Anticipated Bitcoin Farming to go Live on Oct 14. Bonds open Oct 7 for Priority Access.
BTC Proxy’s Bitcoin Yield Farm is going live to fulfill a vision of allowing the community to earn DeFi yields in BTC. Our motto from the beginning started with this:
☺ Actually, a community member made this for us to be used as a meme for distribution
The importance takes on more meaning regardless of the style of the meme as value rings loudly during a crypto winter where we know from experience that riskier alts have more volatility than their Bitcoin bellwether.
Yes, Alts will rise faster during the sunny bull market but Bitcoin will retain its value better during a bear. This is because Bitcoin is heavily favored by hodlers due to its security and limited supply and increases its dominance during down markets.
Utilize PRXY token to yield BTC : Secure a Tier
Tiers are levels within the Bitcoin Farm which participants can stake PRXY to earn the respective APY. No Nodes or Mining equipment is needed and Tiers are vastly lower in set up time and minimum requirements and offers better liquidity than its counterparts. Tiers do have a 90 day lock-in period which requires the user to keep their tokens in to qualify.
So how does this work for the advantage of BTC holders?
The system was designed to favor BTC holders as they are offered insured custody of their coins while participating in the yield program.
Firstly, utilize the Mint function to deposit BTC to mint a BTCpx equivalent on Polygon.
That BTCpx can be used to Purchase a Bond. A Bond is an exchange program directly with the treasury of the protocol. The benefit to acquiring PRXY via a Bond verses purchasing PRXY token from an open exchange is that there is no slippage and it 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.
E.g. $100 of BTCpx will mature in 5 days to yield $108 PRXY
Bonds will open on October 7th and bonders will have first access to the Farm tiers through a Claim and Farm function at maturity.
Stake that PRXY into a Bitcoin Farm Tier
There are 3 tiers with differing returns. You are securing your stake in a tier for at least 90 days but the farm will continue to yield after this lock in period. Tiers are based on the number of PRXY staked, the higher the tier the higher the APY. The capacity of each tier could be limited and change in the future depending on the fees earned.
BTCpx earned from your stake can be claimed each block where it can be re-bonded for compound returns or redeemed for BTC. Please note that the minimum for the farm is 1000 PRXY.
Sustainable Yields in Uncertain times.
This launch of the farm is happening during a time where BTC value has fallen 75% from its high and has caused in a a cascade of deleveraging for some of the largest platforms in CeFi. Deposits onto these platforms have resulted in the loss of funds and closure of accounts from Celsius, BlockFi, etc.
The Bitcoin Farm is meant to be a sustainable protocol that only pays out BTCpx that has been earned in fees from Minting, Redeeming and from the sale of Bonds and the soon to be launched: Redux — Interest Free Borrowing with BTC Collateralization
View the Roadmap below
We hope that our industry can learn from these outcomes and actually see that algorithmic DeFi protocols emerged unscathed in this deleveraging cycle and proved to be a much safer system than ones based on credit risk and the promise of manufactured yields.
BTC Proxy continues to ship and remains committed to the development of the Bitcoin DeFi ecosystem.
