pSTAKE Finance, a leading liquid staking provider backed by Binance Labs, has launched its long-awaited Bitcoin liquid staking solution. This innovative solution leverages Babylon’s Bitcoin staking protocol to simplify the staking process and unlock new yield-generating opportunities for BTC holders, Cointelegraph reported.
“Our unwavering belief in Bitcoin’s potential, coupled with our commitment to DeFi innovation, drove us towards this development,” said Mikhil Pandey, co-founder and chief strategy officer of pSTAKE Finance. “Transforming Bitcoin into a yield-generating asset is a significant step forward, not just for Bitcoin itself, but for the entire DeFi ecosystem.”
This launch marks a significant milestone for Bitcoin DeFi (BTCFi), a burgeoning movement aiming to integrate DeFi functionalities with the world’s first and most established blockchain network. Investor interest in BTCFi solutions has been steadily growing, particularly following the 2024 Bitcoin halving and the introduction of protocols like Bitcoin Runes, which allows for the issuance of fungible tokens on the Bitcoin network.
Binance Labs, the venture capital arm of Binance, has also shown a growing interest in BTCFi, recently investing in BounceBit, a Bitcoin-native restaking protocol. Notably, this is pSTAKE’s first foray into Bitcoin-specific DeFi, having previously focused on building its liquid staking protocol for the Cosmos ecosystem over the past three years.
