BitStable is a unique decentralized protocol on the Bitcoin blockchain that allows you to create, trade, and manage synthetic assets. It uses a dual-token system, with the DAII stablecoin and the BSSB governance token. DAII preserves stability by leveraging Bitcoin ecosystem assets, whereas BSSB promotes community-driven governance.

The protocol is notable for its cross-chain functionality, which enables seamless interaction between the Bitcoin and Ethereum networks. BitStable’s innovative methodology addresses liquidity difficulties in the Bitcoin chain while also broadening the scope of decentralized finance (DeFi) in the cryptocurrency industry.

What is BitStable?

Source: https://bitstable.finance/

BitStable emerges as a game-changing system in the cryptocurrency world, working primarily on the Bitcoin blockchain. It aims to change how we think about digital assets by providing a unique framework for their creation, trade, and management. The basis of BitStable is its revolutionary method of increasing liquidity on the Bitcoin chain, accomplished through a dual-token structure and connectivity with other blockchain platforms.

BitStable is built around the DAII stablecoin, a digital currency that derives its stability and value from Bitcoin ecosystem assets, including BRC20, RSK, and the lightning network. The DAII stablecoin acts as a source of stability in the often volatile cryptocurrency market, making it a dependable option for both trading and investing. One of DAII’s distinguishing advantages is its cross-chain functionality, which not only caters to Bitcoin users but also integrates the Ethereum community, resulting in a more united and versatile blockchain environment.

Additionally, BitStable introduces the BSSB coin, which serves as the platform’s governance token. Holding BSSB grants its holders the ability to make decisions and influence the direction of the BitStable protocol. This coin is more than just a governance tool; it represents a stake in BitStable’s growth and success, with holders receiving a piece of the protocol’s financial success through dividends and other incentives.

BitStable’s DAII module is a platform cornerstone that primarily generates and manages the DAII stablecoin on the Bitcoin network. Given Bitcoin’s inherent constraints regarding smart contract functionality, the DAII module is designed to handle the minting and burning procedures efficiently, beginning with the ORDI asset.

The protocol makes it possible to generate DAII in various ways, including using BRC20 $ORDI tokens, spot bitcoin, or BTCB - a Bitcoin-pegged currency on the BNB Chain. This multiplicity of generation methods demonstrates BitStable’s versatility and adaptability in the crypto market.

Furthermore, BitStable’s DAII Collateral Module, a critical component, assures the stability of the DAII stablecoin by over-collateralization. This module is crucial for sustaining DAII’s balance and stability by employing various assets as collateral, primarily focusing on the ORDI asset in its early stages. The over-collateralization feature is critical to the stablecoin’s stability, especially in the unpredictable cryptocurrency market, and ensures that DAII stays a dependable and trustworthy digital money.

History of BitStable, Origins and Key Persons

BitStable is a pioneering decentralized asset system in the Bitcoin blockchain landscape. Its origins can be traced back to the necessity for a system capable of creating, trading, and managing synthetic assets, particularly on the Bitcoin network. The protocol was designed to handle asset liquidity issues within the Bitcoin ecosystem in a novel way, using a dual-token system and a cross-chain compatible structure.

BitStable’s development has revolved around the DAII stablecoin and the BSSB governance token. DAII, which derives its value and stability from Bitcoin ecosystem assets, was founded to provide stability in the turbulent cryptocurrency market. BSSB, on the other hand, was established to provide community people with decision-making authority, representing a responsive and inclusive governance style.

Although not expressly stated in the public documentation, the key people behind BitStable are most likely blockchain inventors and specialists with a thorough understanding of Bitcoin’s infrastructure and the broader cryptocurrency ecosystem. Their objective was to develop a protocol that not only meets the needs of Bitcoin consumers but also integrates the Ethereum community, resulting in a more connected and fluid blockchain environment.

How Does BitStable Work?

BitStable runs on the Bitcoin network, allowing for the creation and management of the DAII stablecoin. Key components include the DAII Module, DAII Chronogram, Core Module, Collateral Module, DAII Farming, and BSSB Module. These modules work together to control DAII creation, collateralization, and stability and enable farming and governance via BSSB tokens. BitStable focuses on secure minting, over-collateralization, and cross-chain capabilities, connecting DAII to Ethereum’s ecosystem for increased utility. Its governance mechanism gives BSSB holders decision-making ability, promoting community-driven evolution.

Key Features of BitStable

DAII Stablecoin

DAII, BitStable’s stablecoin, provides a unique solution in the turbulent cryptocurrency industry. It is linked to the Bitcoin ecosystem, which ensures stability and dependability for traders and investors. This technique reduces the usual cryptocurrency risks by offering a safe asset refuge during market volatility.

BitStable’s dual-token system

The system includes DAII and BSSB, and combines stability and democratic control. DAII ensures market stability, whereas BSSB gives holders voting rights and a stake in the protocol’s success. This method fosters a balanced environment where financial security coexists with community-based governance.

Launch on Bounce Launchpad

BitStable’s launch of its $BSSB token on Bounce Private Launchpad is a notable feature of the protocol. With a total supply of 10.5 million $BSSB and a $500,000 fundraising target, the launch is structured in two rounds. The first round, comprising 60% of the supply, involves a pledging auction where participants can exchange $AUCTION tokens for $BSSB. The second round, accounting for 40%, offers $BSSB at a fixed price of 0.0000233 ETH per token. This dual-round approach balances accessibility and fair valuation, highlighting BitStable’s strategic planning in its token launch.

Cross-Chain Functionality

BitStable offers cross-chain capability, allowing DAII produced on the Bitcoin blockchain to be transferred to the Ethereum network as an ERC20 token. This increases the liquidity and usability of DAII in the larger crypto economy. Once on the Ethereum blockchain, DAII can be exchanged for other stablecoins such as USDC or USDT. The BitStable platform has teamed with MultiBit Bridge to facilitate cross-chain transactions between Bitcoin, Ethereum, and other Layer 1 blockchains.

DAII Module

The DAII Module in BitStable is essential for administering the stablecoin DAII on the Bitcoin blockchain. Addressing Bitcoin’s smart contract restrictions, it simplifies the minting and burning operations, starting with ORDI assets. Users can generate DAII by collateralizing permitted assets, primarily ORDI.

Source: https://www.odaily.news/en/post/5191284

To redeem collateral or convert to USDT on Ethereum, DAII must be restored to its BitStable balance. The module also supports cross-chain capabilities, allowing DAII to connect with Bitcoin and Ethereum. This improves liquidity and encourages participation in mining and other economic activity across both chains, with mining incentives delivered in BSSB.

Source: https://www.odaily.news/en/post/5191284

Collateral Module

The Collateral Module’s emphasis on over-collateralization with assets such as ORDI offers a solid basis for DAII’s stability. This risk-mitigation method is critical for preserving confidence in the stablecoin, particularly in a volatile market.

BSSB Governance Token

The BSSB token is a cornerstone of BitStable’s governance, giving holders a say in the protocol’s destiny. This coin represents more than just governance; it’s a stake in BitStable’s future, aligning holders’ interests with the protocol’s growth and success.

Mining and Rewards

BitStable also has a mining and reward structure. Users can connect their DAII to the Bitcoin network and participate in mining activities, earning rewards from BSSB tokens. This aligns user incentives with the governance and stability of the BitStable ecosystem.

Liquidity and Market Integration

BitStable’s approach to combining the existing cryptocurrency market with DeFi represents a significant advancement in digital finance. It expands the breadth and accessibility of cryptocurrency assets, making them more useful and adaptable in various financial scenarios.

BSSB Tokenomics

The distribution of BitStable’s token, $BSSB, indicates a total supply of 17.85 million. The allocation contains 41.2% for the public sale, 5.9% for the team (locked for six months with linear vesting over 15 months), 4.1% airdropped to MUBI holders, 42.9% set aside for staking incentives, and 5.9% for liquidity provision (locked indefinitely). Staking entails using DAII to earn BSSB awards at a fixed daily rate. BSSB can also increase the weight of staked DAII, which affects reward distribution. This structure strikes a compromise between the requirement for liquidity, incentives for long-term investors, and team loyalty.

Source: BitStable Website

Is BitStable a Good Investment?

To determine whether BitStable is a smart investment, numerous aspects must be considered, including market trends, personal investing objectives, and risk tolerance. BitStable’s unique characteristics, such as its DAII stablecoin, dual-token structure, and cross-chain functionality, make it a compelling blockchain choice. However, like with any investment, especially in the volatile cryptocurrency market, it is critical to undertake extensive research and get guidance from a financial specialist. Investment decisions should be made with a thorough awareness of the risks and potential benefits of the particular investment.

How Can You Own BSSB?

Going through a centralized cryptocurrency exchange is one approach to acquiring BSSB. The first step is to create a Gate.io account and complete the KYC process. Once you have deposited money into your account, follow the instructions to purchase BSSB on the spot or futures market.

News on BSSB

Security vulnerability of BitStable

BitStable, a decentralized asset platform on the Bitcoin blockchain, encountered security vulnerabilities during its public sale on Bounce Finance. This case entailed an unauthorized person gaining access to a considerable percentage of the BSSB token supply due to a DDoS attack and contract interactions. In response, BitStable implemented actions to address the distribution of BSSB coins and comply with its strategic roadmap. This includes destroying 75% of the BSSB tokens used in the fixed swap auction, leaving the remaining 25% claimable.

Strategic USDT Custody Move

BitStable Protocol has announced a significant development in its financial management strategy. In a recent move, the protocol has successfully transferred 1 million USD worth of USDT into the secure custody of Mainnet Digital. This decision aligns with BitStable’s detailed custody workflow, prioritizing the safe and regulated handling of funds. This initiative is more than just a secure custody arrangement. It opens up avenues for generating passive interest on the consolidated USDT deposits. The process involves a third-party Licensed OTC provider, who facilitates funds transfer to a BitStable account with Tiger Broker. From there, the funds are strategically placed into Fullerton Fund Management.

Source: BitStable Twitter