Botanix Introduces Cryptocurrency Yield Generator Based on Bitcoin's Standard
Botanix Labs, a leading player in the Bitcoin DeFi sector, has announced the launch of stBTC - an Ethereum Virtual Machine (EVM) compatible Bitcoin sidechain. This innovative development allows users to participate in additional yield opportunities within the Botanix network, using stBTC as collateral in supported protocols or for earning more Bitcoin directly from network usage.
The stBTC model creates a sustainable, transparent, and instantly redeemable yield. According to Willem Schroe, co-founder and CEO of Botanix Labs, this innovative approach allows users to earn Bitcoin without compromising the utility of their Bitcoin holdings.
Starting from September 18, stBTC yields will go live, with the total value locked (TVL) on Botanix's network having increased by 91% since the beginning of September, currently at $13.8 million. Users can stake their stBTC to earn Bitcoin generated from Bitcoin-denominated transaction fees on the Botanix network.
Botanix is also the first L2 to repurpose transaction fees as a sustainable yield source. The debut of stBTC will feature the liquid staking Genesis Vault, scheduled to open on Sept. 25. This vault will operate as a capped first-come-first-served Bitcoin deposit vault, rewarding early Botanix users with more generous yields.
Projections for the Annual Percentage Yield (APY) of stBTC are up to 30%. Notably, Dan Held, General Partner at digital investment firm Asymmetric, has stated that Botanix is one of the first L2s to introduce real, native Bitcoin yield.
As Botanix continues to grow, stBTC offers an exciting opportunity for Bitcoin holders to diversify their holdings and earn additional Bitcoin directly from network usage. With the launch of stBTC, Botanix is set to make a significant impact on the Bitcoin DeFi sector.
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