pBTC v2, What is new?
What is pBTC-on-Ethereum?
pBTC-on-Ethereum is an ERC-20 token representation of bitcoin. pBTC was the first example of pTokens, making Bitcoin compatible with the Ethereum network. It is pegged 1:1 with real BTC, so its value is intrinsically linked to Bitcoin’s. This provides instant and frictionless access to Ethereum’s DeFi world for every bitcoin holder, inviting Bitcoin users to explore the hundreds of Ethereum dApps, platforms, and tools available today.
pBTC also simplifies digital asset management. There are far more Ethereum wallet providers today than Bitcoin ones. By exchanging BTC into pBTC, users can safely store their bitcoin in any Ethereum wallet of their choice. As every new pToken can be stored, Ethereum wallets are unique for accessing and managing every crypto asset, from pEOS to pBTC.
So what is pBTC v2?
pBTC v2 is an improved version of pBTC-on-Ethereum powered by pNetwork v2 (to know more about pNetwork v2, click HERE). The next iteration of pBTC comes with a host of code improvements, smart contract optimizations, cross-chain compatibility, and other features that improve upon the foundation that pBTC v1 has set. 🎉
Current pBTC v1 holders and liquidity providers are encouraged to migrate to pBTC v2 to benefit from this improved version of pBTC. To ensure a smooth transition of holders and liquidity providers of pBTC v1, the pNetwork team has provided three migration options that suit everyone.
- For pBTC v1 holders:
A dedicated migration page is available to support normal pBTC v1 holders (holders that hold pBTC without any activities like staking, farming, etc.). It is a simple 1-click procedure very similar to a swap on DEXs.
- For Curve.fi liquidity providers (LPs):
LPs in Curve.fi can upgrade their entire stake, including pBTC v1 liquidity, via the dedicated migration page with a 1-click procedure. To make the migration seamless, an automated smart contract will move the LPs liquidity from the old Curve pool (pBTC/sbtcCrv-gauge) to the new Curve pool (pbtc/sbtcCRV-f-gauge) with a click of a button.
- For Curve.fi liquidity providers (LPs) who want to additionally stake in Idle Finance:
pBTC v2 is now supported on Idle Finance! LPs in Curve.fi have the option of additionally staking their new Curve LP asset in the Idle liquidity pools. They can upgrade their Curve LP asset, including pBTC v1 (pBTC/sbtcCrv-gauge) to the pBTC v2 new Curve liquidity pool (pbtc/sbtcCRV-f-gauge). As pBTC v2 is supported on Idle Finance, LPs can continue to stake their new Curve LP on Idle tranches, having the option between Senior (pBTCCRV Senior Tranche — staked) and Junior (pBTCCRV Junior Tranche). This is a seamless 1-click procedure thanks to an automated smart contract that makes this process easy for LPs.
When staking on Idle Finance, LPs can earn a higher share of yield by taking a higher percentage of risk (with Junior Tranche), or they can hedge the risk by depositing their assets into a built-in protected tranche (with Senior Tranche). More details here (or video here).
There will be a dashboard that will let users choose the migration options.
Once the user has chosen the option, click on the migrate button and start the migrating process right away. It is a simple 1-click process.
Click HERE to start your migration procedure
New Liquidity Providers (LPs)
pNetwork welcomes new holders with BTC idling in their wallets to onboard their BTC liquidity into the Ethereum Ecosystem. The benefit of being an LP in dApps like Curve Finance, Convex, and Idle Finance bring many benefits. For example, instead of just holding BTC and waiting for the price to increase, why not swap these BTC to pBTC v2 and stake it in the Ethereum DeFi Ecosystem.
With the launch of pBTC v2, incentives for pBTC holders are available to be an LP and provide liquidity in these DeFi dApps.
- LPs will receive pNetwork Tokens (PNT) on the new pBTC v2 Curve Pool as incentives on top of any CRV rewards generated by the usage of the pool.
- As incentives, LPs will receive IDLE token (IDLE) on the new pBTC v2 Idle Pool.
pNetwork v2 -powered pBTC v2 will push the interaction of dApps in the Ethereum Ecosystem even more. pNetwork v2 directly connects pTokens to other blockchain ecosystems in a seamless and fast way, which unlocks potential for growth in the blockchain ecosystem. Thank you for believing and supporting pNetwork. Stay tuned for more interesting updates happening in the near future 😉
pBTCv2 Migration link: https://dapp.ptokens.io/migration