‘Sirius’ token Launches on Bittrex, Unlocks Liquidity Baking on Tezos
Luxembourg, LU, 1st August, 2022, Chainwire
Today, one of the most popular digital exchanges in the world, Bittrex Global, announced that the exchange is now offering the Sirius token ($SIRS), native token to the Tezos ecosystem a token that empowers users to automatically participate in liquidity baking, a decentralized liquidity pool between tez and tzBTC incentivized at the protocol level. The announcement follows an exploratory period conducted by Bittrex since February 2022, which analyzed the potential integration and listing of FA1.2 and FA2 tokens on Tezos.
The Sirius token now provides the fastest way to actively participate in liquidity baking on Tezos – with a $SIRS token purchase, buyers can own a portion of stake in the Tezos liquidity baking pool. Liquidity baking is a type of DeFi trading strategy in which participants pledge assets in support of a decentralized protocol or application.
With traditional DeFi yield farming, one may be rewarded with the native token of a DeFi application, which links potential rewards to the success of a centralized platform. With the introduction of the Sirius token, a user is rewarded with tez (XTZ), the native token of the Tezos blockchain, allowing for participants to interact with and provide liquidity to the Tezos blockchain, and receive rewards in its native tez token.
Previously, depositing tez and minting tzBTC into the liquidity pool required multiple steps to facilitate a transaction. Now, earning liquidity baking rewards in the Tezos ecosystem is achieved by purchasing $SIRS directly through Bittrex Global.
In July 2022, Bittrex Global announced the tzBTC, which delivers the power of Bitcoin as a token on the Tezos blockchain. The tzBTC token can be used in smart contracts and is part of the liquidity baking CPMM.
Tezos, a pioneer of Proof of Stake technology, is one of the original layer one blockchain networks to use staking to secure its network. These features provide assurance and predictability for brands and institutions that are expanding into decentralized financial markets.
The Tezos ecosystem is a diverse, vibrant community that is home to promising DeFi applications like yield farming protocol Youves and decentralized exchange and EVM bridge Plenty, and major brands such as Manchester United, McLaren Racing, Team Vitality, The Gap, and more.
For more information about the Sirius token, click here.
To learn more about Tezos, click here.
To learn more about Bittrex Global, click here.
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today. For more information, please visit www.tezos.com.
About Bittrex Global
Bittrex Global, the most secure digital asset exchange in the world, serves both retail and institutional clients, globally. Committed to helping users build wealth, Bittrex Global facilitates the purchase and trade of over 250 tokens. Through its use of cutting-edge technology, advanced security protocols, and a sophisticated elastic multi-stage wallet strategy the company provides a high-level experience for professional and novice customers alike. Bittrex Global is a key player in driving widespread adoption of secure and decentralized methods to building wealth while remaining compliant and adhering to the wide array of regulatory measures across the globe.
- Dan Horowitz