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Binance and Tim Draper-Backed Zest Protocol Launches New BTCz Token in Bitcoin DeFi Push

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$BTC
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Cointelegragh
669Words
Sep 5, 2024

Binance Labs and Tim Draper-backed Zest Protocol have launched a new Bitcoin-native decentralized finance (DeFi) token, BTCz, which allows Bitcoin holders to earn staking yields through the Babylon Protocol. This development is part of a broader trend in Bitcoin DeFi, aiming to enhance capital efficiency and security for Bitcoin users. The BTCz token leverages unique features of the Stacks protocol to offer enhanced security, distinguishing it from other BTC-derived assets. The yield percentages for BTCz are still undetermined as they depend on the upcoming yields from the Babylon Protocol. This initiative is among several recent efforts to expand Bitcoin-native DeFi solutions, including new protocols and products like synthetic USD with yield capabilities and Coinbase's new wrapped Bitcoin, cbBTC.

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