Product Development Update
This update goes out in the midst of some interesting times within DeFi and the political environment. 50,000 truckers in Canada plus another 30,000 truckers from the United States are rolling towards Ottawa to peacefully protest the vaccine mandates and policies directly or indirectly causing double digit inflation for fuel, food and housing. Double digit increases in staples such as a 19% increase in bacon, a 20% increase in housing, and a 33% increase in fuel have made life unaffordable for the average family and making it impossible to afford any Bitcoin.
The financial markets appear to be teetering with anxiety while Bitcoin has experienced a sharp decline of almost 50% from the highs. For crypto vets, this is just another day with nothing new to see but for those that are new to the industry: welcome to your crypto emotional rollercoaster — and just hang tight and HODL. The abhorrent financial and political policies implemented by governments will prove you right in time.
In DeFi, this has also been a brutal week for our forking! parents: $OHM and $TIME. Flying as high as $1,300 and $10,000 at one point, they are sitting at $65 and $400, respectively. The scandal tying the CFO of $TIME with the cofounder of Quadriga is negatively compounding the situation and affecting all rebase projects. With less than 30 days into its rebase staking for Proxy, the frustration is obviously being felt by the $PRXY community. LFG!
BTC Proxy is literally on the cusp of combining the synergies between multiple billion dollar entities in the middle of these external distractions, this is akin to a tornado whipping around outside as we are grasping for parts in the garage to build an Ironman suit.
Convincing a large holder to move their BTC to the protocol requires a strategy that provides them with a feeling of security and empowers them with options. This week we met with Gemini Custody and are now moving forward to integrate the protocol with their API so BTC Proxy can offer the following custody options to clients.
This is a significant development and is well timed; in conjunction with their acquisition of Bitria, Gemini plans to offer DeFi strategies in the marketplace alongside their wealth management platform, which will empower the distribution of crypto investment products to thousands of Investment Advisors.
“The Bitria acquisition positions Gemini as the first end-to-end technology platform empowering wealth and asset managers to meet rising demand among their clients for accessing and managing a full range of crypto investments,” Dave Abner head of BD at Gemini
Polygon Update— Another significant initiative being crafted involves the team from Polygon including Sandeep who you may already know has invested in the project. This initiative seeks to bridge as much BTC to the Polygon network as possible similar to how liquidity miners were rewarded when AAVE was first integrated on Polygon in a campaign called #DeFiforAll. The Minting process of BTCpx is ‘gasless’ meaning that it does not require any Matic or ETH in your wallet to complete the transaction. However, when users mint their BTCpx to Polygon they will need some Matic tokens to transact and utilize their new asset. Proxy will implement a reward system for users when minting BTCpx with Matic tokens so that new users will have a seamless experience on the Polygon network. In addition, to incentivize the BTC to stay on Polygon, stakers in the iBTCpx contract will be able to utilize their iBTCpx tokens to stake for additional Matic token yields. Now isn't that lovely.
Institutional involvement is what everyone is waiting for; in fact, this is already happening in small test batches on the network though no formal announcement has been made. One of the parties is at the final stage of selecting which of the aforementioned custodial solutions they want to use. With the involvement and integration of all these incredible entities, BTC Proxy will have a very bright future that is fundamentally built on a solid infrastructure and serve to lead this particular BTC to DeFi sector. We appreciate everyone’s patience as we build and hope to make the long awaited announcement soon.
