When $BTC price going up, people happy, some people sell and take profits, while some others watch excitedly and wish for more bullish move.
When BTC price go down, what people do?? Some sell their cryptos, to prevent further loss. But there are diamond hands who never sell. What do they do with their Bitcoin??
While holding their Bitcoin for the greater position to sell(or as a store of value), people want yield, (as they get interest from Saving in Bank).
First of all, they can lend their cryptos through CEX and DEX, but there is a counterparty risk.
Though Bitcoin cannot be #Stake natively, we can warp BTC to other chains, wBTC for Ethereum and use them in Ethereum's #Defi Ecosystem for lending, borrowing and providing liquidity, and earn yield.
Is that all?? No. There's come #bouncebit $BB .
@BounceBit allows BTC holders to restake their BTC to help secure other Proof-of-Stake Blockchains. Their BTCs are used to provide security grantees to these networks, and they receive rewards in return.
BounceBit creates a secure BTC-backed foundation for dApps and infrastructures, such as Bridges and Oracles. Its hybrid DeCeFi model leverages regulated custodians to safeguard assets, while participating in DeFi strategies like Funding Rate Arbitrage .
BounceBit itself is an EVM compatible L1 Blockchain, uses novel dual-token proof-of-stake mechanism. It use $BB for gas, governance and staking alongside BTC.
But Bitcoin Holders do not need to know complex DeFi strategies. If their targeted price is still far to reach, or not welling to sell soon, holders can use BounceBit to earn yields.
