BTC PROXY: Connecting Bitcoin Holder With Amazing Benefits of DeFi
BTC PROXY
Decentralized finance is growing at an astronomical rate, changing the way we see and run finance. A report stated that Decentralized Finance has taken over 5% of the crypto market, and might still take more chunks in the cryptocurrency space given the level of freedom it gives users and investors.
In a financial system growing this fast, one wonders the role of Bitcoin in all of this. One wonders how Bitcoin, the first major cryptocurrency and one with highest market capitalization can benefit from this growing market.
But there is none.
Well…it seemed like the number one cryptocurrency was locked out of the DeFi world, allowing other blockchains thrive.
That was in the past…
The days of bitcoin holders being locked out of the staking and liquidity pool awesomeness in Decentralized finance is over. BTC Proxy is that smooth interface that connects bitcoin holders with all the amazing benefits available in DeFi.
Now, before we get into what BTC Proxy is about, it’s best to understand why Bitcoin isn’t in the DeFi game. Why Bitcoin seems ostracized from the world of financial freedom.
Decentralized Finance is a financial infrastructure that is built on the Ethereum blockchain, designed to eliminate the use of centralized financial institutions.
DeFi uses smart contracts, a computer code that act as a form of agreement between two people on the network.
BTC proxy, therefore, is a protocol that helps tokenize bitcoin on ERC20 and MR20 formats while using the Proxy Relay. What this means is that BTC proxy acts like a proxy, a bridge, between Bitcoin and these networks, helping investors and traders to easily stake and swap their BTC on DeFi platforms.
How can Holders do that?
With BTC proxy, a bitcoin holders can easily stake their bitcoin on Ethereum or Polygon Matic-built Decentralized platforms. With BTC Proxy, the fear of the staking process being hacked by thieves or the staking process going wrong due to some glitch in technical details while staking is gone! It is totally eliminated!
ADVANTAGES OF BTC PROXY
Bitcoin Proxy is laced with a plethora of advantages, first for holders of bitcoin, and also for those who’ve been in search of a more interoperable system for bitcoin and DeFi.
Some of the advantages of BTC proxy are:
With Bitcoin Proxy, you can redeem your bitcoin any time after you’ve staked the bitcoin.
You can easily and quickly transfer the value of your bitcoin to ERC20 and MRC20 tokens without needing any centralized exchange; the days of third parties when transferring from bitcoin to ERC20 and MRC20 is gone! And also, the slippage fee is so low that it’s almost non-existent.
With BTC Proxy, bitcoin holders can now participate in Decentralized Finance Applications, something you couldn’t do before now.
The protocol brings BTC liquidity into Ethereum and Polygon ecosystem.
You can transfer value between the BTC and Ethereum and Polygon – swapping one BTC for ERC20 & MRC20 tokens – with low slip[page fee
Helps in tokenizing assets, meaning that token is backed by fiat currency or a reputable digital currency. With tokenization of assets, traders and investors will use BTC Proxy as a store of value without worrying so much about how fast the price of the coin will change.
Provides investors and traders with digital assets safety that was lacking with centralized exchanges and systems. The proxy Relay sidechain allows for more transparency and security when swapping and staking BTC on DeFi platforms.
CONCLUSION:
The growth of Decentralized finance can’t be complete without Bitcoin being a major player. Before BTC Proxy, it felt like Bitcoin was being axed from the game by these other blockchain networks, but not anymore. The BTC Proxy system allows everyone to play in Decentralized finance, and opens the door to more freedom financially.
For more information kindly visit the links
Website: https://btcproxy.io
Whitepaper: https://docs.btcpx.io
Twitter: https://twitter.com/BTC_proxy
Telegram: https://t.me/BTC_Proxy
Author: Glory Oteri
0x username: shekinahgee