pSTAKE Finance to launch Premier BTC Liquid Staking Solution in Collaboration with Babylon
Dubai, United Arab Emirates
|
May 15, 2024 09:00 AM Eastern Daylight Time
pSTAKE Finance, a Binance Labs-backed multichain and a leading liquid staking protocol, is preparing to unveil a premier liquid staking solution for Bitcoin (BTC), built atop Babylon’s BTC staking protocol.
In collaboration with Babylon, pSTAKE Finance will simplify the staking process, enabling users to seamlessly and securely participate in yield generation while maintaining the liquidity of their staked BTC.
pSTAKE Finance pioneered liquid staking protocol in Cosmos in 2021 and, with more than 3 years of expertise, will greatly expand its services with the launch of its flagship liquid staking solution for Bitcoin, aimed at optimizing yield for users.
The move comes amid a wave of innovation and technological advancements in the Bitcoin ecosystem, including Bitcoin Layer-2s and BTC Shared Security Mechanisms. These developments have opened the door for Bitcoin staking, making it a yield-bearing asset. Amidst ongoing developments in the Bitcoin ecosystem, notably Babylon's native Bitcoin staking, various avenues for generating yield on BTC are emerging, promising a diverse range of options in the near future.
“Bitcoin’s future has never been so exciting, with simple BTC-first financial products anticipated to bring much-needed liquidity and utility to today’s DeFi landscape,” says Persistence Labs co-founder and CSO Mikhil Pandey. “I’m excited for pSTAKE Finance's collaboration with Babylon to bring yield and enhanced utility to Bitcoin.”
“At Babylon, we're propelling Bitcoin into the future of finance. By integrating our BTC staking protocol, we're enabling pSTAKE to simplify and amplify the yield generation process for Bitcoin holders. This collaboration underlines our commitment to enhancing Bitcoin’s utility and liquidity, paving the way for a Bitcoin-powered DeFi ecosystem,” says Fisher Yu, co-founder of Babylon.
Liquid staking was once exclusively associated with Ethereum, but soon, in part through pSTAKE’s continued efforts to unlock liquidity for staked assets, users of other digital assets, including Bitcoin, will soon be able to access the same yield generation and staking rewards opportunities Ethereum users have enjoyed for years.
BTC deposits are expected to go live on the pSTAKE platform in the coming weeks.
About pSTAKE
pSTAKE Finance is a multichain liquid staking protocol for BNB Chain, Cosmos, dYdX, Osmosis, and beyond, backed by Binance Labs. Like Lido or Jito, users can stake assets and receive liquid staked tokens (stkTokens) that can be used in DeFi to generate additional yield. pSTAKE Finance has one of the lowest liquid staking fees in the industry and is the only LST protocol integrated with Ceffu Global (Binance Custody). Investors in pSTAKE Finance include Binance Labs, DeFiance Capital, Coinbase Ventures, and more.
Contact Details
Colin Landers
Company Website
