pSTAKE Finance Launches Its Bitcoin Liquid Staking Solution On Babylon
In Brief
pSTAKE Finance launched Bitcoin Liquid Staking V1 on the Babylon, enabling users to maintain Bitcoin liquidity while staking through yBTC.
Bitcoin liquid staking protocol pSTAKE Finance deployed its Bitcoin Liquid Staking V1 on the Babylon Bitcoin staking protocol.
This BTC liquid staking solution, available via the pSTAKE Finance dashboard, is based on Babylon’s security-sharing protocol. It offers users an innovative method to deposit native Bitcoin and start earning yield on the assets.
By depositing BTC into pSTAKE’s platform, users will maintain Bitcoin liquidity while staking through yBTC, a yield-generating asset set to be introduced in future updates.
The initial version of the platform will enable individuals to deposit Bitcoin into the protocol. It will offer a total deposit cap of 50 BTC, with limits subject to adjustment. Currently, individuals have the option to deposit BTC to get boosted pSats during the SatDrop Campaign initiation in the forthcoming weeks and qualify for additional incentives.
After the release, pSTAKE plans to deposit as much BTC as possible into Babylon. Any yield generated via the Babylon protocol, including direct incentives and points, will be transferred directly to pSTAKE users. In addition to the yield from Babylon, the pSats Drop program will offer another source of yield.
In the initial version of the product, withdrawals will be temporarily disabled to ensure the strength of the protocol. This restriction will be lifted in upcoming versions within the next month.
pSTAKE Finance: What is It?
It was designed to improve the functionality and utility of Proof-of-Stake (PoS) assets. Built by Persistence deals with a common issue for PoS asset holders: the inability to use staked assets for various financial activities because they are being locked up during the staking process.
It enables individuals to liquid stake BTC to receive incentives from Babylon‘s Trustless BTC staking, which secures other blockchain applications while preserving liquidity, supported by institutional custody providers. The project initially unveiled its BTC liquid staking solution in May of this year.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
