Are you restaking wBTC right now? - page 2.

makishart

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Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

Well so, as of now, BTC is at 63K and I know that it'll stop going down at some point, so I was wondering if any of you are restaking wBTC right now?

It's not even worth to stake Wbtc but i have staked BTCB or Merlin BTC to get Yield + free tokens. This is still worthy caused by we got two benefits at the same time which is also helping us to get some money.

Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

I know that BTC doesn't have a staking mechanism. So there is wrapped bitcoin that makes it easier to stake and etc
I can see some projects like Bouncebit offering a restake for the wBTC, first you deposit wBTC and you get BBTC in return. This BBTC can then be staked to earn rewards, or utilized in a variety of DeFi activities across different networks.
Interestingly, BounceBit also uses a dual-token system with its native token, BB, which plays a role in securing the network and potentially offering additional benefits. The project is relatively new and the token is not listed yet on exchanges.

I have participated in the BB stake. Have you got your points today? I thought that the points have stopped already but it's still running now.

Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

But anyways this is really cool once you start to farm your yield from your BTC. You will feel that's making you reap more benefits from your BTC. So are you actually utilizing the potential of your Bitcoin holdings in this way?

Having l2 bitcoin has been als really helpful for me caused by non sense fees in bitcoin blockchain caused by the high traffic due to the spam transactions by runes and ordinal minters. This give me at least alternative solution to transfer my btc with cheaper fees.

Ben Barubal

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Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

Well so, as of now, BTC is at 63K and I know that it'll stop going down at some point, so I was wondering if any of you are restaking wBTC right now?

I know that BTC doesn't have a staking mechanism. So there is wrapped bitcoin that makes it easier to stake and etc
I can see some projects like Bouncebit offering a restake for the wBTC, first you deposit wBTC and you get BBTC in return. This BBTC can then be staked to earn rewards, or utilized in a variety of DeFi activities across different networks.
Interestingly, BounceBit also uses a dual-token system with its native token, BB, which plays a role in securing the network and potentially offering additional benefits. The project is relatively new and the token is not listed yet on exchanges.

But anyways this is really cool once you start to farm your yield from your BTC. You will feel that's making you reap more benefits from your BTC. So are you actually utilizing the potential of your Bitcoin holdings in this way?

On another protocol platform, I do that by staking on wbtc, and so far the result is good from what I'm experiencing, although I only check it once or twice a week, and the results are good so far. Then, at the same time, I also do swapping activities.

I'm also doing the farming you're talking about because I'm also holding, so it's better to put it in the staking features while waiting for the right time for the price value to rise.
But I will check that bouncebit you are referring with here too later.

peter0425

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Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

I know that BTC doesn't have a staking mechanism. So there is wrapped bitcoin that makes it easier to stake and etc
I can see some projects like Bouncebit offering a restake for the wBTC, first you deposit wBTC and you get BBTC in return. This BBTC can then be staked to earn rewards, or utilized in a variety of DeFi activities across different networks.
Interestingly, BounceBit also uses a dual-token system with its native token, BB, which plays a role in securing the network and potentially offering additional benefits. The project is relatively new and the token is not listed yet on exchanges.

I actually have no idea that you could somehow find a way to stake bitcoin which is why I have a question

How much more beneficial is staking a wrapped bitcoin that you are willing to go through all these hoops? And should we actually start doing the same? What are the risks to this if there are any

It’s quite difficult to find information regarding this as everyone famously knows bitcoin can not be staked

Yogee

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I'll probably let it sit in my wallet and sell at some point. You never know when any of these liquidity pools will be drained due to exploits. Better safe than being sorry for chasing potential profits without taking into consideration the risks.

Quote from: nelson4lov on April 25, 2024, 05:47:44 PM

[...]
It would be awesome to get a way to stake native BTC rather than take on additional smart contract risks.

Definitely better than the wrapped version but I'm not aware of any platform that offers that other than centralized exchanges and some casinos.

Mate2237

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One thing I discovered in the cryptocurrency market is that if you are interested to make money from divert ways then you will also have a big problem in it. Either you loss a lot or you will be disappointed. But if you are a perpetual and patient investor in Bitcoin with long term investment then you will have a good return and happy mood/mode/ tone with the investment. Why I am bringing this is because the WBTC which is the converted unit of BTC that can be used to stake in other Cryptocurrencies like Ethereum and other and since those altcoins are not doing well k.ow what can't you stay on BTC.

And as for the Op question, I am not staking in WBTC and staking on Bouncebit with WBTC and got a return is like to lure someone to invest in a project that you might not like to invest.

nelson4lov

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Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

~Snipped

But anyways this is really cool once you start to farm your yield from your BTC. You will feel that's making you reap more benefits from your BTC. So are you actually utilizing the potential of your Bitcoin holdings in this way?

Nada. I'm currently not utilizing my BTC (yet). I discovered bouncebit late in the game when tons of people had already garnered so much points so compared to the restaking risks + smart contract risks, it's not worth it for me. I'd sit bouncebit out and just try to get my hands on some BNB so I can participate in their mega drop event thar started today. It would be awesome to get a way to stake native BTC rather than take on additional smart contract risks.

cryptoaddictchie

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Quote from: R1dwanRz on April 25, 2024, 04:11:50 PM

But anyways this is really cool once you start to farm your yield from your BTC. You will feel that's making you reap more benefits from your BTC. So are you actually utilizing the potential of your Bitcoin holdings in this way?

Yup in the form of some farming or ming like example OKX Jumpstart like mining a new project with a reward pool. Here might as well check it, its not every time only if theres an open project open for the pool. Usually this is only when there is a new launch.

Check this out.

https://twitter.com/okx/status/1783377519120404837?t=Je31pwWilSlCieRPoKHCrQ&s=19

salad daging

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Now many projects come with new innovations you can stake with wBTC like this project https://twitter.com/SolvProtocol/ which is backed by Binance so there will be many people hunting for it seeing that there is Binance behind supporting it.

So far I have not staked any BTC even though I have it, this will still be the main investment in any case and will not be tempted by the token offer they provide, this is indeed very vulnerable where the project can be a scam? We never know.

After all, staking like this requires a lot of capital if you only risk $100 it's nothing.

R1dwanRz

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Well so, as of now, BTC is at 63K and I know that it'll stop going down at some point, so I was wondering if any of you are restaking wBTC right now?

I know that BTC doesn't have a staking mechanism. So there is wrapped bitcoin that makes it easier to stake and etc
I can see some projects like Bouncebit offering a restake for the wBTC, first you deposit wBTC and you get BBTC in return. This BBTC can then be staked to earn rewards, or utilized in a variety of DeFi activities across different networks.
Interestingly, BounceBit also uses a dual-token system with its native token, BB, which plays a role in securing the network and potentially offering additional benefits. The project is relatively new and the token is not listed yet on exchanges.

But anyways this is really cool once you start to farm your yield from your BTC. You will feel that's making you reap more benefits from your BTC. So are you actually utilizing the potential of your Bitcoin holdings in this way?

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