TL;DR: Starting October 1st, 2024 at 14:30:00 UTC, Lorenzo Protocol will offer 2,000,000 extra Lorenzo points shared equally among users who stake through the Binance Web3 MPC Wallet, along with a 20% bonus on Lorenzo points earned for users who use the Binance Web3 wallet. The 20% bonus continues until the Lorenzo LRZ token TGE. All existing rewards and incentives from the Babylon Cap 2 event remain in place.
We are thrilled to announce an exciting new joint activation alongside Binance Web3 Wallet as part of our ongoing Cap 2 Pre-launch Staking Event for Babylon.
Get Started: https://app.lorenzo-protocol.xyz/staking
This collaboration brings even more rewards and exclusive benefits to users who participate in this pre-launch staking event, further enhancing the liquid staking experience for bitcoin holders!
Here’s everything you need to know about this special joint event, including how to get involved and the unique incentives available to Binance Web3 Wallet users.
Event Overview
Lorenzo Protocol is on a mission to create the first bitcoin liquidity finance layer based on the Babylon ecosystem, offering users a simple and efficient way to stake their BTC assets. In partnership with Binance Web3 Wallet, we’re making this experience even more rewarding.
This joint activation gives users the opportunity to stake their BTC or BTCB in Lorenzo’s Liquid Staking Token (LST) DeFi ecosystem and access advanced BTCFi opportunities. In addition to the standard rewards available through the ongoing Cap 2 event, Binance Web3 Wallet users will receive special bonuses and incentives, making this partnership a unique opportunity to boost your staking returns.
Event Timeline
- Start: 2024/10/01 14:30:00 (UTC)
- End: 2024/10/06 23:59:59 (UTC)
Staking Task
The staking task is simple for this joint activation: Stake BTCB through the Binance Web3 Wallet and mint at least 0.0001 stBTC, Lorenzo’s native Liquid Principal Token (LPT), backed 1:1 by BTC.
Event Rewards
- Lorenzo Staking Plan Rewards: Users will receive Lorenzo points and yield-accruing tokens (YATs), with YATs details depending on each staking plan. The current ongoing initiative is the Cap 2 Pre-launch staking event. For more details, please check out Lorenzo’s official Medium article on the Cap 2 event.
- 2,000,000 Extra Lorenzo Points (Web3 MPC Wallet): Lorenzo will provide 2,000,000 Lorenzo points for Binance Web3 MPC Wallet participants who complete the staking task. Web3 MPC wallet users will share the points equally, with points distribution to be determined by the final number of participants.
Ongoing Benefits
20% Bonus on Lorenzo Points (Binance Web3 Wallet): Binance Web3 Wallet users will receive a 20% bonus on the base points earned from staking. This bonus is NOT exclusive to the Binance Web3 Wallet activation, and will continue beyond this event until the Lorenzo project’s Token Generation Event (TGE)!
Event Guide
Complete the following steps to get started with the event:
1. Visit the Lorenzo Staking page:
https://app.lorenzo-protocol.xyz/staking
2. Press the Stake button on the Babylon Staking Cap 2:
3. Press connect wallet on the staking page
4. Select Binance Web3 Wallet under EVM Wallets
5. This will display a popup QR Code. Scan it with your Binance App to connect your wallet
6. Choose the chain you will be staking from and the chain for receiving stBTC
7. Enter the amount that you wish to stake and press “Stake.” Please note that the task requires staking to mint at least 0.0001 stBTC
8. Press Confirm after checking your Invite code & Staked Amount. After staking, you will get an invite code. Share & use the code will earn extra points. Check for more details.
9. Confirmed ! You can now press “Go to Dashboard” to check your Portfolio and Staking History
Important Notes
- BTC Delegation and stBTC Distribution: After Babylon Cap 2 opens, Lorenzo will delegate the pre-charged BTC to Babylon on a best-effort basis. Users will receive an equivalent amount of stBTC, and any Babylon staking rewards will be distributed proportionally based on users’ pro-rata share size in Lorenzo’s total stBTC pool.
- Rewards Distribution: The 20% wallet points booster is estimated to be applied after the event begins. Extra Lorenzo points for the event are estimated to be credited within 2 weeks after the campaign ends. Stay tuned to official announcements for the exact distribution timeline
Why This Joint Activation Matters
This staking opportunity makes it easier and more rewarding than ever to participate in our Cap 2 Pre-launch Staking Event. With extra points, exclusive bonuses, and a streamlined staking experience, this activation is designed to maximize rewards for users who stake BTCB through Binance Web3 Wallet.
By joining this joint event, you not only gain access to Lorenzo’s innovative bitcoin liquidity finance layer but also enjoy added incentives that make staking more profitable and user-friendly.
Join the Event Today
Now is the perfect time to experience the benefits of bitcoin liquid staking on Lorenzo Protocol while enjoying the perks of Binance Web3 Wallet. Don’t miss out on this unique opportunity to increase your rewards and take part in the future of decentralized finance.
Begin Staking: https://app.lorenzo-protocol.xyz/staking
Happy staking!
FAQ:
1. What is Lorenzo Protocol?
Lorenzo Protocol is the premier Bitcoin liquidity aggregator, leveraging its global network to provide Bitcoin financial products and yield-bearing tokens support with creation, issuance, trading, and settlement. Through its novel Bitcoin liquidity finance layer, Lorenzo provides immediate access to demand through a liquidity ecosystem comprising market makers, trading venues, and other liquidity providers.
A pioneer in Bitcoin liquid staking, Lorenzo introduced a dual Bitcoin staking deposit tokenization system by establishing the liquid principal token (LPT) and yield accruing token (YAT) token standards.
For more information, please visit and follow the regular updates on X (Twitter), Medium, Telegram, and Discord.
2. What are Lorenzo YATs？
Lorenzo utilizes an innovative “Principal and Interest Separation” mechanism to tokenize Bitcoin staking. This model divides staked Bitcoin into two parts: Liquid Principal Token (LPT) and Yield Accruing Token (YAT).
- LPT (Liquid Principal Token) represents the right to claim the staked Bitcoin principal after the staking period ends. Lorenzo currently promotes stBTC as the official LPT to ensure liquidity concentration, backed 1:1 by staked BTC.
- YAT (Yield Accruing Token) represents the right to claim the yield generated from the staked Bitcoin. YATs can also be freely traded, giving users flexibility to access future staking rewards or utilize them in other DeFi applications.
Lorenzo will soon launch the YAT Exchange, which will allow users early access to future staking rewards, further enhancing liquidity and flexibility in the ecosystem.
3. Where can I read more about Lorenzo Points & YAT incentives system?
You can read more about the Lorenzo Points & YAT incentives system on Medium at this link: Lorenzo Points & Yield Overview.
4. How can I apply for withdrawal (unstaking) of my staked assets?
For specific details regarding Cap2 unstaking, please stay updated with the official announcements.
5. Where can I read more about the recent Lorenzo Cap 2 Pre-Launch Staking Event details for Babylon?
For more details on the Lorenzo Cap 2 Pre-Launch Staking Event for Babylon, you can check out this article: Lorenzo Protocol Cap 2 Staking Event
