Interpretation of Bido, the first Bitcoin staking protocol on BEVM that allows you to earn BTC

In the Bitcoin ecosystem, the most popular track at the moment, besides Bitcoin Layer 2, is the Bitcoin pledge chain. Such as Babylon, which has completed tens of millions of dollars in financing, and BounceBit, which has started staking reward activities. However, currently, users who pledge BTC on these chains do not receive any other actual benefits except the point rewards promised by the project parties.

However, the Bitcoin staking protocol currently deployed on BEVM - Bido once brought BTC Staker up to 580% APY income after its launch, and the income It’s not the token of a certain project, but BTC! That’s right, it’s real BTC!

This is not only the first time for a Bitcoin staking protocol, but even the first time in Bitcoin history.

Bido allows BTC Holders to earn more BTC by staking BTC for the first time like ETH Holders.

1. What is Bido?

Bido is a Bitcoin staking protocol deployed on BEVM. Users can support the operation of BEVM network nodes by staking BTC on Bido, thus Further improve the security of BEVM network. Therefore, BTC Staker can obtain the GAS income generated by BEVM network operation. Currently, 50% of the GAS revenue generated by the entire BEVM network is directly distributed to Staker who stakes BTC on Bido.

Bido is to BEVM what Lido is to Ethereum.

Users can earn more ETH by staking ETH on Lido, and the current average APR is 4.6%. Bido officially launched BEVM on March 31, 2024. Users can earn more BTC by staking BTC on Bido. The current APR is 534%.

Like Lido, the BTC earned by Staker on Bido comes from the GAS income generated by the operation of the BEVM network. Therefore, as long as the BEVM network continues to operate, Staker will The income has been sustainable. Moreover, the more prosperous the BEVM ecosystem is, the more Staker will earn.

2. How to play Bido?

The gameplay of Bido is very simple. Go to Bido’s official website: https://app.bido.finance and pledge your BTC assets. You can enjoy annualized returns of up to 534%. However, if you have not yet cross-chained your assets to BEVM, you need to complete the cross-chain first.

BEVM officially provides two ways to cross-chain BTC to BEVM, which are:

BEVM official cross-chain bridge: https://bevm.io/bridge-mainnet;

and third-party cross-chain bridge OmniBTC: https://app.omnibtc .finance/swap;

For large amounts of assets, it is recommended to choose the official cross-chain bridge, which is more secure and reliable. The cross-chain arrival time is about 30 minutes. For small assets, you can choose the third-party cross-chain bridge OmniBTC, which supports the one-click conversion of assets on arb, bsc and other chains into BTC on bevm, which is convenient and fast.

After the cross-chain is completed, you can directly operate the pledge and start enjoying the benefits. After staking BTC, Staker will receive stBTC, stBTC and BTC are fully anchored at 1:1, and the BTC earned from user staking will be presented in stBTC. That is, as the network income is distributed, the number of stBTC in the user's account will continue to increase.

If users want to unlock more ways to play in Bido, they can choose to warp stBTC to WstBTC with one click on Bido. Users holding WstBTC can not only continue to enjoy staking benefits , you can also unlock more advanced gameplay.

3. What are the advanced ways to play Bido?

When users obtain WstBTC from Bido, they can not only continue to enjoy Staking benefits, but also unlock more other benefits.

1. Use WstBTC to mint stablecoins, unlock more liquidity, and eat two fish.

Satoshi Protocol, which is currently online on BEVM, is a CDP protocol that supports the minting of stable coins in BTC and WstBTC. Users can use WstBTC to mint the stable currency SAT, and users holding SAT can continue to participate in investments in other projects.

Moreover, currently using WstBTC to mint the stable currency SAT, you can also get airdrops of Satoshi Protocol tokens. Satoshi Protocol recently announced the completion of a Pre-Seed round of financing. Web3port and Waterdrip jointly led the investment, with participation from MH Ventures, BSCN Co-Founder and other institutions and angel investors.

Staking income + Satoshi Protocol token airdrop = eat two fish.

2. Add WstBTC/SAT LP to DEX and get three benefits from one fish

Satoshi Protocol currently encourages users to add WstBTC/SAT LP in DEX. After users obtain LP Token, they can pledge it in Satoshi Protocol, thereby receiving additional token airdrops from Satoshi Protocol. At the same time, LP can also get DEX token airdrops.

Staking income + Satoshi Protocol token airdrop + DEX token airdrop = one fish and three meals

3. ReStaking of WstBTC/SAT LP Token

When the user pledges WstBTC/SAT LP Token to Satoshi Protocol You will get SLP Token. While getting the Satoshi Protocol token airdrop, you can also transfer the SLP Token to the re-staking protocol on BEVM for ReStaking, thereby getting the token airdrop of the ReStaking protocol.

Staking income + Satoshi Protocol token airdrop + DEX token airdrop + ReStaking

Income =One fish, four eats

Of course, if you want to unlock more high-level gameplay, you can also continue to obtain other benefits on protocols such as Aggregator, etc., which are not covered here. Let’s go over them one by one.

I believe that with the continuous development of BEVM, the Staking income on Bido will gradually stabilize like Ethereum. By then, stBTC on BEVM will be like stETH has also become a stable interest-earning asset. Then, various fixed income derivative protocols based on stBTC will continue to emerge. For example, stBTC-based interest-bearing bond agreement and principal and interest separation agreement, etc.

4. What scalability does Bido have in the future?

Bido is currently mainly deployed on BEVM and also gives priority to serving the BEVM network.

Not only that, Bido can serve any Bitcoin Layer2 network in the future. At least, BTC Layer2 built on BEVM-Stack can take the lead in using the BTC pledge provided by Bido Serve. Moreover, all BTC Layer2 can share network security based on the large number of BTC staked on Bido. By then, Bido will develop into a BTC pledge security sharing protocol serving BTC Layer 2 of the entire network. This will greatly promote the safe development of the BTC Layer 2 track and even the development of the entire Bitcoin ecosystem.