Welcome to the 11th edition of our exciting new series, dubbed the ‘X Talks Bitcoin’ series. This is not just another industry discussion. It’s a unique opportunity for the pSTAKE community and Bitcoin enthusiasts to gain exclusive insights into Bitcoin, the emerging BTCfi industry, and potential yield-generating strategies.
Our series will feature expert opinions, providing invaluable insights into the future of Bitcoin and how we can all best position ourselves. These discussions are not just relevant but crucial to all our readers, offering a “not-to-be-missed” and “thought-provoking” perspective on what’s coming next for Bitcoin.
We spoke to Bima Protocol in the previous edition about Bitcoin-backed decentralized stablecoins, TVL, utility, and yield to unlock scalable opportunities for all. Today ELi5 a thought provoking DeFi leader shares his thoughts on BTCfi.
1) Can you ELI5 what BTCfi is?
BTCFi is the new paradigm to enhance Bitcoin productivity as an asset.
2) What is Bitcoin Staking, and why do we need it if Bitcoin Network already exists?
I used to believe the Bitcoin network was beyond reach, as if it were isolated in an ivory tower. This idea comes from its design and strong emphasis on security, which can make it feel exclusive.
However, it was meant to be open to everyone. By accessible, I mean its security should be used by other blockchains as well, which is why Bitcoin staking exists. Its purpose is to share the security of the Bitcoin network, allowing Bitcoin users and other systems to grow together.
It’s a solution that benefits everyone and brings positive results to the blockchain ecosystems.
3) What do you think of the BTCfi narrative and the Bitcoin Ecosystem currently?
I think BTCFi is not just about making BTC work better and earning returns. It aims to unlock the full potential of Bitcoin as the first cryptocurrency. You could see it as an upgrade, essentially Bitcoin 2.0.
Right now, the ecosystem is mainly focused on building infrastructure, which is important. However, I would like to see more projects that are more palatable for consumers and obviously, utilize Bitcoin.
4) What are some BTCfi projects you are excited about?
I have a strong appreciation for pStake due to their strategic transition to BTCFi, recognizing its significant potential, and effectively applying their expertise in the development of staking protocols.
Another noteworthy project is Solv, which provides a Bitcoin liquid staking solution that employs various strategies to generate returns. Additionally, EternalAI is developing a comprehensive AI agent, incorporating features that leverage the Bitcoin network.
LayerEdge is distinguished as the first decentralized network enhancing Bitcoin’s functionalities through the utilization of ZK and BitVM, ensuring security across all layers of Bitcoin and Bitcoin rollups.
About pSTAKE Finance
pSTAKE Finance is a Bitcoin Yield and Liquid Staking protocol, backed by Binance Labs.
With pSTAKE Finance, users can liquid stake BTC to get rewards from Babylon’s Trustless BTC staking for securing other app chains while maintaining their liquidity.
Accessing Bitcoin yields should not be complex, risky, or unsafe. With four years of liquid staking expertise and expert-curated yield strategies, pSTAKE Finance helps individuals and institutions put their BTC to work in BTCfi.
pSTAKE Finance has partnered with leading blockchain security firms, such as Halborn, Hexens, Oak Security, Immunefi, Forta, and more, to offer a secure liquid staking product suite.
PSTAKE is the governance and incentivization token of the pSTAKE Finance protocol. It has some of the most prominent investors, including Binance Labs, DeFiance Capital, Spartan Group, Coinbase Ventures, and Kraken Ventures.
