Ankr Introduces Bitcoin Liquid Staking on Talus Blockchain Boosting DeFi Ecosystem
Summary:
Decentralized blockchain infrastructure provider Ankr is set to release Bitcoin (BTC) liquid staking tokens on the AI-centric blockchain Talus starting May 1. This initiative will allow users to earn additional staking rewards and provide increased Bitcoin liquidity to different ecosystems. Ankr's scheme will use Bitcoin as collateral to produce liquid staking tokens (LSTs) that power Talus's smart agents and their applications, contributing to enhanced security against potential attacks. Ankr initially launched its Bitcoin liquid staking technology in early March in collaboration with Babylon protocol, which enables users to securely earn yields from idle bitcoins. Despite ongoing market corrections, the Bitcoin DeFi ecosystem is thriving, with innovative protocols and sizeable total locked value (TVL) in projects like SolvBTC.
Starting from May 1, Ankr, a provider of decentralized blockchain infrastructure, will bring Bitcoin (BTC) liquid staking tokens to Talus, a blockchain specialized in AI. Bitcoin, being the first ever and the most fluid of all blockchains, has been confined within its primary layer, the Bitcoin L1, Ankr's team highlights. Through Ankr’s liquid staking mechanism, Bitcoin can be staked via numerous Bitcoin restaking procedures. This process allows Bitcoin network users to receive additional staking rewards while simultaneously supplying ancillary systems with Bitcoin liquidity.
To participate in Bitcoin's Decentralized Finance (DeFi), users initially assign their BTC to a supervisory provider in a restaking scheme. Ankr then uses this as collateral to fashion BTC liquid staking tokens (LSTs). In the context of Talus, these Bitcoin LSTs are employed to fuel the blockchain's AI assistants or smart agents and their connected applications, including travel booking, online shopping and handling of portfolios.
These AI agents on Talus can also pack multi-level atomic swaps and complete them in a single transaction to safeguard against potential threats like flash loan attacks. "The BTC liquid staking feature from Ankr releases a substantial quantity of liquidity, ensuring that smart agents on Talus can smoothly perform synchronous DeFi transactions, such as atomic swaps", stated Talus's development team.
This subsequent development occurs after Ankr introduced its premier Bitcoin liquid staking invention in early March, in alliance with Babylon protocol. This project offers the facility to accrue returns from their dormant bitcoins in a secure method by allocating their bitcoins as security to produce LSTs which can be utilized to verify transactions on proof-of-stake blockchains.
The yields generated from stashed LSTs are then directed back to the user's locked bitcoins. At present, the Babylon protocol is undergoing testnet phase, with a formal launch of the mainnet programmed for later this year.
Although the market is experiencing corrections, the Bitcoin DeFi ecosystem continues to prosper with the creation of new protocols such as Ordinals, Inscriptions, Atomicals, and Runes over the preceding year. The omnichain yield-producing protocol SolvBTC, one such project, has garnered a total locked value (TVL) of $700 million derived from its yield-producing Bitcoin minted on Arbitrum, Merlin, and BNB Smart Chain. SolvBTC recently announced to Cointelegraph that the protocol has exceeded 10,000 BTC staked and garnered “more than 92,000 participants” shortly after its inauguration earlier this month.
Published At
5/1/2024 10:30:00 PM
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