Echo Protocol Announces New DeFi Platform for BTC with Support from Leading Blockchain Firms

By Chainwire

Singapore, Singapore, October 21st, 2024, Chainwire

Echo Protocol has announced its latest initiative aimed at expanding Bitcoin's utility in the DeFi sector. Designed for BTC holders, Echo Protocol offers a platform within a Move-based ecosystem that enables participants to access APT rewards. The platform’s structure allows for potential returns of up to 10% in APT, thanks to its integration with the Aptos network.

Echo Protocol has garnered support from prominent blockchain industry players through a successful pre-seed funding round, backed by Spartan Group, ABCDE Capital, Arthur Hayes’ Maelstrom, Selini Capital, Web3Port, Auros, Aptos, Movement Labs, Presto Labs, BSquared, and Sats Ventures.

Through Echo Protocol’s flagship product, Echo Lend, users can deposit aBTC and begin participating immediately without any lockup periods. The platform's bridging process is designed to provide an efficient and streamlined experience for Bitcoin holders.

Jonathan Phay, CEO of Echo Protocol, said: “At Echo, we’re committed to empowering Bitcoin holders—particularly miners and investors—by offering a way to earn sustainable yield without having to sell their BTC. With the Bitcoin halving approaching and miner rewards decreasing, innovative solutions are needed to keep BTC productive. Echo Protocol is designed to be that solution, establishing us as a key liquidity hub in the Move ecosystem.”

Aptos Foundation added: “Aptos Foundation shares a profound alignment with Bitcoin's foundational vision of decentralizing finance and empowering individuals globally," said Bashar Lazaar, Head of Ecosystem & Grants at Aptos Foundation. "By integrating Echo Protocol with our cutting-edge Move-based infrastructure, we aim to advance the principles of financial freedom, transparency, and borderless access to economic value. This collaboration enhances innovation, connectivity and liquidity on a global scale–bringing us closer to a more equitable and open financial system for everyone."

BSquared added : “BTCfi is rapidly growing and evolving, offering BTC liquidity and injecting vitality into advanced blockchain ecosystems like Move. Echo plays a critical role in securing and optimizing this integration, enabling BTC to provide real liquidity and, in turn, generate real yields. B² Network is pleased to offer support from the Bitcoin side. As a secure and thriving Bitcoin layer-2, B² delivers industry-leading asset security and ease of use. Through the collaboration between B² and Echo, the longstanding BTC can gain new momentum on high-performance Move blockchains.”

Secure BTC Bridging

Echo’s bridging process prioritizes security and transparency. Utilizing a decentralized re-layer network and Bitcoin’s Hash-Timelock, every transaction is validated and overseen by a trusted network of validators, ensuring safety and reliability for users.

Exclusive Whitelist Benefits

Echo is now offering special benefits for early registrants through its whitelist event. Users can sign up to receive a unique code and enjoy exclusive rewards. For more details, users can follow the link: https://echo-protocol.xyz/event-neko 

About Echo Protocol

Echo Protocol is a decentralized finance platform designed to extend the utility of Bitcoin within the Move ecosystem. Focused on creating opportunities for BTC holders, Echo Protocol offers seamless bridging to access rewards in APT without lockup periods. Backed by industry leaders, the platform prioritizes transparency, security, and user empowerment, enabling Bitcoin holders to participate in the evolving DeFi landscape without selling their BTC.

Website: www.echo-protocol.xyz 

X: https://x.com/EchoProtocol_

Discord:https://discord.gg/echoprotocol 

Contact

Jonathan Phay
Echo Protocol
jon@echo-protocol.xyz

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