Ex-TRON lead Hunter Rogers has joined Bitcoin-native yield platform TeraHash, aiming to drive further adoption of Bitcoin across the decentralized finance ecosystem.
Summary
- TeraHash has added ex-TRON lead Hunter Rogers to its leadership team.
- Rogers joins as co-founder and will drive the Bitcoin DeFi protocol’s next growth phase.
- TeraHash brings hashrate-backed BTC yield to DeFi.
TeraHash announced Thursday, Nov. 6, that Rogers’ expertise, including in institutional partnerships, will be key to positioning the platform as the go-to protocol for hashrate-backed Bitcoin (BTC) yield.
Why it matters
BTC-native yield is a segment that seeks to expand the Bitcoin DeFi market with an institutional-grade mining yield offering.
TeraHash offers this via tokenized hashrate, enabling liquid staking and allowing customers to earn up to 50% of annual BTC rewards.
It’s a question of how to unlock the over $20 billion annual mining revenue for DeFi users.
In this case, Rogers, as a co-founder, is set to lead TeraHash’s next growth phase toward this goal.
The expectation is that Rogers will tap into his experience and network to drive ecosystem partnerships and institutional outreach, among other initiatives, to make TeraHash the institutional standard for Bitcoin mining yield.
The former TRONDAO lead joins the BTC-focused project ahead of its mainnet launch.
TeraHash eyes Bitcoin DeFi momentum
The global cryptocurrency market has seen a resurgence in decentralized finance adoption in recent months, with lending liquid staking and restaking notching an uptick.
Protocols across Ethereum, Solana and BNB Chain have recorded significant bumps in total value locked.
Bitcoin DeFi is also gaining momentum, helped by growing institutional interest in BTCFi.
Layer 2 solutions such as Stacks, Rootstock, Merlin Chain and Babylon are major players in the growing ecosystem.
However, as TeraHash notes, its solution is the leading player in a “native, composable yield product” targeted for Bitcoin mining.
With a hash rate-backed yield, users stake the THS token and receive daily Bitcoin rewards. But more than that, the protocol integrates with DeFi to connect users to crypto lenders, trading platforms, and yield aggregators.
According to DeFiLlama, the total value locked in Bitcoin DeFi protocols currently stands at over $7.57 billion. Babylon, Lombard Finance and Threshold Network lead in the TVL race.
Source: https://crypto.news/bitcoin-yield-protocol-terahash-tron-drive-growth/
