pSTAKE is expanding Bitcoin Liquid Staking on Babylon to BNB Chain
Dubai, UAE
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September 05, 2024 09:00 AM Eastern Daylight Time
pSTAKE Finance is proud to announce that it is expanding its Bitcoin Liquid Staking solution to BNB Chain users in the near future by:
Bringing yBTC (pSTAKE-issued LST for Bitcoin) to BNB Chain
Accepting BTCB deposits on BNB Chain
This latest addition to the Bitcoin Liquid Staking solution marks a significant milestone in providing BNB Chain users with unique opportunities to generate yields through Bitcoin Staking.
pSTAKE Announces Bitcoin Liquid Staking for BNB Chain
Bitcoin Staking is bringing native yields to BTC for the first time. From a DeFi perspective, this can be a huge unlock for the entire industry, with $1.2T+ capital currently sitting idle.
pSTAKE Finance’s Bitcoin liquid staking product allows BTC holders to stake native BTC and generate native staking yield through innovative protocols like Babylon. By turning BTC into a slashable asset, Babylon can utilize BTC to add economic security to PoS chains and earn rewards for BTC holders.
pSTAKE Finance’s liquid staking solution went live on July 28, 2024, and it quickly filled its 50 BTC deposit cap in three weeks. It then deposited a portion of its BTC into Babylon’s Staking Cap 1, marking the beginning of yields to its BTC depositors through Babylon Points and pSats (pSTAKE Points).
BNB Chain is one of the leading Layer 1 chains in crypto, at a unique intersection of Bitcoin and DeFi. It has $6.7B+ TVL across leading DeFi protocols like Venus Protocol, PancakeSwap, BounceBit, Avalon Finance, Radiant Capital, ListaDAO, Aave, and more. BNB Chain is also home to the second biggest wrapped Bitcoin token, with a $4B+ supply of BTCB, Binance-wrapped Bitcoin.
In line with decentralization and growing accessibility for Bitcoin yields, pSTAKE Finance has announced that it will bring its upcoming BTC LST yBTC to the BNB Chain and support BTCB deposits in its Bitcoin Liquid Staking solution.
This move will bring further Bitcoin liquidity to BNB Chain and propel its existing DeFi Ecosystem. Due to its yield-generating nature, DeFi protocols can leverage yBTC as a pristine collateral asset and offer additional yields to users. At the same time, BTCB holders can stake with pSTAKE directly to earn rewards by contributing to the security of PoS chains through Babylon.
Significance of BTCB
BTCB is a tokenized version of Bitcoin on the BNB Chain that allows BTC holders to access the BNB ecosystem. The wrapped version of Bitcoin is held at a 1:1 peg to ensure BTCB mirrors Bitcoin's value.
The wrapped BTC variant is designed to help bridge the gap between Bitcoin and the BNB Chain DeFi ecosystem and access a wide range of services on the BNB Chain with fast transactions and low fees.
BNB Chain takes a custodial approach to BTCB by managing its minting and burning. As a result, Binance, one of the world’s largest and most trusted exchanges, holds the equivalent amount of BTC in a multi-signature cold storage wallet. It also has a Binance Proof of collateral feature to check the Bitcoin held in reserve at any time.
BTCB is already supported by various DeFi protocols, including Venus, Aave, Solv, and soon pSTAKE.
Gala Wen, Director of Ecosystem Development at BNB Chain said: "BNB Chain’s mission is to bring Web3 to the next billion users, and we are excited to see pSTAKE expanding its Bitcoin liquid staking on Babylon to BTCB on BNB Chain. This expansion not only enhances DeFi opportunities for users but also brings us closer to our goal of making Web3 accessible.”
Bitcoin Season 2 on BNB Chain with pSTAKE
By bringing yBTC to BNB Chain, pSTAKE expands its offering to provide more accessibility and yields to Binance users, one of the most active userbases in the crypto space.
pSTAKE’s integration with BTCB provides more value to BNB Chain users by allowing holders of BTCB to access Bitcoin Staking yields securely with a single click.
Bitcoin has already seen widespread adoption in BNB Chain DeFi. In the future, a yield-generating Bitcoin token like yBTC will significantly boost DeFi.
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. 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.
Contact Details
Colin Landers
Company Website
