TDeFi Onboards BTC Proxy

TDeFi BTC proxy

We are pleased to announce that TDeFi has incubated BTC Proxy in its third cohort. With the rise of yield farming as a passive source of income, Ethereum became the foundation block for the Dapps, however its insane gas fees hurts the profit and as the Ethereum blockchain, till date, is not compatible with other chains, it restricted the holders of the Bitcoin to earn by staking them. This is where BTC Proxy comes in. 

Proxy Protocol is the next-generation permissionless Bitcoin Staking protocol built on Matic (now Polygon). The protocol tries to bridges the interoperability gap and allow easy movement of BTC holders in and out of DeFi. It solves the problem that BTC holders usually face such as Counterparty Risk from exchanges, price slippage hurts their profit and high gas being charged on transfers. 

BTC Proxy has revolutionized staking by virtually making the process risk-free for users to stake BTC. Its swarm of features has developed the protocol as a one-stop solution for BTC staking. They are as follows- 

Security of Funds-BTC Proxy offers insurance to users’ funds along with a segregated custody feature.

No Slippage– In illiquid markets, huge volume trades may increase the gap between bid and ask hurting the profitability. BTC Proxy’s proposition to prevent slippage from occurring is by minting new tokens (BTCpx) for users 1:1 in value to BTC. 

Gas Fees– While RenBTC has minting gas fees of ~$52.4, BTC Proxy costs ~$14.3, that is ~370% less than the cost incurred by RenBTC to mint a BTC synthetic. This has been made possible through the Matic’s Sidechain. Matic being a scalable Layer 2 solution keeps the gas prices in check, thus empowering BTC Proxy to grow its ecosystem on its blockchain. 

With ~$2.5 Bn Total Value Locked in Derivatives, BTC Proxy presents itself as a protocol that is a potential candidate to serve ~1.1 M active Bitcoin addresses, allowing them to maximise their earnings by staking their BTC’s holding. 

About TDeFi

TDeFi, TradeDog’s Acceleration arm provides access to World-Class Mentors, Industry Connections, Technology, Marketing & Community, Exchanges, liquidity, and growth hacking partnership opportunities to DeFi and NFT ventures to help them to grow at an unparalleled pace.

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