Bitcoin Alternative BTC20 Price Ready to Pump as Buybacks Kick in and 54% of Supply Staked
Launched on Uniswap decentralized exchange yesterday, 'Bitcoin on Ethereum' coin BTC20 is proving an excellent advert for staking, with 54% of tokens now deposited into the smart contract.
At the time of writing, $3,303,345 has been staked at a current annual percentage yield of 79.47%, according to the latest BTC20 website real-time dashboard data.
BTC20 continues to hold its presale price of $1 and is expected to steadily appreciate in price as yield seekers buy the coin to stake.
However, the team announced yesterday that it had started a buyback program using funds raised in the presale. So far, $70k has been bought.
The BTC20 price is trading at around $0.94, according to data on DEXTools.
The design of the BTC20 token mirrors the emission schedule of Bitcoin since 2011, so currently, 50 BTC20 are minted at a block production rate of one every 10 minutes.
Stakers are sitting on a valuable income stream by having a claim on the staking pool in proportion to the number of coins they have deposited into it.
When BTC20 was listed yesterday, it spiked to $2.6 as whales added liquidity to the BTC20/WETH trading pair. But it is not just whales who are adding liquidity.
On the Uniswap V2 exchange, liquidity providers earn 0.3% of the value of each transaction. The BTC20 team created the trading pool on V2, but community members have now also created a V3 pool (BTC20/SDEX), where the pool fee for LPs is 1%.
The combined liquidity on Uniswap V2 and V3 now stands at an impressive $332k. On V2, 87% of the $153k liquidity in the contract is locked for 12 months.
For more on how to provide liquidity for BTC20 on Uniswap, visit the guide on the token website.
BTC20 staking began on Wednesday and was a great success as investors rushed to
Read more on cryptonews.com
