New York, NY, April 01, 2024 (GLOBE NEWSWIRE) -- At a time when development on Bitcoin reaches new heights, Lorenzo Protocol stands at the forefront of reshaping the Bitcoin infrastructure and DeFi landscape. Lorenzo Protocol is building the first-ever Bitcoin liquid restaking protocol to share Bitcoin securities with other protocols, dApps, and infrastructure. A significant development unveiled today is their strategic integration with Babylon, a move poised to fundamentally transform Bitcoin's economic potential and utility.
The company’s product, Lorenzo Bitcoin Liquid Restaking, will be constructed utilizing Babylon technology. This solution encompasses the creation of BTC liquid restaking tokens (stBTC) corresponding to staked BTC on Babylon’s Bitcoin staking protocol, enabling the staking of minimal BTC amounts for retail stakers, and implementing a suite of mechanisms to guarantee the security of the restaking process.
Lorenzo Protocol’s strategic integration with Babylon emphasizes a dedication to enhancing the Bitcoin ecosystem's scalability, security, and innovativeness– promising to unlock unprecedented opportunities for Bitcoin market liquidity and developer ecosystem.
How Babylon Empowers Lorenzo Bitcoin Liquid Restaking
- BTC Shared Security: Lorenzo Protocol will be secured by Bitcoin via Babylon's Bitcoin staking and timestamping protocols.
- stBTC Represents Bitcoin Staked Via Babylon: Lorenzo Protocol’s BTC liquid restaking tokens (stBTC) will be representations of Bitcoin staked through Babylon's Bitcoin restaking protocol.
- Security Alignment With Babylon Secured Layer 2s: There is a security alignment with the liquid restaking tokens only being available on Layer 2s (L2) that are secured by Babylon's Bitcoin staking and timestamping protocol.
Lorenzo Protocol’s innovative approach maintains liquidity after restaking, enables the staking of small amounts of Bitcoin, and incorporates anti-slashing mechanisms to protect liquid restakers. Lorenzo Bitcoin Liquid Restaking empowers Bitcoin holders to engage fully in the Bitcoin economy, thereby expanding Bitcoin's global influence.
Furthermore, as part of its strategic direction, Lorenzo Protocol is also developing flexible, modular Bitcoin L2 architecture. This approach allows for the creation of personalized, scalable, and secure L2 solutions, thereby facilitating the growth of Bitcoin-based decentralized finance (DeFi), artificial intelligence, gaming, and all kinds of app chains– ensuring the network's readiness to meet the rising demand for scaling Bitcoin for different purposes.
Advancing Bitcoin Layer 2s with Scalability and Innovation
The incorporation of Babylon's advanced technology into Lorenzo Protocol’s flexible, modular Bitcoin L2 architecture is set to enhance Bitcoin's scalability and functional capabilities. This modular L2 architecture, secured by Babylon's security sharing protocol, provides a solid foundation for a scalable efficient Bitcoin application layer.
The strategic integration marks a significant milestone in building a resilient ecosystem that supports smart contract development and execution, allowing users to create decentralized applications (dApps) that leverage Bitcoin assets. Key innovations brought by Lorenzo Protocol’s modular Bitcoin L2 architecture include:
- BTC-Secured Scalability: Leveraging BTC-secured modules to boost Bitcoin's scalability and storage capabilities significantly.
- Smart Contract Execution: Facilitating seamless execution of smart contracts, paving the way for numerous dApps utilizing Bitcoin assets.
- Customizable L2 Solutions: Offering an L2-as-a-Service model that enables the creation of bespoke Bitcoin L2 solutions, fortified by Bitcoin restaking and timestamping, for unparalleled security.
- Decentralized Asset Compatibility: Supports decentralized wrapping of Bitcoin-native assets to the L2 and secure settlement of smart contracts on Bitcoin, enhancing asset fluidity and interoperability.
A Call to Action for Bitcoin Miners and Builders
As the cryptocurrency landscape evolves, ushered in large part by the impending Bitcoin halving event, miners are confronted with increasing financial uncertainties. Lorenzo Protocol offers a solution through a dual-mining opportunity, allowing miners to secure the network while earning BTC, L2 ecosystem tokens, and the native Lorenzo Protocol token LRZ. This approach is designed to maintain miners' engagement with the Bitcoin network, ensuring its continued security and robustness.
Furthermore, Lorenzo Protocol invites developers and visionaries in the cryptocurrency realm to contribute to enhancing the Bitcoin ecosystem through decentralized solutions. Lorenzo Protocol’s platform serves as a hub for innovation and creativity, encouraging developers to bring their ideas to fruition and contribute to the evolution of Bitcoin DeFi.
Envisioning a Bright Future Together
The integration between Lorenzo Protocol and Babylon represents a significant step towards realizing Bitcoin's full potential. It sets the stage for a transformative phase in Bitcoin’s ecosystem– where scalability, security, liquidity, and innovation converge to unlock new possibilities. Both companies invite participation in this revolutionary endeavor as they pave the way for a more scalable, secure, and innovative Bitcoin future.
To stay updated, please follow Lorenzo Protocol using the links below:
PR Contacts:
Matt Ye, CEO
Lorenzo Protocol
admin@lorenzo-protocol.xyz
Shalini Wood, CMO
Babylon
swood@babylonchain.io
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency & securities.
