Dear BTCST Community,
We are excited to announce that our Snapshot governance site is now live. Here are notes on what’s to come.
- Snapshot is a governance-by-vote toolkit commonly used by DeFi communities. By connecting your wallet to Snapshot (as you do with other dApps), you can vote on active proposals based on how many relevant project tokens you have.
- Ordinarily, this would mean that you have to hold project tokens in your wallet address at the Snapshot time when the votes are counted. That wouldn’t work in our case, for that would mean our most loyal staking holders would have to lose a day of mining rewards to vote. We definitely don’t want that! So we have customized Snapshot in a way such that both BTCSTs at your voting address and BTCSTs staked by the voting address in our dApp would count towards your vote.
- Two Standard Hashrate Proposals (or “STPs”) will be available starting tomorrow February 2nd, 8:00pm UTC+8 for community votes. Details are below.
- Voting will end on Friday, February 5th, at 8:00pm UTC+8.
STP - 1Title: BTCST Reinvestment PoolPurpose:
To make it easier for BTCST staking holders to re-stake their BTC earnings as BTCST.Details: A new dApp for BTCST staking will be created. In this proposed new dApp, staking BTCSTs will still mine BTC the same way (and at the same rate and Boost Factor) as the current dApp. The difference is that before mining rewards distribution, BTC mining rewards will be converted to BTCSTs at market price at that time (we will bear the exchange trading fees). This market price will be published in daily reports and will be auditable through exchange trading records. Final rewards will then be distributed in the form of BTCSTs to the new dApp. This new dApp will also allow a staking holder to harvest mined BTCSTs and re-stake them with one-click.Why: Staking holders who wish to reinvest mining rewards in BTC to BTCST can save significant fees and time when reinvesting. Daily automatic reinvestment will help support BTCST market price.Voting Options: A. Pass
STP - 2Title: Next Standard Hashrate TokenPurpose:
To decide whether or not, and if yes, what standard hashrate token to launch next.Details: We have selected four candidates based on 24-hour trading volumes on CMC to create the next Standard Hashrate Token. BCH (note: broad mining pool support; hashing algorithm identical to that of BTC) ETH (note: uncertainty surrounding the timing of ETH 2.0 upgrade) ZEC (note: limited mining pool support) DOGE (note: broad mining pool support as a result of LTC dual-mining, lacks a wrapped version; selected because of an unforeseeable surge in trading volume)Why: Standard hashrate tokens can be created for virtually all PoW tokens. We want our community to decide on when and what.Voting Options: A. None. Focus on BTCST for now.
As always, join our Telegram community here if you have any questions. Mine on.
BTCST is a token collateralized by real Bitcoin mining power. By staking BTCSTs, holders of the tokens will receive daily Bitcoin distributions that correspond to the mining power staked. With BTCST, you mine Bitcoin the DeFi way.
Email us for general inquiries: firstname.lastname@example.org