pSTAKE Finance Launches its Bitcoin Liquid Staking Solution on Babylon and Brings Yield to the King of Crypto
Dubai, UAE, July 29th, 2024, Chainwire
pSTAKE Finance, a Bitcoin yields and liquid staking protocol backed by Binance Labs, today announced the launch of version 1 of its Bitcoin Liquid Staking solution built on Babylon’s Trustless BTC Staking protocol with a 50 BTC deposit cap for protocol security. This launch marks the beginning of unlocking Bitcoin’s potential by allowing users to potentially earn yields on their idle BTC holdings while maintaining full liquidity.
“We’re thrilled to launch pSTAKE’s BTC Liquid Staking solution for everyone after a very successful semi-public testnet,” said Mikhil Pandey, Co-founder, pSTAKE Finance. “Until the emergence of Babylon Bitcoin Staking protocol, there was no option to put the $1.5T+ Bitcoin sitting idle on the sidelines to any meaningful work. Today’s launch marks the start of making Bitcoin yield-generating with secure access to reliable Bitcoin yields in as few clicks as possible with pSTAKE.”
Prior to Babylon’s innovation, there was no way to earn yields on Bitcoin, the world’s largest cryptocurrency, by market capitalization. pSTAKE’s v1 solution leverages Babylon’s secure infrastructure to enable users to deposit their BTC and participate in securing app chains, thereby earning rewards once PoS chains start consuming BTC security from Babylon Bitcoin staking protocol. In the future, pSTAKE will automatically compound these PoS chain rewards and distribute them to its users as Bitcoin (BTC).
“Babylon Bitcoin staking protocol is designed to open up new yield avenues for Bitcoin holders. The integration of pSTAKE Finance’s Bitcoin Liquid Staking solution is a significant step towards realizing the potential of Bitcoin in a secure and efficient manner,” said Fisher Yu, co-founder, Babylon.
pSTAKE prides itself on building user-friendly and secure products. With v1, users can deposit their BTC to potentially begin earning yields. pSTAKE’s expertise ensures the security of user funds throughout the process.
Looking Ahead: v2 and Beyond
pSTAKE plans to further enhance the user experience with the upcoming launch of v2, which will introduce its yBTC (yield Bitcoin) token on Ethereum. This token will offer auto-compounded BTC potential yields similar to popular cToken models and will be integrated into major DeFi ecosystems across various blockchains, Ethereum Layer 2s, Bitcoin Layer 2s, and more.
Commitment to Bitcoin Accessibility
pSTAKE’s vision goes beyond v2. The protocol plans to expand its yield sources continuously and make Bitcoin more accessible to a broader audience. This includes:
- Diversifying yield sources beyond app chain staking to include options like Bitcoin L2 BTC staking.
- Expanding accepted forms of Bitcoin deposits to encompass wrapped BTC (wBTC), BTC on Layer 2 solutions, BTCB, and more.
- Revamping the PSTAKE tokenomics through a community-led process to ensure its utility within the protocol.
- Launching a fully self-custodial BTC yield solution
About pSTAKE Finance
pSTAKE Finance is a Bitcoin Yield and liquid staking protocol, backed by Binance Labs. With pSTAKE Finance, users can liquid stake BTC to get rewards from Babylon’s Trustless BTC staking for securing other app chains while maintaining their liquidity, powered by institutional custody providers like Cobo. Accessing Bitcoin yields should not be complex, risky, or unsafe. With four years of liquid staking expertise and expert-curated yield strategies, pSTAKE Finance helps individuals and institutions put their BTC to work in BTCfi. pSTAKE Finance has partnered with leading blockchain security firms, such as Halborn, Hexens, Oak Security, Immunefi, Forta, and more, to offer a secure liquid staking product suite.
pSTAKE Finance is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.