BTCST has become the benchmark protocol to bring Bitcoin to DeFi since our debut on Binance Launchpool. With the support of over 12% of Bitcoin’s global hashrate, BTCST is now the clear leader in the field of hashrate tokens.
New members to our community have been requesting additional information on our recent upgrades. Let’s take this opportunity to review what we have built and what’s to come.
1. BTCST delivered!
BTCST has delivered the following based on community feedbacks and votes:
- STP-1 BTCST Reinvestment Pool: Stake BTCST to mine BTC, but convert BTC mining rewards to BTCST for easier reinvestment. The reinvestment pool has been delivered as a BTCST-BTCST Vault in our dApp V2.
- STP-3 Gas Fee Optimization. Our implementation of STP-3 has resulted in a 60% reduction in BSC network fees on average, which makes the staking of small amounts of BTCST doable.
- STP-4 Redenomination. To implement our DeFi roadmap and to make BTCST more accessible to new members of our community, BTCST has completed a 1-to-10 redenomination (keeping valuation unchanged) such that 1 BTCST became 10. The market response to the successful completion of our community-driven redenomination has been overwhelmingly positive.
- STP-5 Stop New Issuance of BTCST (Maya Proposal). To ensure the smooth launch of our synthetic asset platform, our community has passed the vote to stop new issuance of BTCST. The total circulation of BTCST will now stay at 15 million.
- STP-6 τBitcoin Initial Liquidity and Airdrop Parameters (Archimedes Proposal). In this landmark proposal, BTCST proposed to implement τ protocol to empower users to stake BTCST in return for synthetic assets. The first τAsset to be synthetically mined by staking BTCST is τBitcoin, a synthetic Bitcoin that brings Bitcoin to DeFi. See the τ protocol whitepaper for more details.
2. What’s to come
BTCST is progressing steadfastly with our roadmap to unleash the full potential of hashrate assets for DeFi. Here is a preview for our community on what’s to come:
- STP-7 Authority Oracle for NFTs. BTCST observes that the sole and ultimate source of truth for NFT authority records are stored solely in NFT issuance contracts. NFT holders therefore must trust that the private key holders with admin access to these contract data would not irresponsibly or recklessly temper with these records. BTCST is proposing τSage, a hashrate-backed Authority Oracle, as an NFT infrastructure, to solve the issue.
- τSDR: Synthetic Asset Pegged to FX Reserve Assets. The Standard Hashrate Group is working to implement the τ protocol to synthesize additional assets. For example, our BTCST users will be able to stake BTCST to synthesize τSDR, a synthetic asset pegged to a pool of FX reserve assets.
- τBitcoin v2: Restorative Rebase. Supported by the protocol’s built-in open market purchases mechanism, τBitcoin has shown strong price peg since its launch. The team is working to make τBitcoin even better with τBitcoin v2, which will replace deflationary rebase with a restorative rebase mechanism that (i) will not diminish the balances of τBitcoin addresses that remain transaction-less during rebase periods and (ii) will reward purchasers of τBitcoins at the same time.
- τBitcoin as Primary Asset in τEcosystem. In addition to collaborations with other leading projects on the adoption of τBitcoin, we are building a τEcosystem that will rely on τBitcoin as the primary asset. Among other things, τBitcoin will be used for minting and authority validation (through τSage) of NFTs, payment of electricity utility fees that would otherwise be deducted from BTC mining rewards and collateralization in τSDR pools.
As always, we thank our community for your continued support on BTCST’s journey to bring Bitcoin to DeFi. We welcome your active participation in the proposals of the BTCST community. If you have any questions or ideas regarding the BTCST ecosystem and development process, you can leave your feedback through the Telegram community channel via this link: https://t.me/BTCST_Community_EN.