BTC Proxy, the Bitcoin Liquidity Protocol on Polygon, has entered into a strategic partnership with Blockchain.com, one of the world’s largest crypto platforms and an early pioneer of key Bitcoin infrastructure. As part of the partnership, Blockchain.com will add BTC Liquidity into the Proxy ecosystem by Minting BTCpx. Moving Bitcoin to the Polygon network will expand the DeFi ecosystem and provide reward opportunities for users.
BTC Proxy believes it has solved a real pain point with Bitcoin by creating a mechanism of interoperability to access stored value from long-term holders without sacrificing safety through the use of qualified custodians. This tokenized volume can then be utilized to provide liquidity and drive value to all the networks involved.
BTCpx is the tokenized receipt of Bitcoin (BTC) that has been deposited into a qualified custodian. In this arrangement, the BTCpx is used to navigate through carefully crafted and sustainable reward programs whilst keeping the Bitcoin under multiple layers of security and allowing for even greater accountability and safety than ever before.
“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 process that happens when BTC is deposited into a specified deposit address at a Custodian. The protocol mints the BTCpx token upon detection and confirmation of the deposit.
The significance of Blockchain.com’s participation extends beyond the amount of BTC being deposited; it also ushers in the participation of the Polygon Foundation, incentivizing the additional movement of BTC with $Matic Tokens while simultaneously increasing the Total Value Locked (TVL) on the network. The Polygon Foundation will also offer $Matic Tokens each time a user Mints BTCpx onto Polygon. This provides new users coming to the network, and gas to perform the subsequent transactions. These incentives and much more will be summed up in an upcoming marketing campaign dubbed #BTConPolygon. Stay tuned for more details.
“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.news Sept 24 2021
Depositing Bitcoin into one of BTC Proxy’s insured custodial partners ensures the safest 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 can be staked into a program called iBTCpx (Interest Bearing BTCpx) which yields $PRXY governance tokens for each block. $PRXY derives its value from the Total Value Locked (TVL) gained from Minting, Staking and then Restaking ( MCAP/TVL ratios of most DeFi protocols can be researched at DefiLlama).
Restaking allows participants to accelerate their gains when they Claim and Stake the $PRXY rewards into the main Compounding Staking Pool. Detailed Calculations can be found below. Annual Percentage Yield (APY) values may fluctuate.
Provide BTC Liquidity to claim 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 future of finance. The global company, with an international team spread across the world, is the most trusted and fastest growing crypto company, helping millions across the globe safely access cryptocurrency. Venture backed since 2014, Blockchain.com has raised $537M of equity capital most recently at a $5.2B valuation. Visit Blockchain.com for more info, follow us on Twitter @blockchain, check out The Blockchain.com Podcast, and read our blog for the latest company news.
About BTC Proxy
Launched on July 30, 2021, BTC Proxy provides a more scalable layer-2 protocol to decentralize the tokenization of Bitcoin using a permissionless interface. At its core BTCpx is a Bitcoin bridge using insured multisig third-party custodians to facilitate the participation of Bitcoin (BTC) in DeFi. With BTC Proxy, individuals and institutions can safely earn sustainable yields and rewards to outperform most products available for the Bitcoin Marketplace. Visit BTCproxy.io for more info, follow us on Twitter @BTC_proxy, check out our articles on Medium for the latest news.
This press release, which is published for information purpose only, has not been written by allcryptocurrencydaily.com.