Fun

Binance-backed pSTAKE Finance launches Bitcoin liquid staking solution

News Feed - 2024-05-15 10:05:28

Zoltan Vardai10 hours agoBinance-backed pSTAKE Finance launches Bitcoin liquid staking solutionpSTAKE is among the most recent protocols making Bitcoin a yield-generating asset with more capital efficiency.1669 Total views18 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBinance Labs-backed liquid staking protocol pStAKE Finance has unveiled its liquid staking solution for Bitcoin in the latest development for Bitcoin-native decentralized finance (DeFi).


pSTAKE Finance’s solution, built on top of Babylon’s Bitcoin staking protocol, aims to simplify the Bitcoin staking process and offer additional yield generation opportunities for Bitcoin (BTC) holders.


The protocol decided to build Bitcoin-based staking solutions from a fundamental belief in the world’s oldest cryptocurrency, aiming to make it a yield-generating asset, according to Mikhil Pandey, the co-founder and chief strategy officer of pSTAKE Finance.


Pandey told Cointelegraph:“Having fundamental faith and belief in Bitcoin, yields, and constantly identifying and solving crucial problems in this industry are some of the reasons behind moving in Bitcoin’s direction. The opportunity to make Bitcoin a yield-generating asset, something that hasn’t existed inherently, is very exciting. Yield-generating Bitcoin is powerful for all ecosystems and not just Bitcoin L2s.”


The initiative is part of a wider movement known as Bitcoin DeFi (BTCFi), which aims to bring DeFi capabilities to the world’s first blockchain network.


Investor interest in Bitcoin-native DeFi solutions started growing with the 2024 halving, which also saw the launch of Bitcoin Runes — a new protocol for issuing fungible tokens on the Bitcoin network.


The independent venture capital (VC) arm of Binance, Binance Labs, has also shifted its focus to BTCFi ahead of the halving after announcing an investment in Bitcoin-native restaking protocol BounceBit on April 11.


Related:BTCFi is an ‘enormous opportunity’ to make Bitcoin a productive asset — Stacks


The launch of the liquid staking solution marks pSTAKE’s first endeavor into Bitcoin-native DeFi, after building its liquid staking protocol on Cosmos for the past three years.BTCFi is making Bitcoin a yield-generating asset for the first time.


pSTAKE’s new solution is among many protocols aiming to make Bitcoin a yield–generating asset.


At the beginning of May, Hermetica announced the launch of the first-ever Bitcoin-backed synthetic United States dollar with yield-generating capabilities. Slated for release in June, the new synthetic dollar, USDh, will offer users yields of up to 25%.


According to pStake’s co-founder, the BTCFi industry is seeing the culmination of various promising products that make Bitcoin more capital-efficient. However, he believes that there’s still more development needed before BTCFi could match Ethereum-level DeFi. Pandey explained:“Ethereum’s tech had to go through a lot of evolution before the actual DeFi Summer in 2020. The Bitcoin DeFi landscape will likely follow a similar journey of development and progress before we see a full-fledged BTCfi Summer.”


However, making Bitcoin a more versatile asset holds a significant financial opportunity, added Pandey:“With less than 1% of the Bitcoin market cap in DeFi today, we could see huge growth as we develop more secure and reliable ways to generate yield on Bitcoin.”


Related:Stacks active accounts reach record high amid growing interest in Bitcoin DeFi# Bitcoin# Blockchain# Decentralization# Bitcoin Price# Bitcoin Halving# DeFi# Staking# Bitcoin OrdinalsAdd reaction

News Feed

Bullish Candle Formation Suggests The XRP Price Could Touch $22
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
American retailer Target to roll out AI chatbot in US stores by August
Brayden Lindrea3 hours agoAmerican retailer Target to roll out AI chatbot in US stores by AugustThe AI chatbot, Store Companion, will be used on handheld devices, providing staff members with immediate answers to any wor
Bitcoin Braces For Fed Shake-Up As Trump Eyes Powell Exit
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Circle becomes first licensed stablecoin issuer under MiCA
Vince Quill7 hours agoCircle becomes first licensed stablecoin issuer under MiCACircle’s USDC and EURC stablecoins become the first fully compliant digital fiat tokens under the Markets in Crypto-Assets rules.5557 Tota
Ethereum Co-Founder Vitalik Buterin Discusses FTX Collapse — Says ‘Centralized Anything Is by Default Suspect’
Ethereum Co-Founder Vitalik Buterin Discusses FTX Collapse — Says "Centralized Anything Is by Default Suspect" Ethereum co-founder Vitalik Buterin says many people in the Ethereu
Bitcoin taps $67.5K as 2% BTC price gains accompany US jobless claims
William Suberg9 hours agoBitcoin taps $67.5K as 2% BTC price gains accompany US jobless claimsBTC price strength returns amid bullish signals for Bitcoin and risk assets from the U.S. Federal Reserve and unemployment dat
5 Crypto Cashback Solutions That Award You Satoshis to Shop
5 Crypto Cashback Solutions That Award You Satoshis to Shop Cashback is a popular ecommerce system that administers rewards and rebates for shopping. Every time you shop online,
Craig Wright Plans to Take Legal Action Against BTC Developers, Hopes to Recover Over $3B in ‘Stolen Bitcoin’
Craig Wright Plans to Take Legal Action Against BTC Developers, Hopes to Recover Over $3B in "Stolen Bitcoin" Craig Wright, the individual that claims to be Sato
Why is Solana (SOL) price down today?
Biraajmaan Tamuly8 hours agoWhy is Solana (SOL) price down today?Solana registered a 10% decline over the weekend, failing to close above a psychological level at $150 on the weekly candle.74161 Total views942 Total shar
William Suberg8 hours agoBitcoin teases new volatility as BTC price taps 4-day high near $29.6KBTC price movements edge higher as the Wall Street trading week begins, with Bitcoin building on a weekly close, which gave c
Shiba Inu Price To $0.000045? Here Are The Major Support And Resistances To Watch Out For
Este artículo también está disponible en español. Technical analysis shows that Shiba Inu is currently at a critical juncturewhere it could either rebound to new multi-ye
Homeland Security leads to man charged over crypto recovery scam
Martin Young4 hours agoHomeland Security leads to man charged over crypto recovery scamAt least 175 people claim they engaged Coin Dispute Network to help them recover funds but never saw a single cent returned.1082 Tota