The Block • Sep 27, 23
Bitcoin’s correlation with equities continuing to diverge
The correlation between bitcoin and equities will continue to diverge over the coming months due to the Fed's continued monetary tightening.
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Proxy has fallen by 12.55% in the past 7 days. The price increased by 2.88% in the last 24 hours. In just the past hour, the price grew by 0.11%. The current price is $0.0359 per PRXY. Proxy is 99.99% below the all time high of $242.18.
The current circulating supply is 0 PRXY.
Proxy, renamed , is the institutional-grade bridge to the and networks. The platform has a migrated contract address from Proxy to BTC Proxy. The BTC Proxy platform aims to provide a scalable 2 to decentralized tokenization of Bitcoin, mainly for multinational institutions. Users can trade and manage their assets cross-chain (across different blockchains) on the platform utilizing the Proxy Relay. Proxy Relay is the bridge that Bitcoin holders can use to stake and transfer Bitcoin into another chain like Ethereum or Polygon without the need for a central exchange system.
As its suggests, the platform faces some challenges with the current Ethereum ecosystem. For instance, the lack of a proper permissionless and decentralized bridge to transfer Bitcoin value to Ethereum/Matic; dominate , digital swaps, and many other functions; and and systems are exponentially increasing counterparty risks. Thus, to overcome these challenges, the BTC Proxy network aims to facilitate the features including , redemption, earning yield, custody (keeping funds safe with the help of regulated custodians), and PROXY governance.
BTC Proxy is a Bitcoin Liquidity Protocol that enables users to trade and transfer funds without price slippage. In addition, the protocol has independent liquidity that affects the exchange prices on centralized exchanges (CEX) and decentralized exchanges (DEX). The ecosystem also intends to help the users by providing financial freedom, supporting a decentralized bridge for securely and efficiently transferring funds, a flexible platform for redemption and standardizing Bitcoin for MRC20 and formats.
The BTC Proxy ecosystem runs a community-governed structure, with its two , MATIC and PRXY, working in tandem. Here, MATIC is a reward token, and PRXY is a governance token that powers the ecosystem's growth. PRXY is the ERC20-based protocol token.
Further, using PRXY, users can submit proposals or funding requests to improve the ecosystem. PRXY can also be used for , Bitcoin farming, paying for the minting and redeeming BTCpx, liquidity , etc. BTCpx is the deposit to custody minted coin powering the BTC Proxy ecosystem. Also, users can earn PRXY by providing to BTCpx in the Automated Market-Making pool and facilitates staking tokens into the staking contacts.
Donnie Kim is the founder and CEO of the BTC Proxy ecosystem. The team decided to launch the BTC Proxy platform with a maximum supply of 21 million PRXY tokens.
Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
The current market cap of Proxy is $0.00. A high market cap implies that the asset is highly valued by the market.
The all-time high of Proxy is $242.18. This all-time high is highest price paid for Proxy since it was launched.
Over the last 24 hours, the trading volume of Proxy is $45.41K.
The current circulating supply of Proxy is 0.
No, Proxy is not currently available on Coinbase, but you can sign up to get the latest news on Proxy and be notified when it gets added to our exchange.
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