Binance Launchpool Unveils New Project - Bitcoin Standard Hashrate Token (BTCST)
Binance Launchpool, a new initiative designed to bring the decentralized finance (DeFi) experience to Binance users and where users are able to acquire new token rewards in return for staking, today announced its first project in 2021 - Bitcoin Standard Hashrate Token (BTCST).
BTCST sets off to solve the problem of limited exit options by bringing exchange-grade liquidity to Bitcoin mining, and in secondary trading, BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.
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.
BTCST has passed the scrutiny of CertiK, one of the world’s leading blockchain security firms, scoring a 98 out of 100 in a security audit.
During Launchpool participation users will be able to stake their BNB, BUSD and BTC tokens into separate pools to farm BTCST tokens, starting from 2021/01/08 at 0:00 AM (UTC). Binance will then list BTCST in the innovation zone at 2021/01/13 6:00 AM (UTC) and open trading for BTCST/BTC, BTC/BUSD and BTCST/USDT trading pairs.
“Compared to conventional cloud mining, BTCST portrays the decentralized spirit of blockchain, with all mining rewards distribution done by smart contracts that are on-chain with full transparency,” states Alex Zhao, co-founder and CTO of BTCST.
“Standardization and tokenization of hashrate made possible by BTCST bring liquidity to Bitcoin mining, to an extent never seen before. Miners and traders are bridged to secure profits from either side. In particular, silhouetted against the strong bull market, BTCST contains enormous potentials that I believe will sweep the market,” according to Daisy Zhang, co-founder of BTCST.
“BTCST is already deployed on the BNB Chain (former BSC) 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”.
For more information about Bitcoin Standard Hashrate Token (BTCST), read the in-depth report provided by Binance Research.
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