BTC Proxy x Satoshi Club AMA Recap from the 12th of August
Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from BTC Proxy . The AMA took place on the 12th of August.
The AMA session was divided into 2 parts with a total crypto reward pool of $200
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Luis Merino 🇪🇸 | Satoshi Club
Hello everyone and welcome to a new AMA session in Satoshi Club! A flash AMA this time
Pavel P
Hello everyone and welcome to our Flash AMA Session with BTC Proxy!
Donn K
Nice to be here again with the Satoshi Club community
Luis Merino 🇪🇸 | Satoshi Club
@donnkim welcome to your home, Satoshi Club. Thanks for joining us today
Pavel P
Let’s greet our guest – @donnkim!
Donn K
thank you for having me
Pavel P
Welcome to Satoshi Club!
Donn K
its a pleasure to be here with your huge community
Luis Merino 🇪🇸 | Satoshi Club
Hope you are doing fine and hope you have your fingers ready for a great AMArathon
Luis Merino 🇪🇸 | Satoshi Club
Pleasure is ours always
Pavel P
It is an honour for us to get to know BTC Proxy!
Pavel P
Let’s start then!
Donn K
lets begin
Pavel P
Could you introduce yourself to our community, talk about your background and how BTC Proxy started?
Donn K
BTC Proxy is a gateway and bridge to DeFi for BTC
BTC Proxy believes it has solved a real pain point for Bitcoin holders by creating a mechanism of interoperability to access DeFi
My name is Donnie Kim and im the Founder of the project
we have two tokens listed $PRXY and $BTCpx
We launched about 1 year ago on July 30 2021
you can find us on Sushiswap, quickswap and ascendex
do you want me to continue?
Pavel P
I see your team members are fully doxxed. Could you talk about them too
Donn K
our members can be found on the Team page of our website at btcproxy.io
we are fully doxxed and our profiles can be viewed on linkedin
we have history in the industry and have been working either in the TradFi or in Crypto since 2017
Pavel P
Great! So, you mentioned the project started a bit more than 1 year ago. What are your achievements so far? What issues you have already been able to solve?
Luis Merino 🇪🇸 | Satoshi Club
That’s important! Investors usually trust more when teams are fully doxxed and public
Experienced team :p
Donn K
So what BTC Proxy does is that it gives BTC holders the ability to participate in DeFi without counterparty risks and without having to sell their Bitcoin
As you have seen in the past few months many CeFi entities like celsius and blockfi halting withdrawals and suspending trading
this is a result of counterparty risk when you deposit your tokens onto their exchange
Our solution is to minimize this risk and offer a safer method to earn yield on your bitcoin
by using Insured Custodians
We are integrated with Fireblocks, Gemini Trust and Binance Custody
when you deposit your bitcoin it is insured and regulated and never traded or leveraged
Luis Merino 🇪🇸 | Satoshi Club
Yeah! And many investors have now realised that DeFi are indeed the future 🙂
Donn K
Yes DeFi did fine during this collapse
Luis Merino 🇪🇸 | Satoshi Club
SatoshiClubbers, remember, not your keys, not your money
Luis Merino 🇪🇸 | Satoshi Club
Please tell us about your partnerships and collaborations. I saw in your website that you have partnered with huge projects and great firms. Are there any other collaborations on the way?
Donn K
Our protocol is something that is needed by Investment funds, miners and BTC holders
they want to use and leverage their BTC without having to sell it
we have onboarded 34 institutions
including Blockchain.com
We have accumulated over 13M in TVL which is not a big number
Pavel P
That is impressive!
Donn K
yes it is a testament to what is needed in this Bitcoin DeFi sector
Luis Merino 🇪🇸 | Satoshi Club
Wow! Not bad
The biggest one. Congratulations on that
Pavel P
As far as I see, users can stake, farm and use bonding to benefit from their BTC investments. What are the current APYs for staking and farming?
Donn K
thank. you that was a deal that took quite a while but really said a lot about the trust and safety of our protocol
Right
so lets talk about what is coming for our community
$PRXY token is the utility token of our DeFi ecosystem
Luis Merino 🇪🇸 | Satoshi Club
Indeed!
Shoot it!!
Donn K
using $PRXY token users will be able to stake it to earn Bitcoin
this is a first in DeFi and something we want everyone from Satoshi club to understand
Bitcoin is the institutional token and PRXY token gives you the ability to farm it
You can buy PRXY token from the exchanges
or you can Bond your BTCpx for PRXY tokens which gives you better than market rates
and then stake the PRXY token into tiers that give you the APY in BTC
now who doesnt want to hold some Bitcoin these days
Luis Merino 🇪🇸 | Satoshi Club
Couldn’t be more clear than this GIF, haha
Pavel P
Agree with you! No worries here – all rewards are being distributed in BTC!
Donn K
our defi ecosystem earns its fees in BTC and we share that with the community
Luis Merino 🇪🇸 | Satoshi Club
Where can I buy those PRXY tokens?
Donn K
you can look for PRXY tokens on Quickswap/Sushiswap and Ascendex
do not buy it from Hotbit as they are not an official partner
and they are having issues with their exchange
Luis Merino 🇪🇸 | Satoshi Club
SatoshiClubbers, keep this in mind if you want to buy some PRXY tokens
Thank you for clarifying that
Pavel P
Please talk about security. Has the code been audited?
Donn K
security is obvously always the most important factor we test for before releasing any new product
all our contracts have been audited by Quillhash
we have deployed over 20 smart contracts on BTCproxy.io
the BItcoin Farm is going to be released next and that is being audited now
Pavel P
Nice to see that you take of all the aspects involved!
Thank you for the introduction part!
Luis Merino 🇪🇸 | Satoshi Club
Those are always great news
Pavel P
Let’s see if our community still have questions about BTC Proxy (pretty sure there are still a lot)
Donn K
lets go!
Pavel P
We will open chat for 120 seconds for as storm of questions to come
Luis Merino 🇪🇸 | Satoshi Club
2 minutes, good luck everyone and remember the rules!
Pavel P
Once we close it back please choose 10 questions to asnwer
Please do not answer any questions during the storm
Get ready for some action now!
Luis Merino 🇪🇸 | Satoshi Club
Lets goooo
Part 2 — live questions from the Telegram community
Q1 from Telegram user @highpee
It is interesting to know that users can stake BTC and farm with it. If I stake my idle BTC, what will I get back as farm yield? Is it more BTC or do you reward in another token? Also, how are you able to pay farming rewards?
Donn K
Bonding is the process whereby you give your asset to the treasury and receive PRXY tokens in exchange. The benefit for you is that you will receive more PRXY tokens than if you purchased from an exchange as we give you a premium and there is no slippage loss. Once you have PRXY tokens you stake them into a tier to earn your BTC
Q2 from Telegram user 🌺 Charlotte Sano 🌺
BTC Proxy is the only protocol that allows Bitcoin to be farmed. How did it manage to be the only protocol that allows this function? How powerful is this contract and how does it support users’ funds when they acquire BTC?
Donn K
BTC Proxy is the only protocol that allows the farming of BTC. This is made possible because of our Bitcoin Bridge to Polygon/ETH and our other defi products. Our protocol earns the fees from the other DeFi products in BTC and then shares that with the community
Q3 from Telegram user @tyrex6
How can I earn from your project?
Donn K
You can earn from the project by purchasing PRXY tokens from Quickswap, Sushiswap, Ascendex or by Bonding your BTCpx and then staking this to earn Bitcoin
Q4 from Telegram user @just_ice07
How did the idea to create a farm for BTC come about?
Donn K
The idea to create the BTC farm is unique and something we believe that the marketplace wanted as Bitcoin is King and an asset everyone should be holding. It retains value better than most altcoins and is more secure and limited in supply
Q5 from Telegram user @vector_190
Price Slippage is the Big Issue on many Centralised Platform,
To deal with it,
What is BTC Proxy doing to reduce the Slippage?
Donn K
Slippage occurs when you purchase tokens from an exchange. Dex or Cex. But you can eliminate slippage by Bonding which is using our bonding contract which will give you MORE tokens than market price without any slippage. Bonding is selling your tokens to the treasury in exchange for better rates for PRXY token
Q6 from Telegram user @Cheriemike
How flexible is BTC Proxy?Can a user redeem there their Bitcoin anytime with no limitations? Thanks
Donn K
BTC Proxy has a permissionless interface where users can mint their BTCpx and redeem their Bitcoin anytime without limitations
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
Telegram-https://t.me/BTC_Proxy
Medium –https://medium.com/btc-proxy
WebSite – btcproxy.io
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