AMA Recap: CRYPTO MINERS X BTC PROXY

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 and MRC20 formats utilizing the Proxy Relay. This gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value into an onto Ethereum or Polygon chains without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss. BTC Proxy also allows for the transfer of value without price slippage and is independent of liquidity which is a factor that affects exchange prices on Centralized exchanges and Decentralized exchanges.

We hosted an AMA session with BTC Proxy on 8th September.

Mr. Ramsy was the host from Crypto Miners and Mr. Donn Kim, Founder of BTC Proxy was the guest. He shared delightful knowledge and unique features of BTC Proxy.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our Another AMA session With BTC Proxy

To help us learn more about BTC Proxy, We are lucky to be joined By Mr. Donn Kim

Donn K:
Hello Ramsy, thank you for having me here with your community,

Ramsy | Crypto Miners:
Hey Donn 👋

Donn K:
Hello

Ramsy | Crypto Miners:
Welcome here Mate

Thanks for bringing Us BTC Proxy ❤️

Donn K:
Its great to be able to share our protocol and inform your group, it seems like a wonderful and fitting community

Ramsy | Crypto Miners:
😍

I’m pretty sure that our Community is very much excited to learn more about BTC Proxy✌️

So let’s get started if you’re ready!!

Donn K:
im ready

Ramsy | Crypto Miners:
First of all Could you introduce yourself to us?

Donn K:
My name is Donn Kim in the founder of BTC Proxy and also the CTO of Kryptoin Investment Advisors

Kryptoin is one of the filers for a US Bitcoin/Ethereum ETF

BTC Proxy is our DeFi development which we started right after we saw what was happening in 2020 DeFi Summer

Ramsy | Crypto Miners:
Glad to have you today Kim 🤝

Donn K:
glad to be here

Ramsy | Crypto Miners:
Now let’s explore more about BTC Proxy 🚀

1. Give us a concise and brief introduction about BTC Proxy.
How it is playing its role in DeFi?

Donn K:
BTC Proxy is a protocol that consists of Bitcoin Wrapper called BTCpx and a utility token called PRXY

BTC Proxy firstly is a Bridge to DeFi for Bitcoin and secondly a DeFi ecosystem where those assets can be used.

The best way to explain it is to show you this diagram

BTC Proxy allows the deposit of BTC into a 3rd party insured custodian for it to be wrapped into a BTCpx onto Ethereum and Polygon and soon to BSC to be used in the DeFi ecosystem

Our DeFi ecosystem uses our second token PRXY to farm the Bitcoin Fees earned from the protocol.

Our signature DeFi product is our Bitcoin Farm which will be launching this month where you can farm your yield in Bitcoin by staking PRXY token and I’m here to let you know about this and for you to capitalise on this before it launches.

this is a meme that one of our community members made

Ramsy | Crypto Miners:
Thanks Donn for this great start about BTC Proxy

Donn K:
yeah

Ramsy | Crypto Miners:
So What are the features of BTC Proxy that makes it superior and special as compared to its competitors?

Donn K:
You can use other wrapped BTC Products such as RenBTC and WBTC but you should consider using BTCpx if you interested in security

Bitcoin in our protocol is stored inside the wallets of a 3rd party custodian that is insured and regulated.

We are integrated with Binance Custody, Gemini Trust and Fireblocks. These wallets are insured against losses and they will not trade your tokens like some other notable CEFI platforms did and put your assets at risk.

This type of Custody solution is important to investment funds that are holding clients funds.

When we first looked at what was coming to the market we found that this type of solution would be needed by the institutional community to safely participate in DeFi

you can compare the types of BTC Wrappers out there

Ramsy | Crypto Miners:
Impressive 👌

Tell us about the dApp of BTC Proxy. What users can do within it?

Donn K:
the Dapp of BTC proxy can be found at btcproxy.io

There are 4 main functions there

Mint
Bond
Farm

and soon to come is Borrow

In Mint you are able to deposit your Bitcoin to wrap it

in Bond you are able to exchange it for a bonus premium better than market rates for PRXY token

and in Farm this is where you stake your PRXY token to yield BTC

Soon to come is Borrow — where you are able to collateralize your BTC to borrow USDC or BUSD interest free

that product is called Redux and will be here in the 4th quarter

Ramsy | Crypto Miners:
That’s would be nice

What is Minting in BTC Proxy. How it works?

Donn K:
Minting is the process of Depositing your BTC into one of our 3 custodial partners.

This will mint you a BTCpx onto either Polygon or Ethereum and soon to come BSC

Currently you want to mint to Polygon as that is where the majority of all our DeFi is

We recently partnered with Ren and will be allowing the deposits of RenBTC and WBTC to mint BTCpx.

With BTCpx you can do a few things inside the DeFi ecosystem which is to Bond it for PRXY token at a bonus premium to Farm additional Bitcoin or soon will be able to borrow USDC or BUSD for other uses in DeFi as I mentioned before

Ramsy | Crypto Miners:
Now tell us about the token $PRXY, what are its usecases and utilities in BTC Proxy ecosystem?
Also share with us the Tokenomics

Donn K:
I will share with you the most important points

there are only 21 M PRXY tokens.

about 4M is in circulation now

so it is a very small supply and we meant for it to be that way to emulate the scarcity of Bitcoin

the MAIN use for PRXY is to FARM BITCOIN

as the protocol earns fees from Bridging and Lending it is ported to the Farm for the stakers to earn

this is launching soon so in order to secure your portion of this farm you must have PRXY tokens ready before it is announced — supply is small -

There are 3 tiers to this Farm and the more PRXY you have the more Bitcoin you will yield. It is Bitcoin Mining without the equipment

You can find PRXY token on Quickswap, Sushiswap and Ascendex. It is a Polygon Native token and you can find the details so you are not confused here on our dune dashboard for the contract address

https://dune.com/akb/prxy

Ramsy | Crypto Miners:
Now let’s move to our last question from this segment

What BTC Proxy achieved so far and what important updates and developments we’ll get in coming months in BTC Proxy ecosystem?

Donn K:
We have onboarded 34 different institutions including Blockchain.com

Polygon is an investor and Partner

We have integrated with 4 custodians, including Binance Custody, Gemini Trust, Fireblocks and Hex Trust

Our Marketing Agency will announce details of the Launch of the Bitcoin Farm this month

and Redux the Interest Free Borrowing will be released in Q4

Ramsy | Crypto Miners:
Thanks Donn for this well detailed introduction about BTC Proxy:)

And that’s the wrap up of our the first part of the AMA session ✅

Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Donn K:
ready

Ramsy | Crypto Miners:
So let’s roll…

Segment 2️⃣: Twitter Questions

1)I read that the BTC Proxy project has features called “Comprehensive Crime Insurance” and “Includes”. From what I understand, this will be your partnership with Aon’s Insurance Solutions. I want to know the details of insurance? Under what circumstances is it available?

Donn K:
We dont have the insurance ourselves, it is the Licensed Custodian Partners that I mentioned that carry this insurance. When you interact with our protocol to deposit BTC it is actually being sent to the custodian and when it hits this wallet it is covered under their Policy

There are 2 parts of these types of policies, one is protection against loss or hacks

and the other is for other types of employee theft or negligence

pls dont quote me on this as I do not have the details of the policy in front of me

This might not be important to the DeFi strategist but it is important for investment funds that are fiduciaries to client funds

Ramsy | Crypto Miners:
2: I read that, @BTC_proxy will Bridge Bitcoin to DeFi with $BTCpx and provide users with 2500% APY on LIQUIDITY MINING. How will @BTC_proxy DeFi liquidity mining features a minimal barrier to entrance and an equitable distribution of rewards to investors?

Donn K:
ahh.. the liquidity mining

this APY or liquidity mining happened earlier this year and was at 2500 but because the liquidity mining has almost completed the APY has significantly been reduced in anticipation of the Bitcoin Farm

there are about 4M PRXY tokens that have been liquidity mined and we feel this is enough to stake into the Farm

additional liquidity mining happens when you Bond, otherwise the inflation of PRXY tokens happens very slowly

Ramsy | Crypto Miners:
3)Currently projects are continuously under attack by hackers. Which is a serious nightmare. So what are @BTC_proxy strategies to anticipate and prevent hacking possibilities on your platform?

Donn K:
yes this is a major concern for any defi user especially when using bridges to cross chains

my advice is to only use bridges that are established and have proven safe

this is the main vulnerability in DeFi it seems

When we established BTC Proxy we assessed that this custodial type of bridge was the only one suitable for Bitcoin

insured multisig wallets to hold that BTC is the safest way

Ramsy | Crypto Miners:
4)What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?

Donn K:
It is very simple for us. We will become the destination for Bitcoin DeFi

Bitcoin Farming is revolutionary to be able to mine BTC without equipment or nodes

Custodied Bitcoin insured to borrow against interesst Free

This is where we are headed and preparing for the next phase of adoption in the market

Ramsy | Crypto Miners:
5)How will you manage to maintain the economics of the project, what is your marketing strategy for the rest of the year and how will you maintain the stability and value of the PRXY token?

Donn K:
Ag3ncy is our marketing partner for the branding and launch of the Bitcoin Farm.

So stay tuned when you hear about BTC Proxy means the farm details are forth coming

this is the value in the PRXY token and we believe due to the small supply it will maintain and deliver value and #realyield

Ramsy | Crypto Miners:
That’s the wind up of our twitter segment

Now Moving on to our last segment — Live Q&A

Shall we Donn?

Donn K:
sure

Ramsy | Crypto Miners:
lets see it

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) 💞 Slow Action 💞:
I’ve found out that there are three (3) different tiers of staking in BTC Proxy. Would you care to discuss to us these three tiers and their requirements in staking? In what way/s do they differ?

Donn K:
Yes you are right there are 3 tiers that will be released with the Bitcoin Farm. There is a very small minimum to participate and the more PRXY tokens you have the higher the tier you can qualify for. These tiers maybe limited in capacity. There is also a lockin period where the tokens staked will locked in for. The tokens are relatively low priced now but as people want to move up in their tiers it may change.

2) 🇦🇪Rogina Kazem🥳:
I see that there are two tokens on the BTC Proxy platform, namely BTCpx and PRXY. Could you please tell us what are the main differences in terms of utility and value that BTCpx and PRXY have. Where can I buy BTCpx and BTC Proxy PRXY governance tokens? What is the price for now?

Donn K:
There are 2 tokens — BTCpx is the Bitcoin wrapper and PRXY is the utility token. BTCpx will always be able to be redeemed for Bitcoin 1:1 and PRXY token value is determined by the market. You can find BTCpx on Uniswap and PRXY you can find on Quickswap, Sushswap and Ascendex

3) Vinay Ray:
Bitcoin holders can get Decentralized bridge. So, what is the use of this decentralized bridge & What wallets are supported to be connected? Also, Can you talk about the partnership with Polygon? Does that also means when we mint to Polygon will we get matic tokens to our wallet?

Donn K:
Bitcoin Holders will deposit their Coin into a custody wallet using the Mint function and they can mint their BTCpx onto different chaings. Polygon is supporting the minting onto their chain by giving you Matic tokens when you mint. There is no gas fees in this transaction and you end up with additional matic tokens in your wallet so that you can perform the next transaction

4) Chukky:
You said that the only protocol that enables Bitcoin farming is BTC PROXY.
Is this really true? Please let me know if it is.
I’m Interested in joining the farming feature for your platform

Donn K:
Bitcoin Farming is the signature DeFi product in our ecosystem. Stake PRXY to earn BTC. The more PRXY you stake the more BTC you earn. It is Bitcoin Mining without equipment or nodes

5) Chukky:
Why is RenBTC more expensive than BTC Proxy? What benefits does BTC Proxy have over RenBTC?

Donn K:
RenBTC has a more expensive Minting Fee than ours. I believe it is .3% and we are at .1%. The beneifit of using BTCpx is that the BTC deposited is insured inside the wallet of a regulated custodian. I dont believe Ren uses a 3rd party or insurance as protection.

6) Paul Macao:
One of the standout features of BTC Proxy is REDEMPTION which allows users to exchange BTCpx tokens for Bitcoin. What are the procedures involved in exchanging BTCpx tokens for Bitcoin? Are there any minimum BTCpx required before it can be exchanged for Bitcoin?

Donn K:
Redemption is one of the outstanding features of BTCpx because you can always get your original BTC back with this method. With WBTC you are not entitled to any BTC being held by their Custodian. You can only go to a centralized exchange to swap it for your BTC which exposes you to counterparty risks and slippage.

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much Donn For your valuable answers and information about BTC Proxy ❤️

Donn K:
congratulations and thanks for the questions

Ramsy | Crypto Miners:
Is there anything else you would like to share or you want us to know?

Donn K:
it was a pleasure to inform your community about BTC Proxy

pls follow us or join one of our communities

and stay tuned about the bitcoin farm announcement

Ramsy | Crypto Miners:
We Wish all the very best for BTC Proxy And The Entire team behind the project❤️🤝

Donn K:
thank you Crypto Miners

bye now

Ramsy | Crypto Miners:
Have a nice day mate

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