PRNEWSWIRE
VICTORIA, BC, Dec. 9, 2024 /PRNewswire/ -- The Bitrue cryptocurrency exchange, a noted pioneer in the industry, has today announced an official collaboration with Babylon Labs to provide their users with a brand new Bitcoin native staking rewards program.
Babylon Labs have developed an innovative solution that uses the existing features of the Bitcoin network to allow for the staking of BTC without relying on bridges or smart contracts. This ensures that the Babylon staking solution maximally benefits from the inherent security of the Bitcoin blockchain, and in turn, the incentivization of staking helps bolster the security of other L2s and projects that are secured by Bitcoin. Users who choose to stake are rewarded for their contributions with Babylon Points, similar to wildly popular protocols such as EigenLayer that have been built on other chains such as Ethereum and Solana.
As an official staking provider of the Babylon Bitcoin staking protocol, Bitrue has today launched a feature that provides their users with easy access to staking via Babylon, allowing them to earn Babylon Points on the platform without requiring them to transfer any of their assets away from the exchange. Simultaneously, this BTC staked on Bitrue will generate additional rewards of BTC paid directly into the user's account at 2.3% APR. With the price of BTC continuing to grow rapidly, this provides holders of BTC with multiple avenues to increase their wealth passively with minimal effort.
"DeFi continues to be a huge growth area for the web3 industry, and while many thought that such a service would be impossible on Bitcoin, its imminent launch showcases the unlimited potential for innovation in this sector." said Adam O'Neill, Chief Marketing Officer at Bitrue. "Babylon Labs are unlocking enormous value for consumers and developers alike, and we are excited to work alongside them to provide a new dual rewards program to ensure that Bitrue customers receive the best returns on their investments."
Bitrue will also automatically manage user's Babylon Points, allowing them to see their points balance directly on the website. This one-stop dual rewards solution has been designed not only to maximize the earnings potential for Bitrue users, but also to make the entire process as simple as possible.
Users wishing to take advantage of this feature can get started now by heading to Bitrue's Babylon Staking Page.
About Bitrue
Launched in July 2018, Bitrue is a diversified digital asset exchange that supports trading, loans and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody. It has offices in Asia and Europe and continues to develop new features rapidly to fully service the new wave of the digital economy. More information is available at Bitrue's website.
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