As a seasoned crypto investor with a penchant for finding lucrative opportunities, this partnership between Bitrue and Babylon Labs is music to my ears. I’ve been in the game long enough to remember when Bitcoin staking was unheard of, and now we have innovative solutions like this dual reward system.
Bitrue, one of the oldest and most varied trading platforms, has teamed up with Babylon Labs to offer a staking program for its crypto users. This partnership will allow users to gain on-chain rewards by participating in Bitcoin staking. (As of this update, the price of Bitcoin is $99,039, with a 24-hour volatility of 0.2%, a market cap of $1.96 trillion, and a 24-hour volume of $82.35 billion.)
Unique Staking Opportunity for Bitcoin Holders
According to the post, the nine-day staking opportunity will commence on Monday, December 9.
Bitcoin typically functions without an inherent staking feature due to its Proof-of-Work consensus algorithm. Nevertheless, platforms like Bitrue and Babylon Labs have devised innovative methods enabling users to deposit their Bitcoins for staking purposes and receive returns.
Specifically, those who put their Bitcoin on Bitrue as part of the BTC dual rewards initiative will be eligible for a reward.
The rewards are twofold – earning Babylon points and earning up to 2.3% Annual Percentage Rate (APR) on the staked BTC. It is possible to redeem the Babylon points for rewards later.
Simultaneously, a daily increase of 2.3% APR on the Bitcoin being staked gets added to each participant’s account. This regular addition offers a more frequent income stream for those intending to keep their Bitcoin for an extended duration. This method allows stakers to make the most out of their existing Bitcoin holdings, maximizing their earnings over time.
Participants who wish to join the Babylon Points program can do so through the Bitrue platform. By following some simple instructions, they can effortlessly lock up their Bitcoin by just a few clicks.
For those who are keen but don’t have Bitcoin, you can trade other currencies on our platform using the available BTC/USDT pair as an alternative.
Babylon Labs: Bridging Bitcoin and DeFi
The innovative group at Babylon Labs devised a two-tiered incentive structure. Since Bitcoin typically doesn’t support staking, they devised a method to incorporate Decentralized Finance (DeFi) into Bitcoin. As a result, from December 9 onwards, individuals can begin earning a daily return of 2.3% on their Bitcoin holdings that have been staked.
Previously, Babylon Labs has been involved with staking. Notably, in February, the development wing of Binance, known as Binance Labs, decided to invest in Babylon.
On this platform, the staking process can be carried out without needing native tokens. This means that Bitcoin owners can generate earnings directly, bypassing the need for third-party custodianship.
Much like the collaboration with Nomic DAO Foundation, Babylon presented a chance for users to partake in Bitcoin’s liquid staking, known as stBTC. This opportunity enabled users to use their BTC assets as collateral across various platforms and receive rewards in different digital currencies.
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2024-12-09 12:00