BTCST Initial Liquidity Event of τBitcoin and Airdrops for CAKE Holders
BTCST is the benchmark asset protocol to bring Bitcoin hashrate to DeFi. With BTCST’s implementation of τ, a protocol to synthesize proof-of-work blockchain assets, BTCST will now form the base for τAssets, a new generation of synthetic assets exhibiting superior price pegs.
τ protocol at its core requires the staking of hashrate tokens collateralized by proof-of-work hashrate in return for synthetic assets. This process of synthetic mining imparts inherent value into the resultant synthetics. We are now excited to announce that τBitcoin will be the first τAsset to be synthetically mined by staking BTCST.
τBitcoin brings Bitcoin to DeFi and its price will be 1:1 pegged to that of Bitcoin. Backed by institutional miners representing 12% of Bitcoin’s global hashrate, τBitcoin will be a synthetic Bitcoin uniquely suitable for DeFi use cases.
Launch parameters of τBitcoin will be explained on our governance site as STP 6 — τBitcoin Launch Parameters. If STP 6 is passed, synthetic mining of τBitcoin by BTCST stakers and airdrops for other ecosystem participants will commence via the BTCST dApp.
Below is a brief summary of τBitcoin’s fair distribution plan for its initial liquidity and its price stability mechanism. Please see the τ protocol whitepaper for more details on τAssets.
Proposed Initial Liquidity of τBitcoin for BTCST Stakers and Other Ecosystem Participants
· Total initial liquidity: 2,100 τBitcoin
· To be earned through synthetic mining by staking BTCST: 1050 (50%)
· To be earned by ecosystem participants by staking BTCB: 21 (1%)
· To be earned by ecosystem participants by staking τBitcoin: 84 (4%)
· To be airdropped to BTCST holders: 84 (4%)
· To be airdropped to BTCST-BNB liquidity providers on PancakeSwap: 10.5 (0.5%)
· To be airdropped to PancakeSwap Syrup Pool: 10.5 (0.5%)
· To be reserved for τAsset treasury: 840 (40%)
About τ Protocol
τ is a protocol to synthesize proof-of-work and other blockchain assets such as NFT. Current iterations of synthetic asset protocols have repeatedly demonstrated an inability to maintain price pegs. This is particularly the case when prices of synthetics drop and are lower than their non-synthetic counterparts. τ protocol harnesses proof-of-work mining to synthetize new assets. By using this “synthetic mining” process, the τ protocol creates synthetic crypto assets with provable backing and strong mechanisms to restore price pegs.
τ protocol is created by Mr. Tim Swanson in collaboration with the Standard Hashrate Group and is endorsed by institutional miners representing 12% of Bitcoin’s global hashrate as of February 2021. Tim Swanson is the founder and director of research at Post Oak Labs and Head of Market Intelligence at Clearmatics. Before Clearmatics, Mr. Swanson served as the Director of Market Research at R3. Mr. Swanson’s 2015 paper: “Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems” popularized the term “permissioned” blockchain (or ledger), a topic which remains a mainstay at fintech conferences globally.
Read more about τ Protocol here.
BTCST is the blockchain industry’s first Bitcoin leveraged hashrate token and the first hashrate token to launch on Binance LaunchPool. BTCST creates an efficient market for Bitcoin mining power and is the benchmark protocol to bring hashrate assets to DeFi. BTCST is transparently governed has passed the scrutiny of CertiK and Armor Labs, two of the world’s leading blockchain security firms. Since BTCST launched, it has ranked first among Binance LaunchPool projects as measured by TVL.
BTCST is backed by BTC.TOP, Easy2Mine, Genesis Mining, Atlas Mining, and Hengjia Group, five leading institutional miners that collectively represent 12% of Bitcoin’s global hashrate. BTCST is available on Trust Wallet, MathWallet, TokenPocket, SafePal, and other wallets. At present, BTCST is listed on Binance and PancakeSwap.
Binance CEO and founder CZ (Changpeng Zhao) commented that “BTCST is already deployed on the Binance Smart Chain as an asset backed mining platform, and we support the project through our mining pool. We are happy to continue working with BTCST on its further development through Binance Launchpool.”
TRON CEO and founder Justin Sun noted, “We are very excited to welcome the first Binance LaunchPool hashrate token BTCST into the TRON ecosystem. Together we will usher in a new era of decentralized Bitcoin mining on TRON Blockchain.”
Standard Hashrate Group
March 20, 2021