Elastos Introduces BPoS NFTs to Enhance Bitcoin-Secured Staking

[PRESS RELEASE – Singapore, Asia, October 23rd, 2024]

• Users have the option to transform staked ELA and rewards into tradable NFTs, with the flexibility to burn them anytime to claim Bitcoin-secured ELA APY rewards, and retrieve staked ELA after the lock period concludes.
• Anyone can stake ELA with a validator to earn an APR ranging from 2% to 3%, with the potential for higher returns based on extended lock periods.
• Elastos is progressively advancing a new decentralized finance paradigm, characterized by flexible liquidity, security backed by Bitcoin, and straightforward access via wallets.

Elastos, a provider of the SmartWeb ecosystem, has broadened its incentives for crypto participants and validators with the introduction of Bonded Proof of Stake (BPoS) NFTs. This innovative system enables users to maintain liquidity for their staked assets by converting ELA and accrued rewards into tradable NFT receipts, all without disrupting reward flow or waiting for the conclusion of the lock period. Via the Essentials Wallet, users can stake Bitcoin-secured ELA with a validator and earn an APR of 2–3%, with the possibility of greater rewards for lengthier lock durations.

The recent announcement highlights Elastos’ dedication to generating value throughout the Smart Web ecosystem. Users can effortlessly stake ELA tokens with BPoS validators on the Elastos Mainchain using the Essentials Wallet while generating BPoS NFTs. These NFTs can be traded or transferred on the Elastos Smart Chain (ESC), providing liquidity without interrupting the staking timeframe. Market participants can acquire these NFTs to access Mainchain rewards and the underlying staked assets. Even though the staked ELA remains secured until the end of the staking period, NFT holders have the option to burn their NFTs at any point to claim accumulated APY rewards.

“Our focus is on delivering technologies that build long-term value for our users and the overall ecosystem,” stated Jonathan Hargreaves, Head of Global Growth at Elastos. “We are currently situated to provide the necessary tools and architecture that empower users to trade Bitcoin-supported value through ELA on Elastos without needing to unstake the underlying asset. This opens up fresh market opportunities and prepares the groundwork for BPoS NFTs to be leveraged as collateral in BeL2’s forthcoming Arbiter network. Ultimately, our goal is to construct a new decentralized finance model underpinned by Bitcoin security, and we are entering a phase where our users will increasingly gain from these advancements.”

Supported by Bitcoin Security

These NFTs serve as receipts for claiming ELA assets safeguarded by Bitcoin’s hash power through Auxiliary Proof of Work (AuxPoW) and validators in conjunction with the BPoS mechanism on the Elastos Mainchain. Boasting 293.69 EH/s of Bitcoin’s total 580.74 EH/s hash rate, almost half of Bitcoin’s security augments Elastos’ ELA, anchoring it firmly within Bitcoin’s infrastructure without additional energy consumption and introducing new utility via mintable and burnable NFTs.

“With ELA’s capped supply of 28.22 million, Bitcoin miner-shared security, and a 4-year halving cycle, ELA reflects Satoshi’s vision of merge-mining BitDNS and Generalizing Bitcoin set forth on the Bitcoin forum in 2010,” emphasized Sasha Mitchell, Head of BeL2. “Our roadmap continues to evolve with the anticipated BeL2 arbiter network, which will facilitate Native Bitcoin DeFi, enabling nodes to leverage BPoS NFTs as collateral and unlock numerous revenue streams beyond ELA APY by supporting BTC-based services.”

Introducing the BeL2 Arbiter Network

Elastos intends to launch the BeL2 arbiter network by the end of 2024. This network will allow BPoS NFTs to be utilized as collateral for facilitating time-based transactions like loans and stablecoin pegs, in addition to dispute resolution services. Arbiter nodes utilizing these NFTs will receive Bitcoin and ELA rewards without needing to transfer Bitcoin from the mainnet. This strategy merges security, liquidity, and financial innovation, positioning Elastos as a pivotal player in the advancement of blockchain-based finance.

About Elastos

Elastos is a public blockchain initiative that converges blockchain technology with an array of reimagined platform components to form a contemporary internet infrastructure that ensures intrinsic protection for privacy and digital asset ownership. Its mission revolves around creating accessible, open-source services that enable developers to build an internet where individuals retain ownership and control of their data.

The Elastos SmartWeb platform empowers organizations to recalibrate the internet’s operations for enhanced data management and privacy.

https://elastos.info

https://www.linkedin.com/company/elastosinfo/