In the article "Bitcoin Ecosystem", we learn about the characteristics of BitStable's project and the public sale process

Original | Odaily

Author | Aurantium aurantium

On November 27, Bounce Finance announced a partnership with BitStable to launch its governance token, BSSB, on the Bounce Private Launchpad. The BSSB token offering will be conducted in two parts – 60% of which will be used for staking auctions and 40% for fixed-price auctions.

In this article, Odaily will briefly introduce the basic information, public sale process and data of BSSB.

BitStable 详解

Official Documentation: BitStable is a groundbreaking decentralized asset protocol on the Bitcoin blockchain that provides a unique framework for the creation, trading, and management of synthetic assets. It enhances the liquidity of assets on the Bitcoin chain through a dual-token system and a cross-chain compatible structure.

Stablecoin DAII

Acquisition: DAII is a stablecoin that is obtained through overcollateralization of the Bitcoin eco-token, and the support token is determined by BSSB Governance, with only ordi and MUBI supported in the early days. The overcollateralization ratio and liquidation factor have not yet been announced (only examples are given).

Purpose: To serve as a stable medium for the volatile cryptocurrency market, making it a reliable asset for trading and investing.

Cross-chain Utility: BitStable has partnered with MultiBit Bridge to support cross-chain on the Bitcoin network and other EVMs, and plans to cross-chain some DAII to Ethereum, supporting USDT swaps.

Token Use Case: Not specified.

Redemption: Burn DAII on the BitStable platform to get back the collateral or USDT.

Governance token BSSB

Purpose: BSSB is the governance token of the platform that users use to maintain the system and manage DAII.

Use case: Holding BSSB can obtain platform revenue dividends and voting rights, and can also have upfront acceleration rights.

Acquisition: In addition to the public sale, BSSB can be obtained by staking DAII, which can only be done on the Bitcoin network. You can stake BSSB to obtain Boost stakes, increase the staking weight of DAII, and obtain higher mining income.

Next Steps

• Integrate Rootstock (RSK) to enhance smart contract functionality

RSK brings Ethereum-like smart contract functionality to Bitcoin-based DAII. This allows for the development of complex, decentralized financial instruments and automated governance processes that enhance the functionality of the protocol while maintaining the inherent security of the Bitcoin blockchain.

BitStable will build a series of interconnected smart contracts through RSK. These contracts will manage all aspects of the DAII stablecoin, such as staking, issuance, redemption, and governance. By adopting a structure similar to MakerDAO, it aims to achieve a high degree of automation, security, and transparency in operations.

• Integrate Taproot for enhanced functionality and privacy

Taproot integrates multiple digital signatures, which improves network efficiency and transaction privacy. BitStable plans to leverage the Taproot upgrade to enhance the efficiency, privacy, and smart contract functionality of DAII transactions on the Bitcoin network.

The integration will also explore Taproot’s potential to facilitate complex smart contract operations, leveraging its enhanced scripting capabilities (TAP) to provide more advanced financial tools on the Bitcoin blockchain.

How to participate in the BSSB issuance

Public Quantity: 10, 500, 000 BSSB (50% of the total supply).

Total amount raised: $500, 000.

Staking Auction Round

Launchpad 地址:

Time: 12:00, November 29, 2023 (UTC+8) ~ 12:00, November 30, 2023 (UTC+8)

Blockchain: Ethereum

Number of pieces: 6, 300, 000

Staked Asset: AUCTION

Total amount raised: $300, 000

Fixed Price Auction Round

Launchpad 地址:

Time: 12:00, November 29, 2023 (UTC+8) ~ 12:00, November 30, 2023 (UTC+8)

Number of pieces: 4, 200, 000

Total Proceeds: $200, 000

BSSB Price: 1 BSSB = 0.0000233 ETH

Maximum investment per wallet: 1 ETH

BSSB tokenomics

Total amount of BSSB: 21, 000, 000 pieces

Team allocation: 5% (6 months lock-up, 15 months linear release)

Airdrop: 3.5%

Staking Rewards: 36.5%

LP: 5% (locked indefinitely)

Total amount of DAII: 1, 000, 000, 000 pieces

Summary

At present, the two tokens under the BitStable ecosystem, DAII and BSSB, have no particularly prominent use cases, and the BSSB tokens currently sold will be used for self-production mining in addition to governance purposes, according to the official documents. But the project is backed by both Bounce and MultiBit Bridge. Since the public sale is in the form of over-offering, each investor can judge and invest according to the real-time progress.

References

1. BitStable Technical Documentation
2. Public Sale Participation Process (Official Version)
3. BitStable 官网