Purpose

This STP 9 decides the initial liquidity and airdrop parameters of BTCST’s second synthetic asset, τDoge. If this STP 9 is passed, synthetic mining of τDoge by BTCST stakers and airdrops for other ecosystem participants will commence via BTCST’s dApp on Friday, May 14, 2021 at 08:00pm (SGT).

Details

With the implementation of STP 8 — Restorative Rebase and its demonstrably strong price history (i.e., with a stable price premium at 5–6%), τBitcoin has established itself as the most successful synthetic Bitcoin in DeFi.

Now, BTCST is ready to unveil its second synthetic asset, τDoge, that users can stake BTCST and τBitcoin to synthetically mine.

• See the τ protocol whitepaper for more details on the mechanism of τAssets.
• See STP 8 for details on Restorative Rebase, which substantially enhanced the price pegs of all current and future τAssets.

Total initial liquidity of τDoge is proposed to be set at 150,000,000.

Here are launch parameters of τDoge initial liquidity event proposed; all time intervals are approximated by block accounts:

• Earned by staking BTCSTs: 75,000,000 (50.00%); distributed over 8 weeks; rewards halve weekly (determined by block counts).
• Earned by staking τBitcoin: 750,000 (0.50%); distributed over 8 weeks; rewards halve weekly.
• Earned by staking BEP-20 Doge (i.e., Binance Smart Chain version of Dogecoin): 750,000 (0.50%); distributed over 8 weeks; rewards halve weekly.
• Earned by staking τDoge: 4,500,000(3.00%); distributed over 8 weeks; rewards halve weekly.
• BTCST will create four new vaults: BTCST-τDoge, τBitcoin-τDoge, Dogecoin-τDoge, τDoge-τDoge to allow for the synthetic mining of τDoge proposed above.

Here are airdrop parameters of τBitcoin proposed; all time intervals are approximated by block accounts:

• One-time airdrop to PancakeSwap Syrup Pool: 1,500,000 (1.00%); distributed following Syrup Pool rules; users may visit PancakeSwap’s syrup pool to claim syrup pool airdrops.
• Airdropped to PancakeSwap τBitcoin-BTCB Liquidity Providers: 1,500,000 (1.00%); distributed over 8 weeks; rewards halve weekly; to be eligible for a week’s τBitcoin-BTCB LP airdrop, a user must be a τBitcoin-BTCB LP on PancakeSwap for the preceding week and maintained at least USD 1000 in τBitcoin-BTCB liquidity; the amount of τDoge airdrops that a user is eligible to receive is proportional to the user’s average balance of τBitcoin-BTCB LP Tokens for the preceding week.
• Airdropped to BTCST holders: 600,000 (4.00%); distributed over 8 weeks; rewards halve weekly; to be eligible for a week’s BTCST Holder airdrop, a user must hold BTCST in a personal wallet (exchange accounts and other similar custodian accounts are ineligible for the airdrops) for the preceding week and maintained at least USD 1000 of average BTCST balance; the amount of BTCST Holder airdrops that a user is eligible to receive is proportional to the user’s average balance of BTCSTs for the preceding week.
• Same with τBitcoin, τDoge is available in the Airdrop page of our dApp.

τAsset treasury will reserve 60,000,000 (40%) of τDoge’s initial liquidity for community grants and other ecosystem building purposes.