Note on “Claim BTC” and “Unstaking” Fees

We would like to take this opportunity to address the observation by some community members that BSC fees for BTC claiming and unstaking BTCSTs are relatively high in relation to other BSC transactions.

Please first note that the BSC network charges the BNB fees as gas, NOT the project or the dApp. We have no way to “refund” or “reprice” the fees.

So why is the fee relatively high?

The reason is that whenever a staking holder claims BTC or unstakes BTCST, the dApp has to iterate through the holder’s staking history (to the extent not iterated before) and calculate the effectively staked number of BTCSTs in relation to the sum of effectively staked number of BTCSTs of all other staking holders. This has to be performed for each day in the covered duration, so the BSC network needs a relatively high amount of gas to perform this transaction.

What has been done to lower the fee?

While there is very little we can do to influence the final amount of fees, as this is largely determined by transaction complexity and BSC network conditions, we have lowered our dApp’s fee buffer from 1.20 to 1.05. Effective immediately, our staking holders should see a 15% reduction in BTC claiming and unstaking fees.

If you have further questions, please join our Telegram community here.

About BTCST

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.

Follow our latest developments and news at:

Telegram: https://t.me/BTCST_Community_EN

Telegram Announcements: https://t.me/BTCST_Announcement_En

Twitter: https://twitter.com/BTCST2020

Reddit: https://www.reddit.com/user/BTCStandardHashrate

Bitcoin Standard Hashrate Token (BTCST) brings exchange-grade liquidity to Bitcoin mining. Each BTCST is collateralized by real Bitcoin mining power.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store