Question 1

What is Proxy v1 (PRXYV1)?

Accepted Answer

Proxy v1 (PRXYV1) is a cryptocurrency token that facilitates the decentralized tokenization of Bitcoin onto Ethereum, Polygon, and BNB networks. It serves as a bridge enabling users to access various decentralised finance (DeFi) products. Proxy utilises two main tokens: PRXYV1, which is the utility token, and BTCPX, which is a Bitcoin wrapper. The project aims to provide a permissionless way to use Bitcoin within DeFi ecosystems, allowing for greater liquidity and utility of Bitcoin assets across different blockchain networks​​​.

Question 2

What is Proxy v1 (PRXYV1) used for?

Accepted Answer

Proxy v1 (PRXYV1) is primarily used to support the Proxy protocol's functionality in the DeFi space. The PRXYV1 token is utilised within the ecosystem for various governance and utility purposes, while BTCPX acts as a wrapped Bitcoin token, enabling Bitcoin holders to engage in DeFi activities without directly using their BTC. This setup allows users to earn yields and participate in DeFi applications on Ethereum, Polygon, and BNB networks using their Bitcoin holdings. The protocol provides a seamless bridge for Bitcoin into DeFi, enhancing its liquidity and utility.