As a seasoned analyst with over two decades of experience in the tech and finance industry, I must say that the advent of liquid staking tokens for Bitcoin is an intriguing development. My first encounter with staking was back when proof-of-stake networks were still nascent, so it’s fascinating to see this concept being extended to Bitcoin, a blockchain not originally designed for staking.
On Thursday, the Core Foundation unveiled plans for a token tied to liquid staking, which is supported by Bitcoin, within their Layer 2 “Core” network
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Liquid Staking On Bitcoin
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Introducing LstBTC in Bitcoin DeFi is key to fostering Core’s ecosystem, as it will draw in new builders, enabling them to deploy their personalized LSTs within Core
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The groundbreaking work of developers at Babylon has made it possible for Bitcoin users to engage in native staking, enabling them to keep their Bitcoins in personal custody while contributing to the security of various other blockchains like Core. A feature previously exclusive to proof-of-stake networks such as Ethereum and Solana, Bitcoin holders can now expect regular returns from multiple Layer 2 blockchain platforms simultaneously
In modern terms, we could say that “Staking” refers to the act of engaging in a financial market or trading system, with the goal of making a profit or gaining an advantage, also known as “Tradeoff,” “Locking away,” “Privileging,” “Earning,” or simply “Yielding.” It can also mean deploying something, such as a new feature or service, for further yield in other DeFi (Decentralized Finance) protocols
On the Core platform, LsBTC tokens are created, but they are supported by Bitcoins stored in a multisignature wallet within the Bitcoin blockchain (Layer 1). This setup brings additional trust assumptions compared to conventional Bitcoin holdings, which theoretically allows for a potential “rug pull” scenario where investors could be manipulated
Introduce a more conversational and reader-friendly “Enhancing Security for Multisig Wallets: A Comprehensive Guide to Rigorous Audits”
Bitcoin’s Expanding DeFi Ecosystem
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2024-09-05 23:23