Neo has introduced a strategic collaboration with PumpBTC to assist bolster Bitcoin’s DeFi ecosystem utilizing the Neo X EVM sidechain. The cooperative settlement is aimed toward leveraging Neo X as a number for belongings and liquidity for the PumpBTC platform, increasing alternatives for bitcoin holders in DeFi.
About PumpBTC
PumpBTC is a liquid staking answer for Babylon, a blockchain ecosystem that permits bitcoin holders to contribute to community safety whereas incomes rewards by way of direct staking on the Bitcoin blockchain. This collaboration goals to deploy PumpBTC on Neo X, unlocking a variety of functionalities for customers, together with:
- Staking alternatives: stake PumpBTC to earn rewards
- DeFi providers: make the most of PumpBTC as collateral in Neo X-based DeFi protocols
- Liquidity provision: take part in liquidity swimming pools for buying and selling pairs on Neo X’s DEXs
This collaboration is designed to diversify and improve the performance of the Neo X ecosystem by introducing bitcoin-backed belongings. By integrating PumpBTC, customers can streamline interactions with different belongings and dApps, whereas mitigating dangers usually related to cross-chain bridges, corresponding to hacks or exploits.
Subsequent Steps
The PumpBTC staff is at the moment integrating help for Neo X. Future developments embody advertising and marketing campaigns and the launch of PumpBTC staking on Neo X, which is able to provide customers factors, NFTs, and the power to re-stake factors.
Neo and PumpBTC additionally plan to host an AMA to offer insights into their partnership and talk about their imaginative and prescient for the way forward for BTCfi on Neo X.
The total announcement could be discovered on the hyperlink beneath:
https://medium.com/neo-smart-economy/neo-and-pumpbtc-join-hands-to-empower-btcfi-in-the-neo-ecosystem-1298ed03d6bc
