8 months ago
48 ARTICLE AD
Bifrost and Stacks join forces for Bitcoin innovation.
Bifrost Foundation announced on Mar. 14 a strategic partnership with the Stacks Foundation to expand the functionality and cross-chain interoperability of Bitcoin-based assets, introducing earning with Bitcoin (BTC) and the BtcUSD stablecoin to Stacks, a layer-2 blockchain built on Bitcoin’s ecosystem.
BTCfi, a service designed to provide Bitcoin holders with a low-risk earning opportunity, will soon include support for the sBTC, a synthetic version of Bitcoin that enables its movement on different networks. sBTC will serve as collateral within BTCfi, similar to the roles played by WBTC and BTCB, two other synthetic versions of Bitcoin. This move aims to enhance the liquidity and utility of Bitcoin on the Stacks platform.
Moreover, the introduction of Bifrost’s BtcUSD stablecoin is expected to provide users with a stable medium of exchange, facilitating smoother transactions within the Stacks ecosystem.
Pockie, the widely-used wallet managed by the Bifrost Foundation, will also extend its support to sBTC following its launch. The collaboration between the Stacks and Bifrost Foundations is focused on providing a secure bridge between the two networks, ensuring a seamless user experience.
Users can engage with BTCfi by depositing BTC to mint BtcUSD at a rate of 3.5% APY. The minted BtcUSD can then be leveraged across various decentralized finance (DeFi) protocols within both the Stacks and Bifrost ecosystems, as well as other networks that support BtcUSD.
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