Purpose

This STP 6 decides the initial liquidity and airdrop parameters of BTCST’s first synthetic asset, τBitcoin. If this STP 6 is passed, synthetic mining of τBitcoin by BTCST stakers and airdrops for other ecosystem participants will commence via BTCST’s dApp on March 26, 2021 at 08:00pm (SGT) the earliest.

Details

BTCST has implemented τ protocol to empower users to stake BTCST in return for synthetic assets. The first τAsset to be synthetically mined by staking BTCST is τBitcoin, a synthetic Bitcoin that brings Bitcoin to DeFi. See the τ protocol whitepaper for more details on the mechanism of τAssets.

Total initial liquidity of τBitcoin is proposed to be set at 2,100.

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

• Earned by staking BTCSTs: 1,050 (50.00%); distributed over 8 weeks; rewards halve weekly.
• Earned by staking BTCBs: 21 (1.00%); distributed over 8 weeks; rewards halve weekly.
• Earned by staking τBitcoins: 84 (4%); distributed over 8 weeks; rewards halve weekly.
• BTCST will launch a new version of its dApp with three new vaults -- BTCST-τBitcoin, BTCB-τBitcoin, τBitcoin-τBitcoin to allow for the synthetic mining of τBitcoin proposed above.

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

• One-time airdrop to PancakeSwap Syrup Pool: 10.5 (0.5%); distributed following Syrup Pool rules; users may visit PancakeSwap’s syrup pool to claim syrup pool airdrops.
• Airdropped to PancakeSwap BTCST-BNB Liquidity Providers: 10.5 (0.5%); distributed over 8 weeks; rewards halve weekly; to be eligible for a week’s BTCST-BNB LP airdrop, a user must be a BTCST-BNB LP on PancakeSwap for the preceding week and maintained at least USD 1000 in BTCST-BNB liquidity; the amount of tBitcoin airdrops that a user is eligible to receive is proportional to the user’s average balance of BTCST-BNB LP Tokens for the preceding week.
• Airdropped to BTCST holders: 84 (4%); 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.
• BTCST’s new version of dApp will feature an Airdrop page to allow users to connect their wallets to view and claim BTCST-BNB and BTCST Holder airdrops.

τAsset treasury will reserve 840 (40%) of τBitcoin’s initial liquidity for community grants and other ecosystem building purposes.