Proxy: Bitcoin falls under the influence of policies

Author: Proxy

Compiled by: ChainCatcher

This update comes during some interesting times in the DeFi and political landscape. 50,000 truck drivers from Canada, along with another 30,000 from the United States, are converging on Ottawa to peacefully protest the vaccine mandates and policies that have directly or indirectly led to double-digit inflation in fuel, food, and housing. Double-digit increases in staples, such as a 19% rise in bacon, a 20% increase in housing, and a 33% spike in fuel, have made it unaffordable for average families to make ends meet, let alone afford any Bitcoin.

The financial markets seem to be teetering on the edge due to anxiety, with Bitcoin having sharply dropped nearly 50% from its highs. For crypto veterans, it's just another day with nothing new to see, but for those new to the industry: welcome to your cryptocurrency emotional rollercoaster------hang in there, HODL. The abhorrent financial and political policies implemented by the government will prove you right in due time.

In DeFi, it has also been a brutal week for our forks! Parents: $OHM and $TIME. Their prices once soared to $1,300 and $10,000, now standing at $65 and $400, respectively. The scandal linking the CFO of $TIME to the co-founder of Quadriga has complicated matters further and affected all rebase projects. Less than 30 days after rebase staking for Proxy, the $PRXY community is clearly feeling frustrated. Landfill gas!

BTC Proxy is truly at the forefront of combining synergies between billion-dollar entities amidst these external disruptions, akin to a tornado raging outside while we are in the garage grabbing parts to build an Iron Man suit.

Convincing large holders to transfer their BTC into the protocol requires a strategy that provides them with security and gives them options. This week we met with Gemini Custody, and we are now working on integrating the protocol with their API so that BTC Proxy can offer the following custody options to clients.

This is a significant development, and the timing is perfect; combined with the acquisition of Bitria, Gemini plans to offer DeFi strategies in the market along with their wealth management platform, which will enable crypto investment products to be distributed to thousands of investment advisors.

"The acquisition of Bitria positions Gemini as the first end-to-end technology platform that enables wealth and asset management firms to meet the growing demand from clients for access to and management of a variety of crypto investments," said Dave Abner, Head of Business Development at Gemini.

Polygon Update------Another important plan in the works involves the team from Polygon, including Sandeep, whom you may already know, who has invested in the project. The plan aims to connect as much BTC as possible to the Polygon network, similar to how liquidity miners were rewarded when AAVE was first integrated into Polygon during an event called #DeFiforAll. The minting process for BTCpx is "gasless," meaning it does not require any Matic or ETH in your wallet to complete the transaction. However, when users mint their BTCpx onto Polygon, they will need some Matic tokens to trade and use their new assets. Proxy will implement a rewards system for users when minting BTCpx using Matic tokens, ensuring a seamless experience for new users on the Polygon network. Additionally, to incentivize BTC to stay on Polygon, stakers in the iBTCpx contract will be able to leverage their iBTCpx tokens to stake for additional Matic token rewards. Not so lovely right now.

Institutional participation is what everyone is waiting for; in fact, small-scale testing has already been conducted on the network, although it has not been officially announced yet. One party is in the final stages of choosing which of the aforementioned custody solutions they want to use. With the involvement and integration of all these incredible entities, BTC Proxy is set for a very bright future, fundamentally built on solid infrastructure, and will lead this specific BTC into the DeFi space. We appreciate everyone's patience during the building process and hope to release the long-awaited announcement soon.