STP-4 : BTCST Redenomination
Entering 2021, the whole industry witnessed a huge Bitcoin price increase that brought a more positive and bullish attitude towards the market among investors. Subsequently, it has attracted unprecedented attention in the field of BTC computing power mining. Additionally, the rapid development of the DeFi sector and BSC (Binance Smart Chain) ecosystem will accelerate the process of driving BTCST to the top of the market.
BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market. At present, the daily trading volume of BTCST on Binance is reaching 80 million U.S. dollars, and listed on Binance, VCC Exchange, and PancakeSwap exchanges.
“BTCST is already deployed on the Binance Smart Chain as a cloud mining platform, and we support the project through our mining pool”,
said Binance CEO and Founder, CZ (Changpeng Zhao).
“We are happy to continue working with BTCST on its further development through Binance Launchpool”.
Along with being the first Bitcoin’s leveraged hashrate token in the blockchain industry, BTCST is rapidly developing, and the market’s sentiment for participating in the mining of BTC with hashrate pledge is getting higher. Regardless of the overall market demand for BTCST or the further improvement of the circulation of the token, the community has an urgent need for the “split” of the BTCST token. Therefore, the community voting proposal on the redenomination of the BTCST token is formed (think stock split).
Regarding the BTCST redenomination proposal initiated by the community, the proposal only applies to redenomination of the existing BTCST tokens. For this community proposal, BTCST community members can participate in the vote through the Snapshot Site.
A split mechanism will be set up for the existing issuance of BTCST. For the voting results, we will also provide technical support as soon as possible so that the overall process can proceed smoothly.
As for the redenomination proposal itself, the issuance can be changed from 1.5 million to 15 million, 150 million, 1.5 billion, or remain unchanged. Members of the BTCST community can participate in the vote through the Snapshot Site.
Keep in mind that as with stock splits, whatever change is voted on by the community, each current token holder will receive a multiple of his or her existing token. For example, if the community passes Selection A below, each current token holder will receive 10x his or her current BTCST holding. The price of the token will be divided by 10, essentially keeping market cap the same.
Voting content (Change in circulation, unchanged valuation):
A: The circulation changed from 1.5 million to 15 million
B: The circulation changed from 1.5 million to 150 million
C: The circulation changed from 1.5 million to 1.5 billion
D: Remain unchanged
Voting period: 2021–02–22–02:00 (SGT) — 2021–02–24 20:00 (SGT)
Snapshot Site: https://snapshot.page/#/1btc.eth
We sincerely thank you for your continued support of the BTCST ecosystem and 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.
FAQ on STP-4
Question 1: What will happen to my BTCST if the redenomination passes?
Answer 1: If the redenomination passes, and taking Selection A above as an example (the circulation changed from 1.5 million to 15 million), this means a split of 10:1, meaning each token holder will receive 10x his or her current BTCST holdings. For example, if you have 1 BTCST right now, you will receive 10 BTCSTs after the redenomination.
Question 2: What happens to the price of BTCST?
Answer 2: Taking the example from Answer 1, if the redenomination of 1:10 goes through, the current BTCST price will be divided by 10, ensuring that the market cap stays the same.
Question 3: Would 1 BTCST still equal 0.1 TH/s of Bitcoin mining power?
Answer 3: If redenomination goes through, and taking the 1:10 split example, 1 BTCST would equal 0.01 TH/s of Bitcoin mining power. If the community does not pass the redenomination vote, then everything stays the same.