Are you restaking wBTC right now?
Are you restaking wBTC right now?
Well so, as of now, BTC is at 63K and I know that it’ll stop going down at some point, so I was wondering if any of you are restaking wBTC right now?
I know that BTC doesn’t have a staking mechanism. So there is wrapped bitcoin that makes it easier to stake and etc
I can see some projects like Bouncebit offering a restake for the wBTC, first you deposit wBTC and you get BBTC in return. This BBTC can then be staked to earn rewards, or utilized in a variety of DeFi activities across different networks.
Interestingly, BounceBit also uses a dual-token system with its native token, BB, which plays a role in securing the network and potentially offering additional benefits. The project is relatively new and the token is not listed yet on exchanges.
But anyways this is really cool once you start to farm your yield from your BTC. You will feel that’s making you reap more benefits from your BTC. So are you actually utilizing the potential of your Bitcoin holdings in this way?
I’m currently not utilizing my BTC (yet). I discovered bouncebit late in the game when tons of people had already garnered so much points so compared to the restaking risks + smart contract risks, it’s not worth it for me. I’d sit bouncebit out and just try to get my hands on some BNB so I can participate in their mega drop event thar started today. It would be awesome to get a way to stake native BTC rather than take on additional smart contract risks.
Now many projects come with new innovations you can stake with wBTC like this project https://twitter.com/SolvProtocol/ which is backed by Binance so there will be many people hunting for it seeing that there is Binance behind supporting it.
So far I have not staked any BTC even though I have it, this will still be the main investment in any case and will not be tempted by the token offer they provide, this is indeed very vulnerable where the project can be a scam? We never know.
After all, staking like this requires a lot of capital if you only risk $100 it’s nothing.