pSTAKE Finance has launched its BTC liquid staking testnet onBabylon,aiming to unlockBitcoin’spotential for yield generation and enhance the decentralizedeconomy.This article details the testnetlaunch,itsfeatures,and the future plans for pSTAKEFinance.
Points
- pSTAKEFinancelaunchesBTCliquidstakingtestnetonBabylon.
- TestnetsupportstestdepositsandwithdrawalsofsBTC.
- Futureplansincludemainnetlaunch,yieldgeneration,anddiverseearningopportunities.
pSTAKEFinance’sBTCLiquidStakingTestnetLaunch
pSTAKEFinance’sBitcoin liquid staking testnet is finally live onBabylon,a project unlocking21million Bitcoin to secure the decentralizedeconomy.In the comingweeks,Bitcoin liquid staking will be launched on themainnet.Once thathappens,pSTAKE will introduce a pointsprogram,and those who participated in the testnet will receive extrapoints.
Fornow,the testnet introducesv1of pSTAKEFinance’sinnovative BTC yield and liquid stakingsolution.This initial version only supports test deposits and withdrawals of the testnetBTC,namelysBTC,intopSTAKE.“We’reexcited to see how this unique solution performs inreal-worldtesting,”said the team on X（PreviouslyTwitter）.
To engage with theplatform,users can utilize the OKXWallet.Soon,the testnet will also support Ledger andBitget.These sBTC tokens can be withdrawn at any time during thetestnet,as there is no unbondingperiod.To get your hands on these testnet versions ofBTC,you can use the Babylon Discord or theSignetFaucet.
FuturePlansforpSTAKEFinance
Inv2,the pSTAKE Finance team will deposit BTC into Babylon to offer the primary source of liquid stakingyields.At thisstage,the yield will be generated through economic security and distributed to pSTAKEdepositors.In the subsequent version（v3）,the idea is to begin mintingyBTC,theyield-generatingrepresentativetoken.Then,inv4,multiple avenues for yield will be introduced to provide a diverse range of earningopportunities.
RenewedFocusonBitcoin
Over the pastyear,Bitcoin has become the focal point for both developers andusers.We have seen a heightened interest in utilizing the largest crypto network to build a truly decentralized future offinance.Amidst the race to leverage thetrillion-dollarBitcoinopportunity,pSTAKE Finance has emerged as a leading solution to unlock and captureBitcoin’suntappedpotential.The project achieves this byliquid-stakingBTC to earn rewards fromBabylon’strustless BTC staking while maintaining liquidity powered by institutional custodyproviders.
According to itsco-founderMikhilPandey,people have given up on using Bitcoin for payments becauseit’sdifficult,and USD stablecoins are already doing a great job as preferred means ofpayment.The largest cryptocurrency by marketcap,valued at$1.23trillion,is predominantly utilized as a store ofvalue,acting as digitalgold.However,if we look at golditself,it inherently has no yield andis,assuch,a negative carryasset,“whichis never a good thing when it comes to a large assetclass,”said Pandey during his appearance on the EpicWeb3podcast.Much likegold,Bitcoinhasn’thad any inherent yield either untilnow.
With shared security andrestaking,doors to different forms of yield creation have finally been opened forBitcoin.UnlikeEthereum,it’snative staking forBitcoin,which is now brought to userstrustlessly.pSTAKEco-founderis super bullish on this concept due to the fact that Bitcoin has noyield,providing a way for people to generate yield on theiridle-sittingBTC.Simultaneously,the largest and most stable asset can be used to secure otherchains.
Pandey points out that the most appealing way for people to use their BTC is to maintain custody of theirBitcoin.Babylon facilitates this by allowing holders to retain custody of their BTC at alltimes.Users simply have to sign a transaction that locks Bitcoin for a certainperiod.
This is why pSTAKE Finance is providing Bitcoiners with yield opportunities through Babylon to drive the Bitcoin DeFi movementforward.Moreover,Babylon has a strongresearch-focusedteam that has been building on the largest network for a whilenow,explainedPandey,highlighting why pSTAKE chose to collaborate withBabylon.This partnership allows pSTAKE to focus on offeringyield,maintaining tokenliquidity,and making sure the Bitcoin that is securing these other services through Babylon is as secure aspossible.
Conclusion
pSTAKEFinance’slaunch of the BTC liquid staking testnet on Babylon marks a significant step towards unlockingBitcoin’struevalue.With plans for mainnetlaunch,yieldgeneration,and diverse earningopportunities,pSTAKE Finance aims to drive the Bitcoin DeFi movementforward,providing users with innovative solutions to generate yield on their BTCholdings.
解説
- pSTAKEFinancelaunchesBTCliquidstakingtestnetonBabylon,aimingtounlockBitcoin’spotential.
- TestnetsupportstestdepositsandwithdrawalsofsBTC.
- Futureplansincludemainnetlaunch,yieldgeneration,anddiverseearningopportunities.
- RenewedfocusonBitcoin’sutilityandvalueinthedecentralizedeconomy.