Correction: 170% Yield on Bitcoin using Interest Bearing BTC (iBTCpx)at BTC Proxy
BTC Proxy (the institutional-grade Bitcoin DeFi bridge to both Polygon/Matic and Ethereum networks) has released a new product in its suite of Bitcoin yield strategies called Interest Bearing BTC or iBTCpx token. This is a complementary product that is meant to help institutions bridge the gap between Bitcoin and DeFi without exposure to risks such as impermanent loss, liquidations, or maintaining LTV ratios.
The product allows the users who have minted BTCpx by depositing their Bitcoin into custody to stake that BTCpx to the iBTCpx staking contract that will earn them a yield that is competitive to any BTC lending/borrowing products on the market with anticipated returns of 87% when used in conjunction with the compounding aspect of PRXY in its main (3,3) staking product.
Recent news from Michael Saylor, MicroStrategy’s CEO, is a strong indication that big institutions are readily considering utilizing alternative yielding strategies to generate significant returns on their holdings. Therefore, iBTCpx is a great yielding strategy due to its simple and straightforward nature in addition to its ability to out-yield most products on the market through compounding.
January 1st, 2022 marked the day BTC Proxy released its (3,3) rebasing rewards program, which is a fork of the Olympus DAO on Polygon for the purposes of raising its POL (Protocol Owned Liquidity). Currently, this staking product compounds 3x daily and is yielding 2900%.
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. Furthermore, BTC Proxy’s use of insured custodians, which produce and maintain a safe and more secure holding environment, takes on even greater importance in the wake of security breaches in both centralized exchanges and decentralized finance services where “five of the 10 largest crypto thefts of all time have happened this year”.
You can listen to the recent AMA with @takegreepill from 11–27 AMA with @takegreenpill
Mechanism to earn 87% on your BTC
- Deposit BTC into the custodian at app.btcpx.io to mint BTCpx (Polygon).
- Stake this into iBTCpx in Programs at app.prxy.fi/programs to earn PRXY token each block
- Claim the PRXY token rewards and then stake it into the compounding contract to earn 2900% at app.prxy.fi/stake
View the details of 170 %APY Calculation https://ggle.io/4XZw
What is BTC Proxy
BTC Proxy launched on July 30, 2021 to provide a more scalable layer-two protocol to decentralize the tokenization of Bitcoin mainly for multinational 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.
What’s in Store for 2022
According to Donn Kim, “Once large funds and institutions have accumulated or mined BTC, it is usually moved into storage to be locked away and possibly put to work in a lending program, earning ~7.0 APY. We hope to crush that yield amount with double/triple digits.” BTC Proxy’s value proposition of accessing that BTC to earn substantial yields with minimal risk and movement is a wise alternative to consider seriously.
What’s Driving Value to the Proxy Network
Value is added to BTC Proxy through its governance token $PRXY and with the participation of the network to increase circulation supply and liquidity. Participants are attracted to the high reward rates from staking and the short term ROIs from Bonding which builds the protocol’s treasury and the value backing the $PRXY token. This is a ground floor opportunity for participants to earn high yields through compounding rewards 3x daily and price appreciation of the token.
Participants can easily track their rewards in the program within their wallet with Staked PRXY (sPRXY) pegged 1:1 to the $PRXY token, which rebases to track their staked balance. iBTCpx is live on Programs as of January 10, 2022 at Proxy Finance prxy.fi
