About BTC Proxy:Mainnet Launch Date: April 2, 2021Website:
https://btcpx.ioWhitepaper:
https://docs.btcpx.ioTwitter:
https://twitter.com/BTCproxyTelegram:
https://t.me/BTC_Proxy#stakebitcoinThe 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 Custody3. Lack of
Permissionless InterfaceThe 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 CustodyAn 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 SpecificationsBlocks: 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