BTC Proxy is launching Bitcoin Farming as part of a larger expansion of the protocol
Leading DeFi protocol BTC PROXY today unveiled the Bitcoin Yield Farm, which will go live on October 14, 2022, fulfilling a vision to allow the community to earn DeFi returns in BTC.
BTCProxy’s farming innovation is the first in the sector to reward BTC for staking the protocol’s token. This is a huge leap forward for BTC DeFi, and no other project offers yield farming of Bitcoin via a permissionless, decentralized protocol in this way.
The protocol was designed to favor BTC holders, as they are offered insured custody of their coins while participating in the return program through partnerships with leading custodians such as Binance Custody, Gemini Trust, Hex Trust and Fireblocks.
Users deposit BTC to escrow and provide a BTCpx equivalent on Polygon, which can then be used to buy a bond. The advantage of acquiring PRXY via a bond over buying a PRXY token from an open exchange is that there is no slippage and provides a stimulating return. The 5-day ROI on the BTCpx bond will be 8% for this promotional period which has a 5-day maturity.
PRXY is then invested in the breeding contract, in one of three levels starting at a minimum of 1000 PRXY. The BTCpx earned from this stake can be claimed every block, where it can be re-committed for compound returns or redeemed for BTC.
Until today, the specific levels and rates of return have been a closely guarded secret in DeFi. However, today’s announcement has confirmed attractive APY rates of up to 7% paid in BTC, depending on the level of PRXY stake.
Bonds will open on October 7 and bonds will have first access to the farm through a Claim and Farm feature at maturity. This provides a strong use case for the PRXY token and is the next step in building out the protocol’s ambitious vision.
Bitcoin Farm is designed to be a sustainable protocol that only pays out BTCpx that have been earned in fees from Minting and Redeeming, from the sale of bonds, and the soon to be launched: Redux — Interest Free Loan with BTC Collateralization.
With over 30 institutions already included in the protocol, including majors like Blockchain.com, the opportunities for #RealYield continue to grow. Binance, recently on board as a trustee, has also shown its faith in the project, and it is hoped that the partnership will not just stop at custody. It is worth noting that wrapping BTC on BNB Chain and thus submerging BTC in BNB chain DeFi is missing.
Recent events have put a pause in many people’s thinking that CeFi is in any way better than DeFi. The transparency of DeFi allows protocol participants to see exactly where #RealYield is being earned.
Today’s announcement sets out two new safe and secure routes that BTC holders can use to generate returns. It positions BTC PROXY as the safest, fastest and most efficient protocol to unlock the value of Bitcoin. The development protocol focuses on value addition to the $PRXY token and upcoming protocol development looks to continue this trend via #RealYield.
Donnie Kim, CEO of BTC Proxy said:
“At BTC PROXY, we are focused on making Bitcoin work for holders, work for DeFi and work for the wider community. Bitcoins are good at storing value, but unlocking and spending that value is not easy. Today’s announcement of Bonding and Farming on our protocol is a big step forward for BTC holders looking for reliable and secure ways to stake BTC.
As a protocol, we have always been clear that our solutions must be reliable, safe and efficient. Centralized services have well-documented risks. These have led to recent well-publicised failures affecting everyone in the sector.
BTC PROXY believes that BTC holders should not have to “cross their fingers” when investing their assets. Our insured custody model guarantees the safety of investments, making our new Bonding and Farming features the perfect choice for both individuals and institutions.
We will continue to innovate to find ways to unlock Bitcoin’s value and play our part in creating a trusted, safe and efficient DeFi ecosystem.
About BTC PROXY
BTC Proxy is a multi-institutional protocol for decentralized tokenization of Bitcoin on ERC20 and MRC20 formats using the proxy relay. This provides Bitcoin holders with a decentralized bridge to escrow their Bitcoin and transfer that value to the Ethereum or Polygon chains without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss.
BTC Proxy also allows the transfer of value without price slippage and is independent of liquidity which is a factor that affects exchange prices on centralized exchanges and decentralized exchanges.
Fireblocks and Gemini are managers of all investments. Hex Trust maintains commercial crime insurance to protect its client’s assets, while Aon offers broader insurance coverage through a select group of insurers.
Media inquiries: [email protected]
Internet: BTCproxy.io
Twitter: @BTC_proxy
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Disclaimer: This is a paid post and should not be treated as news/advice.
