Launched yesterday on the decentralized exchange Uniswap, the "Bitcoin on Ethereum" BTC20 token is proving excellent advertising for staking. Indeed, 54% of tickets are now deposited in the smart contract.
As of this writing, $3,699,472 is in staking with an annual APY yield of 71.04%, according to the latest real-time data on the BTC20 site's dashboard.
BTC20 maintains its presale price of $1 and is expected to gradually gain in value as investors buy the token for staking.
However, the team announced yesterday that they have launched a buyback program using funds raised from the presale. So far, $70,000 has been purchased.
The price of BTC20 is trading at around $0.98, according to data from DEXTools.
The "Buy and Stake" function will be available next week
Staking on BTC20 started on Wednesday and was very successful. Investors are rushing to take advantage of the generous annual return.
Stakers must block their tokens for a minimum period of seven days.
As more and more buyers flock to take advantage of this tasty yield, the team intends to introduce a "buy and stake" button to make the buying and staking process easier.
Tokens can be staked for an indefinite period. Yield dynamically accumulates every 10 minutes.
It is optional to fix the duration you wish to stake in advance. To claim your rewards, simply withdraw your tokens to end staking.
The price of BTC20 is currently $0.98, a slight discount from the presale price. However, token holders are likely to benefit when the price of Bitcoin rises.
The latest data on consumer price inflation in the United States for July (3.2%) is favorable for the price of Bitcoin. Indeed, the rate continues to approach the US Federal Reserve's target rate of 2%.
As a greener and more efficient version of Bitcoin that runs on the Ethereum blockchain and generates a return, BTC20 is positioned to take advantage of Bitcoin's rising price.
Lower inflation reduces pressure on the Fed to raise interest rates, which is good news for risky assets like Bitcoin and, by extension, BTC20.
Furthermore, as Bitcoin's mining reward nears its halving in April 2024, Bitcoin is likely to experience a new bull cycle due to the slowdown in the production of new coins.
A stable BTC20 price lays the foundation for further advance
The BTC20 token offers a compelling passive income opportunity through its staking and liquidity provision options. This is why its price evolution will remain dynamic.
The trading volume on Uniswap V2 is $2 million, and the token's capitalization is close to $20 million. The trading volume on Uniswap V3 is $284,000.
Cryptocurrency price stability is rare, except for stablecoins tied to a non-crypto asset such as fiat currency or gold.
It should be noted that BTC20 established a solid price base just 24 hours after trading began. This creates the conditions necessary to attract participants with a low tolerance for risk.
However, price volatility is the way to gain. For BTC20, the direction of this volatility is likely to be positive, following the upward trajectory of Bitcoin price.
Over the next few days, the bullish scenario described above for Bitcoin will provide momentum for BTC20 trading pairs. There's no better time to buy.
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