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BTC Proxy (BTCPX) is a decentralized finance (DeFi) ecosystem built on the Bitcoin blockchain. It offers a unique BTC farming protocol that allows users to earn yield on their Bitcoin holdings. The protocol is safe, permissionless, and insured, ensuring the security of user assets. When users mint BTCpx, the tokenized version of Bitcoin, it is backed by actual Bitcoin held by trusted custodians. BTC Proxy is revolutionizing the yield farming space by enabling the farming of Bitcoin through a decentralized protocol.
To participate in BTC farming, users can follow a simple four-step process. First, they bridge their BTC and mint BTCpx tokens. Next, they can use BTCpx to purchase a 5-day bond at a discount to the current market value of PRXY, the native token of BTC Proxy. After purchasing the bond, users stake their PRXY into the farming contract and receive fPRXY tokens. As fPRXY holders are eligible to receive BTCpx yield, which can be redeemed for Bitcoin. BTC Proxy offers various farming tiers with different rates and lock-in periods to suit user preferences.
BTC Proxy has big plans for the future, with a utility roadmap that includes partnerships and innovations in the Bitcoin market. The project aims to enable the deposit of WBTC and BTCB, expand to the Binance Smart Chain for minting BTCpx, and introduce a decentralized marketplace called Redux for lending and borrowing Bitcoin using BTCpx. The project is built on Ethereum and Polygon, ensuring a balance of cost, speed, and security. BTC Proxy is committed to providing users with a resilient and high-performing DeFi experience.
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