No wonder BTC is everyone's favourite crypto asset you would like to hold despite the recent fall of BTC has come to the topic. BTC Proxy has emerged as a new face of BTC in way of proxy as alternative access for its original. With the use of a permissionless interface, it put into action the decentralisation of Bitcoin tokenization making an advanced scalable layer-2 protocol. In essence, being made a good combination of Defi and BTC, the Bitcoin bridge is created for the insured multisig third-party custodians. People are encouraged to earn sustainable yields and rewards and to ensure a competitive market for BTC.
BTC Proxy Ecosystem
BTC Proxy has a solid economy due to its partnership with Blockchain.com, which has been crowned as one of the most trusted and largest crypto platforms all over the world. By Minting BTCpx, BTC Liquidity will be added to the Proxy ecosystem by Blockchain.com. It is a good sign that the Defi network is going to be expanded after BTC is being moved to the polygon network. In this method, BTC is deposited into a specified deposit address located at a Custodian. Moreover, the users are granted a safe environment while depositing Bitcoin into one of BTC Proxy’s custodial partners. on the other hand, BTC Proxy is navigated letting the status of the Bitcoin under multiple layers of security with the assurance of great accountability and security as well.
BTC Proxy on Polygon Network
It is quite a significant fact that BTC Proxy was able to provide custodial options to their clients such as Hex Trust, Fire Blocks and Gemini. In the minting process of BTCpx, you are not required to have ETH or Matic to complete the transactions which are called gasless transactions. However, if the assets in your wallet are transferred to the Polygon network, you need some Matic tokens to do the transaction of the new assets. In this situation, the proxy has introduced a new reward system for its users if he mints the BTCpx with Matic tokens, thereby the new users will get the opportunity to have an emblazing experience on the polygon network. In order to remain BTC on the polygon network, iBTCpx tokens can be utilised for additional Matic tokens using the iBTCpx contract.
Blockchain.com to lead the foray of Bitcoin holders by minting BTCpx on Polygon by depositing BTC into a qualified custodian and to immediately start earning up to 115% APY in PRXY and MATIC rewards.
In Summary, BTC Proxy has been able to solve a real pain point for Bitcoin after establishing a mechanism of interoperability. Furthermore, Having provided a means for its stored value where long-term holders can earn Defi rewards without sacrificing security as their yield. It is interesting to see Liquidity pairs with BTC Proxy are so effective in the root of the selling bonds to provide the treasury with ETH/USDT/USDC/WBTC. Hence, the "borrowing liquidity concept" is utilised for Bonds to ‘purchase liquidity’ for the treasury by Proxy protocol while they are shifting from the traditional Defi model.