The Lorenzo Protocol is thrilled to announce the commencement of its Beta mainnet alongside a pre-launch event for Babylon, incentivizing users who participate in staking and moving stBTC to Bitlayer.

Bitcoin liquid restaking protocol, Lorenzo Protocol Lorenzo Protocol has proudly announced the launch of its Beta mainnet, allowing users to onboard and take advantage of its features.

To participate, users are encouraged to connect their wallets to Lorenzo and choose the Babylon Pre-launch Staking option from the available plans. Upon confirming the staking amount, the BTC transaction will typically be validated in about six block confirmations on the Bitcoin network. Once this is done, users will receive their stBTC, which can then be transferred to the DeFi framework on Bitlayer. After completing the necessary transactions, participants will hold stBTC on Bitlayer, giving them access to engage with the DeFi opportunities available there.

Alongside the mainnet debut, Lorenzo has introduced its Pre-Launch Staking Event for users eager to earn rewards for participating in staking and transferring stBTC to Bitlayer and joining the ecosystem partners. Babylon Those interested can use the OKX wallet or any compatible wallet. They should go to the \”manage crypto\” section, select \”custom crypto,\” choose the relevant network, and locate Bitlayer. Then, they will need to input the Lorenzo stBTC contract address: 0xf6718b2701D4a6498eF77D7c152b2137Ab28b8A3 and confirm their action. After completing these steps, users will be able to add stBTC on Bitlayer, thus gaining the ability to engage in further activities.

We’ve hit an incredible milestone with the launch of our beta mainnet, and we couldn’t be more excited!

Lorenzo Protocol’s mission is to create a robust liquid restaking mechanism on Bitcoin, allowing for the issuance, trading, and settlement of yield-generating tokens via its staking protocol, Babylon. It serves as a connecting bridge between Bitcoin stakers and projects in need of liquidity and security.

Recently, the team at Lorenzo Protocol has strategically positioned itself to enhance both its growth and its ecosystem’s engagement.

As a participant in a notable initiative that features a reward pool surpassing $23.24 million, this allows individuals to reap benefits from airdrops associated with Bitlayer and its suite of decentralized applications (dApps). partnered with Bitlayer It’s crucial to understand that the content on this page does not represent legal, tax, investment, or financial advice and should not be perceived as such. Always invest wisely and only what you can afford to lose. If in doubt, consider seeking personal financial advice. For further clarification, it’s recommended to consult the terms and conditions along with the support resources provided by the issuer or advertiser. MetaversePost strives for accurate and impartial reporting, but market dynamics can shift without prior notice. Bitlayer’s Mining Gala event Alisa, who writes for the Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast universe of Web3. With her ability to spot emerging trends and technologies, she provides insightful analysis that keeps readers informed and engaged in the rapidly changing domain of digital finance.