Luxembourg, LU, 1st August, 2022, Chainwire
Bittrex International, one of the most well-liked digital exchanges on the planet, has introduced that it is now providing the Sirius token ($SIRS), a native token to the Tezos ecosystem that enables customers to routinely participate in liquidity baking, a decentralized liquidity pool between tez and tzBTC that is incentivized on the protocol stage. The news follows a period of exploration conducted by Bittrex from February 2022, during which the potential integration and listing of FA1.2 and FA2 tokens on Tezos was investigated.
The Sirius token now provides the shortest way to actively participate in liquidity baking on Tezos – with a purchase of $SIRS tokens, users can own a share in the Tezos liquidity baking pool. Liquidity baking is a type of DeFi trading strategy in which contributors promise assets in support of a decentralized protocol or application.
With standard DeFi yield farming, one may be rewarded with the native token of a DeFi application, which ties prospective benefits to the success of a centralized platform. With the introduction of the Sirius token, a user is rewarded with tez (XTZ), the native token of the Tezos blockchain. This enables participants to interact with and provide liquidity to the Tezos blockchain, as well as receive rewards in its native tez token.
Depositing tez and minting tzBTC into the liquidity pool formerly needed multiple steps to facilitate a transaction. Now, liquidity baking incentives in the Tezos ecosystem can be earned by purchasing $SIRS on Bittrex International.
Bittrex International announced tzBTC in July 2022, which provides Bitcoin functionality as a token on the Tezos blockchain. The tzBTC coin can be used in smart contracts and is a component of the CPMM liquidity baking protocol.
Tezos, a pioneer of Proof of Stake technology, is one of the first layer one blockchain networks that utilize staking to secure its network. These choices offer assurance and predictability to manufacturers and institutions expanding into decentralized financial marketplaces.
The Tezos ecosystem is a diverse, active community that houses innovative DeFi applications such as yield farming protocol Youves and decentralized trade and EVM bridge. Numerous, including prominent brands such as Manchester United, McLaren Racing, Group Energy, The Hole, and others.
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Tezos is intelligent currency, revolutionizing what it means to hold and exchange value in a digitally connected world. Tezos, a self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, incorporates future enhancements without network disruptions today. For further information, please visit www.tezos.com.
About Bittrex International
Bittrex International, the most secure digital asset exchange on the planet, services retail and institutional clients worldwide. Bittrex International enables the acquisition and exchange of over 250 tokens, with the goal of assisting consumers in building wealth. Through the use of cutting-edge technology, advanced safety standards, and a complex elastic multi-level pockets technique, the company provides an exceptional experience for both experienced and novice customers. Bittrex International is a prominent player in promoting the wider adoption of secure and decentralized approaches to wealth creation while keeping compliant and abiding to a vast array of regulatory requirements around the world.