking program to earn 170% APY https://app.btcproxy.io/#/stake
View the Full Presentation for the Bitcoin Yield Strategy https://ggle.io/4XZw
Blockchain.com is connecting the world to the way forward for finance. The international company, with a world workforce unfold the world over, is probably the most trusted and quickest rising crypto company, serving to tens of millions throughout the globe safely entry cryptocurrency. Venture backed since 2014, Blockchain.com has raised $537M of fairness capital most just lately at a $5.2B valuation. Visit Blockchain.com for more information, comply with us on Twitter @blockchain, take a look at The Blockchain.com Podcast, and browse our blog for the newest company information.
About BTC Proxy
Launched on July 30, 2021, BTC Proxy supplies a extra scalable layer-2 protocol to decentralize the tokenization of Bitcoin utilizing a permissionless interface. At its core BTCpx is a Bitcoin bridge utilizing insured multisig third-party custodians to facilitate the participation of Bitcoin (BTC) in DeFi. With BTC Proxy, people and establishments can safely earn sustainable yields and rewards to outperform most merchandise accessible for the Bitcoin Marketplace. Visit BTCproxy.io for more information, comply with us on Twitter @BTC_proxy, take a look at our articles on Medium for the newest information.
This is a press release. Readers ought to do their very own due diligence earlier than taking any actions associated to the promoted company or any of its associates or providers. Bitcoin.com isn’t accountable, instantly or not directly, for any injury or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about within the press release.
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