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Author Topic: [ANN] Bitcoin Proxy Protocol (BTCpx) and (PRXY) Governance Liquidity Offering  (Read 120 times)
blacky90 (OP)
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February 09, 2021, 11:43:24 AM
Last edit: February 09, 2021, 03:29:38 PM by blacky90
 #1


About BTC Proxy:

Mainnet Launch Date: April 2, 2021

Website: https://btcpx.io
Whitepaper: https://docs.btcpx.io
Twitter: https://twitter.com/BTCproxy
Telegram: https://t.me/BTC_Proxy

#stakebitcoin

The Problem in DeFi:

BTC holds 60-80% of the market cap and is the choice for institutional investment. The important DeFi applications are built on Ethereum. These BTC holders are exposed to counterparty risks and slippage when attempting to move large volumes on both DeFi and CeFi exchanges.

DeFi Bottleneck: For BTC holders to participate in DeFi they must make an exchange from BTC to ERC20

Risks Faced During any Exchange:
1. Counterparty Risk when sending BTC to an exchange
2. Price Slippage when large sell orders of BTC are placed on CeFi or DeFi
3. Lack Of Liquidity when the subsequent supply of another token is limited

Technical Limitations of other Solutions
1. Scalability - Due to high gas fees
2. Lack of Insured Custody
3. Lack of Permissionless Interface

The Solution:

BTC Proxy or the Proxy Protocol is a Layer-2 Interoperability of Bitcoin on Ethereum.  It allows Bitcoin holders to stake their BTC  into an insured custodian to mint an ERC20 token called BTCpx.  

BTC Proxy solves a big issue within DeFi.  BTC Holders are exposed to counterparty risks, price slippage, and lack of liquidity when performing an exchange into ERC20.  

Proxy Protocol Benefits:

  • Low-Cost Layer-2 technology
  • Permissionless Interface
  • No Counterparty Risk
  • Insured Custody
  • No Slippage

Layer-2 Built on Matic:

Confirmation of Bitcoin blocks onto an Ethereum smart contract using a Matic side-chain addresses the issue of gas fees and scalability
  • Layer-2
  • Low Minting and Redemption Fees
  • Confirmation in under 30 mins
  • On-Chain Verifications

Permissionless Mint and Redeem

Minting and Burning maintains a 1: 1 BTC/BTCpx ratio verifiable on-chain for transparent accounting for all backed assets

Insured Custody

An institutional solution that holds Bitcoin directly with a licensed and registered custodian with full insurance against crime or theft ensures the safety of the BTC

How to Earn the PROXY Governance Token (PRXY):

By staking your Bitcoin into the Proxy Protocol you will be minted BTCpx at a 1:1 ratio.  Take your BTCpx to the Earn page to stake them directly into the SUSHISWAP DEX Pool to earn the PRXY Governance Token in one easy step using the Zap.
  
PRXY Governance tokens can be earned by staking either BTCpx or WBTC into the Sushiswap DEX pool at a 50:50 ratio

Providing liquidity to the pool will allow user to earn 3 different types of assets
1. Sushi Tokens (from the Sushiswap platform)
2. PRXY Governance Tokens (based on the users staked amount)
3. APY Yield (from the transaction fees earned by the pool

Provide liquidity to the Sushiswap DEX pool in either BTCpx or WBTC tokens before BLOCK 1 to maximize yield as the rewards are halved after the first 36 days

PROXY Governance Token Specifications

Blocks: 50 $PRXY per Block (same as BTC)
Market Cap $PRXY:  21,000,000.00 (same as BTC )
Block Halving: 210000 (same as BTC)
ETH Blocks per minute (Average): 4
ETH Blocks per day (Average): 5760
Days for mining complete: 729

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BTCITA187
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February 09, 2021, 07:08:06 PM
 #2

What is the BTCpx contract address?
niccuzYe
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February 10, 2021, 10:26:22 AM
 #3

This project has Commercial criminal insurance to further safekeep our client assets? Or I get it wrong? If yes it is big plus
helenfast69
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February 10, 2021, 12:08:20 PM
 #4

PROXY Governance (PRXY) token which allows for voting on key business issues around growth of the Proxy Protocol can be useful for interested users
consynor
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February 14, 2021, 05:31:00 PM
 #5

What is the BTCpx contract address?

Currently in Testnet as we are optimizing gas fees to get make it as cheap and fast as possible

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February 14, 2021, 05:32:12 PM
 #6

This project has Commercial criminal insurance to further safekeep our client assets? Or I get it wrong? If yes it is big plus

It was developed to address the insured custody needs of institutions and all staked BTC is fully insured against crime or theft with Hex Trust custodian.

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February 14, 2021, 05:35:26 PM
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PROXY Governance (PRXY) token which allows for voting on key business issues around growth of the Proxy Protocol can be useful for interested users

Proxy Governance will earn fees from btcpx.io as well as anything earned from yield as well as voting rights for the underlying protocol.  renBTC has 350M tokenized and their governance token $REN has the same marketcap.  Our platform is better because the BTC is insured and cheaper gas fees Layer -2

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April 19, 2021, 02:35:54 PM
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Bitcoin Proxy Protocol (BTCpx) want to offer commercial criminal insurance to further safekeep our client assets. How it will be realised in the project?
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