BTC Proxy, the institutional-grade Bitcoin DeFi bridge to both Polygon/Matic and Ethereum networks, launched its version of DeFi 2.0 Rebasing Rewards enabling stakers to earn 2500% + (3,3) APY alongside institutional participants.
BTC Proxy’s founder (Donn Kim) originally had stated that the release date as November 19th, 2021 but was delayed due to technical/calculation issues and was further exacerbated by the 80M Ascendex Security Breach.
The upcoming rebasing rewards program is a fork of the Olympus DAO but will take advantage of the scalability and cheaper fees on Polygon. The purpose of the development is to raise POL (Protocol Owned Liquidity) by selling Bonds intended to be paired with future institutional onboarding of BTC and to build a treasury to back the value of the $PRXY token.
BTC Proxy’s primary use case is liberating the value of BTC held by long-term hodlers, whales, Investment Funds and the “MicroStrategy’s” of the world by wrapping Bitcoin into $BTCpx. The difference between other wrapped solutions is the use of insured custodians to create a safer holding environment which seems to be of even greater importance in the wake of so many security breaches.
Staking is set to start at 2500% APY with the potential to rise to 8000% and Bonding will begin with $USDC/wETH/BTCpx single assets.
Bonding is the mechanism of minting new $PRXY tokens at a reduced market price by using $USDC/wETH/BTCpx with the potential to earn 5-30% ROI in return for a 5 day vesting period.
BTC Proxy launched on July 30 2021, to provide a more scalable layer-two protocol to decentralize the tokenization of Bitcoin mainly for multi-national institutions. At its core, BTCpx is a Bitcoin bridge using insured multisig third-party custodians to facilitate the unlocking of an otherwise dormant BTC. With Proxy Finance liquidity mining and rebase staking programs, these BTC holders can now participate in a DeFi 2.0 protocol, to earn significantly higher yields.
In other words, BTC Proxy has changed Bitcoin’s utility narrative by giving it access to the vastly expanding DeFi landscape. Bitcoin has been outside the DeFi blockchain world, but Proxy has brought these worlds together and “Bitcoin Maxies” can now take full advantage of DeFi 2.0 directly with Proxy Finance at prxy.fi.
As Bitcoin’s price continues to bounce between $45000 and its All-Time High (ATH) price of $69,044.77. After a prolonged 5-month slump below $50,000, the bullish trend is anticipated to continue. A Bitcoin rally can bring a rising tide that will raise the market as well as many Altcoins.