BTC PROXY
Transferring bitcoin across Ethereum and Polygon Matic blockchains has been a major source of concern for many bitcoin investors and traders until BTC Proxy. The enormous benefits available on decentralized platforms have eluded bitcoin holders and miners because of network restrictions.
However, such restrictions are no longer an issue, thanks to BTC PROXY.
WHY WAS BITCOIN EXCLUDED FROM THE DEFI PARTY?
Bitcoin is built on the Proof-of-Work, a protocol that uses immense gas power, and doesn’t allow for any form of interoperability. This restriction, in the face of growing demands for decentralized tokens, caused the developers of BTC proxy to come up with a RELAY Proxy network that allows bitcoin holders and traders to enjoy the benefits of decentralized finance by transferring the value of staked BTC into Ethereum and Polygon chains.
WHAT IS BTC PROXY?
BTC Proxy is a decentralized network that helps with the tokenization of bitcoin. What this means is that with bitcoin, you get tokens on the Ethereum and Matic blockchains, and in turn use these tokens to stake on liquidity pools.
Now, if all of this is flying over your head, you need not worry, I’ll break them down.
HOW DECENTRALIZED FINANCE WORK
If you’re active in the cryptocurrency space, you must have heard of staking tokens on decentralized platforms and getting rewards for it. These decentralised platforms, through these staking, provide these tokens to borrowers, and these borrowers pay back the tokens alongside the borrowing fee. The fee the borrowers paid are distributed to the lenders, thereby allowing investors who stake to earn passive income.
Bitcoin, however, can’t be staked on these liquidity pools because it wasn’t built on smart contracts.
Now, to ensure that bitcoin holders and investors enjoy the benefits of Decentralized finance, BTC PROXY, through a proxy relay system, allows BTC holders to make transactions on Ethereum and Matic smart contracts.
The proxy is like a bridge between BTC and the decentralized networks of Ethereum and Matic.
With the RELAY PROXY, the value of staked coins can be transferred to Ethereum and polygon chains without needing a centralized exchange.
BUT WHY THE NEED TO NOT USE CENTRALIZED EXCHANGES?
In transferring the value of BTC to Ethereum and polygon chains through centralized exchanges, there is a slippage fee.
A slippage fee is the fee that a platform takes for converting from one coin to the other, and when a user stakes on a liquidity pool. So, for example, when you want to convert from BTC to BTC Proxy, the platform takes a fee from you.
However, with a decentralized platform, BTC holders can stake their coins with no slippage fee, and low risk of theft or loss often associated with centralized platforms.
Also, with BTC proxy acting a bridge, the value of the token doesn’t have liquidity affecting it, meaning the high volatility of the market doesn’t affect the value of the BTC Proxy token.
Plus, the level of insecurity in centralized platforms makes BTC Proxy an ideal solution for BTC holders and traders.
FEATURES OF BTC PROXY
BTC Proxy, in addition to be a brilliant bridge for BTC and the DeFi space, has the following features:
- You can create new BTC Proxy tokens on the platform. (BTC Proxy is the platform’s native token).
- You can stake BTC Proxy into liquidity pools.
You can redeem your BTC tokens after you stake them. - The Governance structure is democratized and decentralized, meaning members of the community vote for projects that’ll be hosted on the platform by using BTC proxy tokens.
ADVANTAGES OF BTC PROXY
•It gives you financial freedom, and allows you make passive income with your Bitcoin.
•Acts a decentralized bridge
•Has secured lubrication
CONCLUSION: The era a cryptocurrency been left out of the beautiful world of decentralized finance is over. With BTC PROXY, interoperability is becoming more and more a reality. BTC holders and investors can now enjoy the benefits of DeFi.
For more information kindly visit the links below
Website: https://btcproxy.io
Whitepaper: https://docs.btcpx.io
Twitter: https://twitter.com/BTC_proxy
Telegram: https://t.me/BTC_Proxy
Author: Dulo Wegner
0x username: dulowegner
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