Bitrue Partners with Babylon Labs to Offer Bitcoin Staking and Rewards
Highlights:
- Bitrue has partnered with Babylon Labs to offer Bitcoin staking and earn dual rewards for users.
- Staking Bitcoin on Bitrue lets users earn 2.3% APR and Babylon points for future rewards.
- Bitrue has partnered with CV Pad to support Web3 projects with faster exchange listings and marketing events.
Bitrue, one of the most diversified cryptocurrency exchanges, has announced a new partnership with Babylon Labs. The partnership aims to introduce a Bitcoin staking program for the users to earn rewards. It will officially start today and last for nine days.
#Bitrue and @babylonlabs_io is bringing #Bitcoin staking to you!
☑️ Access maximum yields
☑️ Secure and scalable restaking
☑️ Fast unbonding
☑️ Earn Babylon points and staking rewards!Access the world's first self-custodial #BTC staking mainnet on #Bitrue today!
Join now!… pic.twitter.com/ve45BSYTld
— Bitrue (@BitrueOfficial) December 9, 2024
How the Bitcoin Staking Program Works
Bitcoin has not supported staking due to its Proof of Work (PoW) consensus mechanism. However, Bitrue and Babylon Labs have found a way to adapt this for Bitcoin holders. They are introducing a dual rewards program where users will be able to stake Bitcoin and earn two kinds of rewards.
Participants in this program will earn Babylon points and an Annual Percentage Rate (APR) of 2.3% on their staked Bitcoin. The Babylon points can be redeemed later for various rewards. Meanwhile, the 2.3% APR will be added to the staker’s account daily.
The APR of 2.3% is a fixed return. The system is perfect for long-term holders who want to make a stable income over time. The daily payout structure makes it easy for users to track their earnings and get frequent returns on their staked assets.
Joining the Staking Program
Joining the Bitcoin staking program is a simple and straightforward process. To stake Bitcoin, participants will only need to follow easy steps on the Bitrue platform. Once they do the staking, rewards will start to accrue immediately.
Bitrue offers an easy solution for users who do not yet own Bitcoin. The BTC/USDT trading pair enables them to trade other cryptocurrencies to Bitcoin. This means that even those who do not hold Bitcoin can participate in the staking program.
The dual reward system provides two forms of compensation which are the 2.3% APR and Babylon points. Staked points earned during the staking period are not tokens. They can not be transferred or traded. However, the points are redeemable for future rewards.
This special reward system serves to further enhance the staking experience. Users will have the opportunity to get additional benefits by acquiring Babylon points over a period of time.
Bitrue Expands Its Reach with CV Pad Partnership
Bitrue has also recently entered into a strategic partnership with CV Pad. CV Pad is a prominent cryptocurrency incubator based in Switzerland. The initiative aims to help grow the blockchain space by facilitating Web3 innovation.
CV Pad has over 200 teams that work in the Web3 space. These teams will gain access to a wider market through the partnership. It will also give them the ability to be listed quickly on the Bitrue exchange hence exposing them to more potential investors.
Bitrue will also be holding special marketing events such as launchpools and AMA sessions. Bitrue will use these events to showcase new projects and open them up to the large user base of over 400,000 who use Bitrue. This will enable new projects to utilize their launch phase to raise funds and build their communities.
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Austin Mwendia
Austin Mwendia is a passionate crypto journalist with three years of experience. He has contributed to various media outlets, covering blockchain technology, market analysis, and financial trends. He is committed to educating readers and expanding the adoption of blockchain and decentralized finance.
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