Forward the Original Title‘Lorenzo 开启比特币预质押 Babylon 及 Bitlayer 联合挖矿活动，最高获取十倍收益’

On May 28, 2024, Lorenzo, a Bitcoin liquidity financial layer project, announced the launch of the Babylon pre-staking event and co-hosting of the Bitlayer Mining Gala event. During this event, users can pledge BTC on the pre-staking Babylon event page to obtain stBTC, and can bridge the generated stBTC to Bitlayer to use stBTC to participate in on-chain activities such as staking and lending in the Bitlayer ecosystem, thereby obtaining richer rewards from Lorenzo, Bitlayer and cooperative project parties.

In addition, in order to thank early supporters, Lorenzo has set up three incentive pools and launched a variety of incentive plans for participating in the pre-staking Babylon, bridging stBTC to Bitlayer to participate in the ecological project and other Lorenzo cooperation projects. It is estimated that users can get more than ten times the points reward by participating.

This article will guide you to learn more about the event details, and through this event, you will get to know the first liquidity financial layer project Lorenzo based on Babylon. You will deeply understand how it aggregates the functions and advantages of products such as Lido + Renzo + Pendle to bring more Restaking imagination space to the Bitcoin ecosystem.

Meet Lorenzo: The First Babylon-based Liquidity Finance Layer

The Ethereum PoS upgrade opened the era of ETH staking. After more than a year of development, the industry has constructed a prototype of a liquidity layer based on ETH’s risk-free return products.

However, as the largest asset in the crypto ecosystem, the casting of the Bitcoin liquidity layer is just beginning.

Driven by factors such as the approval of BTC ETF attracting a large influx of traditional financial capital and the significant enhancement of the privacy and smart contract capabilities of the Bitcoin network by the Taproot upgrade, Bitcoin investment and interest generation have become one of the biggest narratives of this cycle. On this basis, the Bitcoin L2 project Babylon has realized interest generation through BTC shared security, breaking open the door to financialization for the Bitcoin ecosystem, and bringing the first “native” PoS risk-free return to BTC, making BTC liquidity an important investment asset. BTC staking will completely change BTC’s “low-interest rate” status and make the $140 million of staked BTC in the Bitcoin ecosystem the building blocks of a new financial layer.

Lorenzo is a Bitcoin liquidity layer that aims to match the demand and supply of BTC liquidity, while tokenizing and asset-izing BTC’s staking and interest-generating assets. It will also build a downstream ecosystem around the generated token assets. It can be said that compared to ETH and Stablecoin, BTC Restaking and liquidity layer construction have greater opportunities for non-consensus.

Based on this, Lorenzo has created the first Bitcoin liquidity financial layer based on the Babylon ecosystem.

As a Bitcoin ecosystem financial project invested by Binance Labs, Lorenzo has an elite team with rich experience in both Web2 and Web3. Its core members come from well-known projects and institutions such as Two Sigma Trading Wall Street investment bank, ZetaChain, Bybit, Protocol Labs, Magic Eden, etc., and have rich experience in financial products and cross-chain products. It aims to provide crypto investors with the simplest and smoothest BTC asset re-staking experience:

Users can stake BTC into Babylon through Lorenzo and receive a corresponding liquid staking token (stBTC) for the principal part of the staked BTC. This allows users to retain the liquidity of their BTC assets while earning staking rewards from Babylon.

In addition, to provide users with a more diversified experience and a richer income structure, Lorenzo is also continuously expanding new use cases around stBTC to enhance its utility. Lorenzo’s goal is to integrate stBTC into a wider range of DeFi protocols, enabling it to play a greater role in lending, futures margin and spot trading pairs, and ultimately find more stable, diverse and competitive returns for holders.

It is worth mentioning that Lorenzo will be the first project to adopt an innovative principal and interest separation mechanism, which also makes it possible to construct more complex BTC Yield products and trading strategies based on BTC interest rates, and brings broad imagination space for building the first Bitcoin interest/ “bond” market.

Event Introduction: Pre-Staking Babylon Event and Bitlayer Mining Gala

On May 28, 2024, Lorenzo announced the launch of the Pre-staking Babylon event and the co-hosting of the Bitlayer Mining Gala event. The event will run from 9:00 PM on May 27, 2024 to 9:00 PM on June 10, 2024.

During the Pre-staking Babylon event, users can stake BTC on the Pre-staking Babylon event page to obtain stBTC. All BTC received by Lorenzo will be staked on Babylon by Lorenzo on behalf of users as soon as Babylon goes live. The actual staking progress may be subject to the staking cap that may exist on Babylon.

During the Bitlayer Mining Gala event, which is co-organized by Lorenzo, Bitlayer, Bitsmiley, BitCow, Avalon Finance, Bitparty, Pell Network, and Enzo Finance, users can bridge stBTC to Bitlayer and use stBTC to participate in on-chain activities such as staking and lending in the Bitlayer ecosystem. Users will receive rewards from Lorenzo, Bitlayer, and the participating project parties, as well as additional points rewards from Lorenzo, which are expected to be up to ten times higher.

Event Rewards: Rewards from 7 Projects and 10x Points Bonus

In this event, Lorenzo and its event partners will provide participants with a variety of attractive rewards.

As an important measure to enhance community enthusiasm and participation, Lorenzo points are an important part of the rewards for this event. Lorenzo is expected to announce the complete points system rules in the near future. Users who participate in this joint event according to the official tutorial will also be included in the overall incentive plan, and users are expected to have the opportunity to receive additional points rewards of up to ten times.

In addition, in order to thank early supporters, Lorenzo has set up three incentive pools and launched a variety of incentive plans for participating in pre-staking Babylon, bridging stBTC to Bitlayer to participate in ecological projects, and other Lorenzo cooperative projects.

Pool 1

This pool is used to incentivize users who participate in the Lorenzo Pre-staking Babylon event to obtain stBTC. Stakers will receive the same amount of stBTC as the staked BTC.

The specific distribution rules for the rewards are as follows:

• All users who fully participate in the Lorenzo Pre-staking Babylon event on or before May 28 will receive 30,000 base points for each 1 BTC staked. The points will be averaged to each day until the Babylon mainnet goes live. Users who do not participate from the first day will receive points in proportion to the number of days they participate. All BTC locked in Babylon will not be unlocked/withdrawn for three months and is expected to be unlocked on August 31, 2024.
• Lorenzo LRZ Supporter will receive a 2x points bonus within the first 7 days of staking taking effect.
• For stakers on the Galxe Waitlist, Lorenzo will provide 5x, 2.5x and 1.25x points for stakers on the Waitlist within the first 7 days of staking participation. The top 100 stakers on the Waitlist will receive 5x points, the top 1000 stakers will receive 2.5x points, and the top 10,000 stakers will receive 1.25x points within the first 7 days of staking in the “Lorenzo Pre-staking Babylon event”.
• If Babylon Pioneer NFT holders participate in the TVL Campaign, they will share an additional pool, tentatively set at 5% of the total generated points.

Pool 2

Pool 2 rewards stBTC holders who bridge stBTC to Bitlayer and participate in our ecosystem partner projects. Rewards are provided jointly by Lorenzo and integrated DeFi projects, including:

• Bitsmiley - BTC native stablecoin protocol
• BitCow - BTC native stablecoin and concentrated liquidity AMM
• Avalon Finance - Merlin ecosystem’s best BTC lending and staking protocol
• Bitparty - The first “asset gamified community network” in the BTC ecosystem
• Enzo Finance - BitLayer chain’s first and best decentralized lending protocol
• Pell Network - A decentralized trust market that aims to increase the diversity of BTC and LSD yields on BTC L2 networks and improve security
• Macaron - The first and native DEX on Bitlayer

The specific distribution rules for the rewards are as follows:

• For all DeFi projects that integrate stBTC, Lorenzo will take two snapshots of the stBTC TVL of all ecosystem partners during the mining gala. Users who are recorded in each snapshot, as long as their stBTC helps our partners’ business goals, will receive points based on the total amount of stBTC they contribute to the partners. The criteria may vary for different projects.
• Each DeFi product in each snapshot of each partner will receive 10,000 points for each stBTC contributed.
• In addition, Bitlayer OG Pass holders will enjoy a 10% bonus in Pool 2 rewards. Additionally, participants in the Bitlayer Mining Gala will also receive the Bitlayer Mining Gala Pioneer SBT, and these SBT holders will be eligible for a Bitlayer token $BTR airdrop.
• Users can also receive rewards from DeFi projects, the specific amount of rewards is determined by the partner project.

Pool 3

Lorenzo will allocate a certain percentage of additional points to users introduced by partner projects, including Particle Network, etc., and the specific list will be updated on Lorenzo’s social media platform in the near future.

In addition, this event will also set up referral rewards: each participating user will have an invitation code that can be shared on Twitter. Each user can only enter an invitation code once and be invited once. For each successful invitation of a new user to participate in the event using your invitation code, you will receive 20% of all corresponding points earned from their staking. Additionally, the invited user will receive an additional 5% bonus points on the points earned from staking using the promo code.

Get involved: How to start Lorenzo ecological exploration

Lorenzo aims to provide crypto investors with the simplest and smoothest BTC asset re-hypothecation experience, releasing the liquidity of pledged assets while capturing the best staking returns. So whether you’re a seasoned interaction veteran or a newbie exploring crypto for the first time, users can easily get started with Lorenzo through the tutorial guides it provides.

In addition, if you have any questions, you are welcome to join the Lorenzo community, and the community manager will answer your questions in a timely manner.

Conclusion

Babylon shared security The shared security mechanism opens the door to Bitcoin ecological finance. Lorenzo builds a liquidity financial layer based on Babylon to explore more possibilities of Bitcoin finance and ignite the popularity of Bitcoin ecological Restaking, release the liquidity of Bitcoin ecological funds and provide users with Create richer revenue opportunities.

This event not only offers a diverse array of rewards but also lays a solid foundation for the further development and prosperity of the Bitcoin ecosystem through its robust technical infrastructure and platform strengths.

We cordially invite you to join the Pre-staking Babylon event and Bitlayer Mining Gala, become a pioneer in exploring Bitcoin ecosystem finance, and witness the rise and growth of Lorenzo alongside the Bitcoin ecosystem!

Disclaimer：

1. This article is reprinted from[techflow]. Forward the Original Title‘Lorenzo 开启比特币预质押 Babylon 及 Bitlayer 联合挖矿活动，最高获取十倍收益’. All copyrights belong to the original author [Jerry]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.