6 months ago
38 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.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by HAL, our proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
