Zest Protocol has unveiled BTCz, connecting users to Babylon Bitcoin yields within the Stacks network.

This Bitcoin-based decentralized finance (DeFi) protocol has rolled out BTCz, offering users a novel way to deploy their Bitcoin and earn yields. Holders of BTCz can engage in staking via this innovative Bitcoin mechanism. Zest This staking method is fortified by the robust security features offered by the Layer 2 scaling solution. Babylon In a statement, Tycho Onnasch, the Founder of Zest Protocol, expressed, 'Our BTCz asset, particularly with the anticipated sBTC introduction in the fourth quarter of 2024, is poised to serve as the yield-producing counterpart to sBTC within the Stacks ecosystem.' He emphasized, 'Pairing a yield-bearing BTC asset like BTCz with sBTC is vital for safe Bitcoin DeFi adoption, developed by the engineers spearheading sBTC on Stacks. We're only just scratching the surface with our BTC yield product offerings at Zest Protocol Earn.' Stacks .

The Zest Protocol has launched a trustless Bitcoin staking framework that enables BTC holders to earn yields through non-custodial participation in Proof-of-Stake systems. The mainnet's initial phase was launched last month and it quickly amassed 1,000 BTC in just six blocks.

Babylon Leveraging the security features of Stacks, which allows smart contracts to interpret the state of Bitcoin, Zest Protocol's staking contract on Layer 2 can independently verify BTC staking activities on Bitcoin Layer 1 using the Babylon protocol, eliminating the need for outside oracle services. This unique integration, coupled with Babylon's structural design, establishes BTCz as an exceptionally secure staked Bitcoin derivative.

In addition to utilizing Stacks’ access for additional security, BTCz is on track for progressive decentralization akin to the sBTC framework. This movement aspires to establish a decentralized and permissionless foundation. Moreover, participants will soon be able to make deposits.

The minds behind Zest Protocol are seasoned experts in Bitcoin application development and infrastructure. Its co-founders were part of the initial team at Trust Machines, a Bitcoin infrastructure startup co-founded by Muneeb Ali. They were instrumental in shaping the design and development of sBTC while there. sBTC and earn yields via BTCz.

A Few Words About Zest Protocol

Recently, the initiative successfully secured $3.5 million in seed funding, led by Draper Associates and backed by notable contributors such as Binance Labs, Flow Traders, Trust Machines, and Asymmetric, among others. Stacks Please keep in mind that the details provided on this page should not be construed as legal, tax, investment, financial guidance, or any similar forms of advice. It's crucial to only invest what you can afford to lose and to seek independent financial counsel if you're uncertain. For further information, we recommend reviewing the issuer's or advertiser's terms and conditions along with their support resources. MetaversePost is dedicated to accurate and impartial news reporting, but market conditions can change rapidly without prior notice.

Alisa, a committed journalist at MetaversePost, concentrates on areas like cryptocurrency, zero-knowledge proofs, investments, and the vast landscape of Web3. With an astute understanding of emerging trends and technologies, she offers in-depth reporting to keep readers informed and engaged in digital finance's rapidly evolving domain.