Place/Date: San Francisco, California - March 16th, 2021 at 1:12 pm UTC · 3 min read
Contact: TRON, Source: TRON | BTCST
The Bitcoin Standard Hashrate Token launched by Binance LaunchPool provides a tokenized representation of the Bitcoin network hashrate. The TRON Bridge facilitating this ecosystem’s ongoing growth went live on MARCH 16 at 09:00 AM SGT.
Global investors actively seek out exposure to Bitcoin in different ways. Tokenizing this network’s hashrate through the BTCST token provides investors with opportunities related to Bitcoin mining. BTCST offers broader exposure to this segment and creates DeFi opportunities for Bitcoin.
BTCST is backed by leading industry miners who represent 12% of the total Bitcoin mining community. Any miner can tokenize and standardize their hashrate if they so desire.
To further enhance the market circulation of BTCST, token issuer Standard Hashrate Group will officially join the TRON ecosystem. A TRON Bridge will launch on March 15 at 9:00AM SGT to convert BTCST-BEP20 to BTCST-TRC20 and vice versa. Bridging transactions will not impact the overall BTCST token circulation. Standard Hashrate Group and its miner members will convert 15,000 BTCST-BEP-20 to 15,000 BTCST-TRC20 via the TRON bridge.
Additionally, the staking, mining, and unstaking functionality of the token remain exclusive to Binance Smart Chain users, as BTCST-BEP20 holders are the only ones who can access the DApp.
Choosing TRON as a blockchain to expand our ecosystem allows Standard Hashrate Group to enrich the application scenarios of BTCST. TRON provides high-speed performance and low network fees, two aspects that will prove beneficial for the token’s future adoption. Furthermore, SHG will form new partnerships with the existing TRON ecosystem to elevate the future of Bitcoin and DeFi in the upcoming BTCST v2 upgrade.
TRON is dedicated to accelerating and the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch on May 2018, network independence on June 2018, and TRON Virtual Machine launch on August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.
BTCST is the blockchain industry’s first Bitcoin leveraged hashrate token and the first hashrate token to launch on Binance Launchpool. Since BTCST launched, it has ranked first among Binance LaunchPool projects as measured by TVL.BTCST creates an efficient market for Bitcoin mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin. BTCST is a BSC-based smart contract with no private equity, zero venture capital, and zero team token reserves. BTCST completely relies on community autonomy and has passed the scrutiny of CertiK and Armor Labs, two of the world’s leading blockchain security firms.
BTCST has partnered with five institutional miners that together represent 12% of the entire Bitcoin hashrate: BTC.TOP, Easy2Mine, Genesis Mining, Atlas Mining, and Hengjia Group. BTCST is supported by Trust Wallet, MathWallet, TokenPocket, SafePal, and other wallets. At present, BTCST is listed on Binance and PancakeSwap.