Bitcoin liquid restaking protocol, Lorenzo Protocol, announced the official launch of its Beta mainnet. Users can now onboard and begin using Lorenzo.
To engage, individuals are encouraged to connect their wallets to Lorenzo and select the Babylon Pre-launch Staking from the available staking plans. After confirming the desired staking amount, the pending BTC transaction will be approved approximately six block times on the Bitcoin network. Once confirmed, users will receive stBTC. They can then bridge their stBTC to the DeFi ecosystem on Bitlayer. Upon successful completion of the transactions, individuals will have stBTC on Bitlayer, enabling them to engage with the Bitlayer DeFi ecosystem using their funds.
Concurrently with the mainnet launch, Lorenzo has announced the start of its Pre-Launch Staking Event for Babylon. This event aims to reward early participants with points for staking Lorenzo and bridging stBTC to Bitlayer, thereby joining the ecosystem partners.
To partake, individuals are encouraged to utilize the OKX wallet or any other wallet. They should navigate to the “manage crypto” option, select “custom crypto,” choose the network, and find Bitlayer. Next, they need to enter the Lorenzo stBTC contract address: 0xf6718b2701D4a6498eF77D7c152b2137Ab28b8A3 and confirm. By completing these steps, users will add stBTC on Bitlayer, which will allow them to engage in additional activities.
We have arrived at a spectacular Lorenzo milestone: our beta mainnet is now live!How to join https://t.co/Kvv405zgfo
— Lorenzo Protocol (@LorenzoProtocol) May 27, 2024
Lorenzo Protocol Partners With Bitlayer To Boost Its Ecosystem And Joins $23.24M Mining Gala Event
Lorenzo Protocol aims to develop a liquid restaking protocol on Bitcoin and facilitate issuing, trading, and settling yield-bearing tokens via the Bitcoin staking protocol Babylon. It links Bitcoin stakers with projects that require liquidity and security.
Recently, Lorenzo Protocol strategically partnered with Bitlayer to enhance growth and engagement within the both ecosystems. Additionally, the project has become a part Bitlayer’s Mining Gala event, which offers a reward pool exceeding $23.24 million, offering individuals an opportunity to earn incentives from Bitlayer and its ecosystem of decentralized applications (dApps) via airdrops.
The post Lorenzo Protocol Launches Beta Mainnet And Pre-Launch Event For Babylon, Rewarding Users For Staking And Bridging stBTC To Bitlayer appeared first on Metaverse Post.
