Introduction
Bitcoin has long been recognized as the world’s premier economic collateral. With the launch of SatLayer’s staking functionality, a major step is being taken toward unlocking the full potential of BTC for securing decentralized applications and protocols.
This advancement includes the introduction of Bitcoin Validated Services (BVSs) and enables restaking, further enhancing the security and utility of Bitcoin within the blockchain ecosystem.
Satlayer is now live at stake.satlayer.xyz, and we’re excited to share how you can get started.
What is Satlayer?
Satlayer is the universal security layer that maximizes the power of Bitcoin. By deploying as a set of smart contracts on Babylon, Satlayer enables BTC stakers to secure any type of dApp or protocol as a Bitcoin Validated Service (BVS).
This means that Bitcoin, already the strongest economic collateral, can now provide security to a broader range of applications with full programmability to slashing conditions while minimizing additional trust assumptions.
Use Cases: Who Benefits from Satlayer?
- Liquid Staking Token (LST) Platforms: Satlayer offers additional yield opportunities for BTC deposits on LST platforms. Users can earn more by participating in this innovative staking method.
- BVS Platforms: By restaking BTC into Satlayer, BVS platforms gain enhanced security and access to new functionalities that were previously unavailable.
- Babylon Ecosystem: Satlayer enables an Eigenlayer-level range of AVS, further expanding Babylon’s capabilities.
- BTC Stakers: For those who hold Bitcoin, Satlayer offers a chance to earn additional rewards by locking BTC into the system.
How Does the Restaking Process Work?
Understanding the restaking process is simple with our step-by-step guide:
- Deposit BTC: Users begin by depositing Wrapped Bitcoin or Liquid Staked Bitcoin (Lombard, PumpBTC, SolvBTC, FBTC, WBTC, yBTC, PStake).
- Receive Receipt Token: After depositing, users receive a receipt token representing their deposit.
- Restake in Satlayer: The receipt token is then deposited into the Satlayer app, where users begin earning rewards.
- Earn Rewards: Users earn the underlying Liquid Staked Bitcoin rewards and additional rewards in the form of Satlayer Points.
Season 1, Epoch 1
Season 1 Epoch 1 of Satlayer deposits kicks off on August 23, 2024, at 00:00 UTC and will run for 2 weeks.
This inaugural season is capped at 100 BTC worth of deposits. Any deposits beyond this cap will not be counted, so early participation is crucial to maximize your rewards.
Season 1, Epoch 2
Details to be announced soon.
Security is paramount at Satlayer. We’ve partnered with industry-leading audit firms Zellic and Salus to ensure that our smart contracts meet the highest standards of safety and reliability.
Our users can participate with confidence, knowing that their BTC is protected by rigorously tested code.
Salus Audit
Zellius Audit
Community
We believe that the future of Bitcoin security is built by a community of passionate users and developers. Join our growing community and be part of the conversation.
Follow us on Twitter, or connect with us on Discord.
Stay updated with the latest developments and connect with others who are helping to secure the future of crypto with Satlayer.
FAQs: Your Questions Answered
Q: What happens if I withdraw my BTC early?
A: If you withdraw before the end of the staking period, the counter for Satlayer Points will stop, but your accumulated rewards prior to withdrawal will be accounted.
Q: Which network am I connecting my wallet to participate?
A: You can connect popular Ethereum wallets such as Metamask, Coinbase Wallet, Trust Wallet, or use WalletConnect to deposit your tokens.
Compliance Notes
Satlayer operates in accordance with international regulations and do not accept users from sanctioned countries. We advise all users to conduct their own research and consult with legal professionals if they are unsure. Satlayer is not responsible for disputes or issues related to the underlying Liquid Staked Bitcoin or Wrapped Bitcoin, including reward distribution discrepancies. Always choose your LST or Wrapped Bitcoin provider carefully.
Conclusion
With Babylon paving the way for Bitcoin staking to secure protocols, Satlayer is taking it a step further by enabling Bitcoin security for BVS participants. Don’t miss out on this incredible opportunity. Restake into Satlayer today and start earning rewards while contributing to the security of the crypto ecosystem.
Ready to get started?
Visit stake.satlayer.xyz and begin your journey with Satlayer.
