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The Liquidity Baking LB Token Now Has An Official Name: Sirius
Starting July 28th, the Tezos Liquidity Baking token will officially be known as the “Sirius” token.
The goal of Sirius is to bring more attention to Liquidity Baking on Tezos by assigning it an attractive brand that can help pull in new users.
By: Lee Evans
28 July 2022
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Liquidity Baking is a stand-alone, single-pair DEX where people can trade XTZ / tzBTC.
It’s basically a decentralized XTZ / tzBTC trading pair. For a healthy trading pair to function well, the trading supply (liquidity) needs to be high.
To increase the incentive to provide liquidity, a protocol-level solution is active that distributes XTZ to liquidity providers. This means that if you provide liquidity, you earn XTZ.
This is a unique advantage that Liquidity Baking brings to the table, no other decentralized trading pair allows its liquidity providers to earn the native token of a blockchain on protocol level.
Liquidity Baking has been live on mainnet for close to a year now and has a TVL of about 10 million XTZ.
At the time of writing the 24 hrs trading volume is just over 5 tzBTC.
Since this week a new decentralized lending, borrowing and levered Liquidity Baking solution has been launched: Kord.Fi.
Liquidity Tokens
Once you provided liquidity to Liquidity Baking in the form of tez and tzBTC, you receive liquidity tokens.
These tokens prove that you have added a certain amount of value to the liquidity pool of a specific trading pair on a decentralized exchange (DEX).
The tokens allow you to retrieve the value and remove liquidity from the DEX. The same concept of liquidity tokens is applied for Liquidity Baking.
Liquidity Tokens tokens from Liquidity Baking are mostly referred to as XTZ/tzBTC LP tokens.
Since these tokens represent actual value, they can be used as such.
Youves did just that on their DeFi platform, where XTZ/tzBTC LP tokens can be used as collateral to mint and borrow uUSD.
XTZ/tzBTC LP > Sirius token
As you might have noticed while reading the text above about Liquidity Tokens tokens from Liquidity Baking (XTZ/tzBTC LP tokens), it tends to get a bit confusing.
For that reason, starting July 28th, the Tezos Liquidity Baking token will officially be known as the “Sirius” token.
The goal of Sirius is to bring more attention to Liquidity Baking on Tezos by assigning it an attractive brand that can help pull in new users.
tzBTC
tzBTC is wrapped BTC on the Tezos blockchain: it is a BTC – based token which is 1 : 1 backed by BTC. This makes it possible to trade BTC value on the Tezos blockchain.
Advantages are simple: faster transactions (Tezos blocktime is 10 x faster) and cheaper transactions.
tzBTC can be bought on several Tezos-based decentralized exchanges (DEX) like Quipuswap, SpicySwap, and on cross chain DEX Atomex.
Make sure you check the value is correct when trading on a DEX so you don’t overpay (due to liquitity rates on trading pairs).
In recent news, tzBTC has been added to Bittrex, a centralized exchange where two trading pairs will go live soon: tzBTC / BTC and tzBTC / USDT.
You can interact with Liquidity Baking here and here to trade, add liquidity and remove liquidity.
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
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