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BTC Proxy launches Bitcoin Farming as part of a major expansion of the protocol

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Leading DeFi protocol BTC PROXY today unveiled the Bitcoin Yield Farm, which goes live on October 14th, 2022, and fulfills a vision of allowing the community to earn DeFi yields in BTC. 

BTCProxy’s farming innovation is the first in the sector rewarding BTC for staking the protocol’s token. This is a major 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 yield program through partnerships with leading custodians such as Binance Custody, Gemini Trust, Hex Trust, and Fireblocks.

Users deposit BTC to custody and mint a BTCpx equivalent on Polygon, which can then be used to purchase a Bond. The benefit to acquiring PRXY via a Bond versus purchasing a PRXY token from an open exchange is that there is no slippage and offers an incentivizing yield. The 5-day ROI on the BTCpx bond will be 8% for this promotional period which has a 5-day maturity.

PRXY is then staked in the farming contract, in one of three tiers starting at a minimum of 1000 PRXY. BTCpx earned from this stake can be claimed each block, where it can be re-bonded for compound returns or redeemed for BTC.

Until today, the specific tiers and rates of return have been a closely guarded secret within DeFi. However, today’s announcement has confirmed attractive APY rates of up to 7% paid in BTC, depending on the level of PRXY staked. 

Bonds will open on October 7th, and bonders will have first access to the farm through a Claim and Farm function 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.

The Bitcoin Farm is designed to be a sustainable protocol that only pays out BTCpx that has been earned in fees from Minting and Redeeming, from the sale of Bonds, and the soon to be launched: Redux — Interest-Free Borrowing with BTC Collateralization.

With over 30 institutions onboarded to the protocol already, including majors like Blockchain.com, the possibilities for #RealYield keeps growing. Binance, recently on-boarded as a custodian, has also shown its faith in the project and it is hoped the partnership doesn’t stop at just custody. It’s worth noting that wrapping of BTC onto BNB Chain and thus the immersion of BTC into BNB chain DeFi is lacking.

Recent events have given pause to many’s thinking that CeFi is in any way superior to DeFi. The transparency of DeFi allows protocol participants to see exactly where the #RealYield is being earnt. 

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 developing protocol focuses on value accrual to the $PRXY token and coming protocol developments look to continue that trend via #RealYield.

Donnie Kim, BTC Proxy CEO said:

“At BTC PROXY, we are focused on making Bitcoin work for holders, work for DeFi, and work for the wider community. Bitcoin is great at storing value but unlocking and using that value is not easy. Today’s announcement of Bonding and Farming on our protocol is a major step forward for BTC holders looking for reliable and assured ways to put their BTC to work. 

As a protocol, we have always been clear that our solutions should be trusted, safe, and efficient. Centralized services have well-documented risks. These have led to recent well-publicized failures that impact on 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 functions the perfect choice for individuals and institutions alike.

We will continue to innovate to find ways to unlock Bitcoin’s value and play our role in creating a trusted, safe and efficient DeFi ecosystem.”

About BTC PROXY 

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 and MRC20 formats utilizing the Proxy Relay. This gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value onto 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 for 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 custodians of all investments. Hex Trust maintains commercial criminal insurance to safe keep client assets whilst Aon provides wider insurance coverage via a select group of insurers. 

Media Enquiries: hello@btcpx.io

Web: BTCproxy.io

Twitter: @BTC_proxy

Discord:  https://discord.gg/JVHUbREbBU

Disclaimer: This is a paid post and should not be treated as news/advice.

 

Jacob is a sponsored content writer at AMBcrypto whose interest lies in blockchain technology and its impact on the changing global economy.

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