Binance Labs and Tim Draper-backed protocol Zest have launched their new BTCz token as part of the latest development for decentralized finance (DeFi) on the Bitcoin network.

The new BTCz token will allow Bitcoin (BTC) holders to earn income by staking their Bitcoin through the Babylon protocol.

According to Tiho Onnash, co-founder of the Zest protocol, the new Bitcoin (BTCz) token could significantly improve capital efficiency for the world's first cryptocurrency.

'BTCz will generate passive income by verifying PoS networks while also maintaining liquidity through BTCz as a liquid token.

Currently, there are over 10 BTC-derived assets in circulation that do something similar, but BTCz is the only one that uses Stacks' unique features to offer its holders a much higher level of security,' Onnash said.

✔️ Zest is one of the protocols creating more utility on the world's first cryptocurrency in a new paradigm known as Bitcoin DeFi (BTCFi), which aims to bring DeFi opportunities to the world's first blockchain network.#DeFi #Binancelab #Bitcoin #CoinGecko $BTC #MarketSentimentToday