pSTAKE Finance has rolled out its Bitcoin Liquid Staking offering on Babylon.
In Brief
The launch of Bitcoin Liquid Staking V1 by pSTAKE Finance allows users to keep their Bitcoin liquid while simultaneously staking it with yBTC.
Bitcoin liquid staking protocol pSTAKE Finance pSTAKE has successfully launched its Bitcoin Liquid Staking V1 on the platform. Babylon Bitcoin staking protocol.
This innovative BTC liquid staking solution is accessible via the pSTAKE Finance dashboard and is grounded in Babylon's security-sharing protocol. It empowers users to deposit their native Bitcoin and start earning returns on their assets.
By putting their BTC on pSTAKE’s platform, users can maintain liquidity while staking via yBTC, which is set to evolve with upcoming enhancements.
The platform's initial iteration allows users to deposit Bitcoin into the protocol, initially capping total deposits at 50 BTC. These limits may vary in the future. Individuals can deposit BTC during the SatDrop Campaign starting soon to earn boosted pSats and qualify for extra rewards.
Following the launch, pSTAKE aims to inject as much BTC as it can into Babylon. All yields generated through the Babylon protocol, including direct incentives and points, will go straight to pSTAKE users. Moreover, the pSats Drop initiative will provide yet another yield source.
In this first version, withdrawals will be temporarily halted to ensure the protocol's integrity. This restriction is expected to be lifted in subsequent versions within the next month.
pSTAKE Finance: What is It?
This initiative aims to boost the functionality and usability of Proof-of-Stake (PoS) assets. Developed by Persistence, it addresses a significant challenge faced by PoS asset holders: the inability to utilize staked assets for diverse financial activities due to their locking during the staking period.
It allows users to stake BTC in a liquid manner to earn rewards from... Babylon This trustless Bitcoin staking method secures various blockchain applications while maintaining liquidity, backed by established custody providers. The project first presented its BTC liquid staking solution in May this year.
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