Bifrost plans to launch native Bitcoin staking service BTCFi

On February 6th, according to the official blog, the multi-chain middleware platform Bifrost will launch a native Bitcoin staking service called BTCFi, aiming to provide decentralized income sources for Bitcoin holders. The uniqueness of BTCFi lies in providing a decentralized and secure revenue-generating solution. Since Bitcoin operates on a PoW system without native staking capabilities, BTCFi serves as an alternative solution to this issue. Operating on a decentralized protocol, BTCFi does not require intermediaries or third-party custodians. The core of this protocol is BtcUSD, an over-collateralized stablecoin backed by BTC. To support the integration of native BTC into BTCFi, fraud proofs will be used to verify the operations of relayers - a method commonly adopted by many Optimistic Rollup L2 solutions on Ethereum.

According to the roadmap of BTCFi, Bifrost plans to build the BTCFi ecosystem in the first quarter by integrating all DeFi components for a circular ecosystem supporting WBTC (ETH, Polygon, Arbitrum), and BTCB (BNB). In the second quarter, they will introduce automatic one-click staking services for Bitcoin; and in the third quarter, support for native Bitcoin will be provided with the launch of native Bitcoin deposit services verified by all validators from Bifrost nodes.