Luxembourg, LU, August 1, 2022, chain wire
Today, one of the world’s most popular digital exchanges, Bittrex Global, announced that the exchange is now offering the Sirius token ($SIRS), a native token for the Tezos ecosystem, a token that allows users to automatically participate in liquidity baking , a decentralized liquidity pool between tez and tzBTC that incentivizes at the protocol level. The announcement follows an exploratory phase conducted by Bittrex since February 2022, analyzing the potential integration and listing of FA1.2 and FA2 tokens on Tezos.
The Sirius token now offers the fastest way to actively participate in liquidity backing on Tezos – with a $SIRS token purchase, buyers can own a share of Tezos’ liquidity backing pool. Liquidity baking is a type of DeFi trading strategy in which participants pledge assets in support of a decentralized protocol or application.
In traditional DeFi yield farming, one can be rewarded with a DeFi application’s native token, which links potential rewards to the success of a centralized platform. With the launch of the Sirius token, a user will be rewarded with Tez (XTZ), the native token of the Tezos blockchain, allowing participants to interact with the Tezos blockchain and provide it with liquidity and rewards on their native Tez to get tokens.
Previously, depositing Tez and minting TzBTC into the liquidity pool required multiple steps to facilitate a transaction. Now, earning rewards for baking liquidity in the Tezos ecosystem is achieved by purchasing $SIRS directly through Bittrex Global.
In July 2022, Bittrex Global announced the tzBTC, which will tokenize the power of Bitcoin on the Tezos blockchain. The tzBTC token can be used in smart contracts and is part of the liquidity backing CPMM.
Tezos, a pioneer in Proof-of-Stake technology, is one of the first Layer 1 blockchain networks to use staking to secure its network. These features provide security and predictability for brands and institutions expanding into decentralized financial markets.
The Tezos ecosystem is a diverse, vibrant community supporting promising DeFi applications like yield farming protocol Youves and decentralized exchanges and EVM bridge Plenty, as well as big brands like Manchester United, McLaren Racing, Team Vitality, The Gap and accommodates more.
More information about the Sirius token can be found here.
To learn more about Tezos, click here.
To learn more about Bittrex Global, click here.
###
About Tezos
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. As a self-updating and energy-efficient proof-of-stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations today without network disruption. Visit www.tezos.com for more information.
About Bittrex Global
Bittrex Global, the safest digital asset exchange in the world, serves both retail and institutional clients worldwide. Bittrex Global strives to help users build wealth, making it easy to buy and trade over 250 tokens. Through the use of cutting-edge technology, advanced security protocols and a sophisticated, elastic, multi-tiered wallet strategy, the company offers a premium experience for both professional and novice clients. Bittrex Global is a key player in driving the widespread adoption of secure and decentralized wealth accumulation methods while remaining compliant and compliant with the numerous regulatory measures around the world.
contacts
- And Horowitz
- [email protected]
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.