As a seasoned crypto investor with a deep understanding of the blockchain ecosystem, I’m excited about Ankr’s announcement of Bitcoin liquid staking tokens on Talus. Bitcoin, being the oldest and most liquid cryptocurrency, has always been in high demand for decentralized finance (DeFi) applications. However, its liquidity has traditionally been trapped within the Bitcoin L1, limiting its use in various DeFi scenarios.
Starting May 1, Ankr, a decentralized blockchain infrastructure provider, plans to introduce Bitcoin (BTC) staking tokens that can be used within the artificial intelligence-centric Talus blockchain. In simpler terms, Ankr is bringing Bitcoin staking functionality to the Talus platform from May 1 onwards.
“Bitcoin holds the distinction of being the first blockchain and boasts the greatest market liquidity. However, most of this liquidity remains confined within Bitcoin’s main network. By utilizing Ankr’s liquid staking service, Bitcoin users can stake their bitcoins through various protocols, thereby generating extra rewards while simultaneously making Bitcoin liquidity available to other ecosystems.”
To participate in decentralized finance (DeFi) with Bitcoin, users initially transfer their BTC to an operator within a staking protocol. This BTC serves as collateral for Ankr to generate Bitcoin Liquid Staking Tokens (LSTs). With Talus, these Bitcoin LSTs can be employed to activate the blockchain’s smart agents or artificial intelligence assistants and their respective functionalities, encompassing tasks like booking travel, online shopping, and portfolio management.
Smart agents on Talus are also capable of bundling multilayer atomic swaps and executing them in one single transaction to provide security exploits such as flash loan attacks. “Ankr’s BTC liquid staking unlocks a massive amount of liquidity to ensure that smart agents on Talus can execute simultaneous DeFi transactions like atomic swaps seamlessly,” Talus commented.
Following Ankr’s unveiling of its initial Bitcoin staking product with Babylon protocol in early March, the company has made another significant step. This development enables users to generate returns from their bitcoids that are otherwise inactive by using them as collateral to issue LSTs (Liquid Staked Tokens). Subsequently, these LSTs can be employed for validating transactions on proof-of-stake blockchains.
The earnings generated from your staked Long Short Tokens (LSTs) are subsequently returned to the Bitcoin you’ve secured in your wallet. At present, the Babylon protocol is undergoing testing in its trial network, with a planned launch on the main network slated for later in the year.
Amidst the ongoing market adjustments for Bitcoin, the Decentralized Finance (DeFi) sector associated with it has experienced remarkable growth during the last twelve months. Innovative protocols like Ordinals, Inscriptions, Atomicals, and Runes have emerged, adding to its dynamic ecosystem.
One project, SolvBTC, has achieved a total value of $700 million by locking in Bitcoin from yield generation on Arbitrum, Merlin, and BNB Smart Chain. According to SolvBTC’s announcement to CryptoMoon, they have surpassed 10,000 Bitcoins staked and gained the interest of over 92,000 participants shortly after their launch this month.
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2024-05-01 22:44