BTC Proxy

What Is BTC Proxy (BTCPX)? Complete Guide Review About BTC Proxy.

What Is BTC Proxy (BTCPX)?

A Multi-Institutional Layer2 protocol for the decentralized tokenization of Bitcoin on ERC20 and MRC20 utilizing a Proxy Relay with Insured Custody. BTC Proxy assets provide an opportunity to transfer the asset’s value (USD, for example) for utilization on a particular ecosystem. Because the token value is backed by fiat or a digital asset, they offer a safe way for traders to keep their value in a cryptocurrency without worrying about price fluctuations.

Cryptocurrency can replace traditional finance, but only if a bridge between them can be constructed to transfer value. BTC Proxy builds a decentralized bridge to securely transfer Bitcoin value to be used for Matic/ETH DeFi. The vast choice of cryptocurrencies available today is a testament to how much expansion and growth have taken place within this space.

BTC Proxy Storage Key Points

Coin BasicInformation
Coin NameBTC Proxy
Short NameBTCPX
Circulating Supply14.22 BTCPX
Total Supply14
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

What is BTC Proxy?

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 and MRC20 formats utilizing the Proxy Relay. This gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value into an onto Ethereum or Polygon chains without the need for centralized exchanges and systems that exponentially increase the counter party risk of theft or loss.

BTC Proxy also allows for the transfer of value without price slippage and is independent of liquidity which is a factor that affects exchange prices on Centralized exchanges and Decentralized exchanges. While Bitcoin makes up 40-60% of the crypto market, the smart contracts dominate Decentralized Exchanges (DEXs), digital swaps, derivatives, and micro banking applications.

Current Challenges

Lack of a proper permissionless and decentralized bridge to transfer Bitcoin value to Ethereum/Matic DeFi has still resulted in over 14B to be transferred as of Oct 2021 either manually or with existing methods that are not suitable for institutional usage. The centralized exchanges and systems exponentially increase counter party risk of theft or loss and an inefficient transfer of value resulting in price slippage. Institutions entering the market demand higher standards of custody for their Bitcoin.

Features

The following are the features of BTC Proxy:

  • Minting – Allows you to create new BTC Proxy tokens. It is completed in a decentralized form through interaction with a smart contract.
  • Redemption – Allows you to redeem BTCpx tokens for Bitcoin. You need to connect your ETH wallet to the Web3.js interface of the btcpx.io.
  • Earning Yield – Allows you to stake BTCpx into liquidity pools to earn rewards (yield) at PRXY.FI
  • Custody – Insured by a regulated custodian Hex Trust the features of this custodian allows for the safekeeping of funds using mulitsig hot/cold wallets with insurance against Crime, theft and employee dishonesty
  • PROXY Governance – is through the $PRXY token which allows for voting on key business issues around growth of the Proxy Protocol as well as Bitcoin Farming of the fees generated by the protocol.

The Proxy Relay

BTC Proxy this design verifies all BTC blocks and transactions onto the Manic Chain for very cost efficiently and then relays the transaction to either a Matic or Ethereum smart contract to mint or redeem BTCpx tokens. The Proxy Relay can take upto 30 mins to execute a transaction but all BTC/Matic/ETH confirmations are displayed in real time for full transparency and real-time settlement. No intermediaries are required to execute the transaction.

Differentiating itself and improving on the design of other wrapped token protocols, BTC Proxy utilizes a side-chain to “RELAY” the confirmations of Bitcoin transactions to the ETH smart contract. The Proxy Relay side-chain is significant because it allows for further transparency and can validate any deposit onto a BTC address.

BTC Proxy Advantages

  • Financial Freedom – BTC Proxy brings BTC liquidity onto the Polygon and Ethereum ecosystem and #DeFi applications.
  • Decentralized Bridge – It gives Bitcoin holders a decentralized bridge to transfer their Bitcoin value into an MRC20/ERC20 token without the need for centralized exchanges and systems.
  • Secured Lubrication – Provides the lubrication for the flow of blockchains securely and efficiently.
  • Flexible – With BTC Proxy, it is easy to redeem your Bitcoin anytime
  • Standardized Bitcoin – BTC Proxy standardizes Bitcoin to both MRC20 and ERC20 formats allowing the Bitcoin holders to participate in Decentralized Finance applications that are otherwise not compatible.

Ethereum ecosystem and #DeFi applications

While most of the development of DApps and Decentralized Finance (DeFi) is in the Ethereum ecosystem, the simple fact is that Bitcoin “dominates” the majority of the cryptocurrency market capitalization. This sector is burgeoning with BTC Proxy innovation with the likes of Decentralized Exchanges (DEXs), digital swaps, derivatives, and micro banking applications, all using smart contracts. BTC Proxy brings BTC liquidity onto the Ethereum ecosystem and #DeFi applications.