After being listed on Binance, Bitcoin Standard Hashrate Token price recorded 12,400% growth
Five days ago, Binance announced the launch of the Bitcoin Standard Hashrate Token (BTCST) on Binance Launchpool. Then, they also called for users to farm BTCST by staking BNB, BUSD, and CTK. And today, the Bitcoin Standard Hashrate Token price has just increased 125 times after being traded on the Binance exchange.
BTCST/BTC 1-day chart | Source: TradingView
What is Bitcoin Standard Hashrate Token?
Bitcoin Standard Hashrate Token (BTCST) is a BEP-20 token collateralized with 0.1 TH / s real Bitcoin mining power. The Bitcoin Standard Hashrate Token (BTCST) provides liquidity for Bitcoin mining. By staking BTCST, holders will receive a daily Bitcoin distribution that corresponds to 60W/TH mining power.
BTCST creates an efficient marketplace among Bitcoin miners. By trading BTCST, market participants are free to enter and exit Bitcoin mining of any size, anytime, and at low cost.
Binance listed BTCST, the token price increased 125 times
Binance listed BTCST into the innovation zone at 6:00 am on January 13, 2021 (UTC) and opened trading with BTCST/BTC, BTCST/BUSD, and BTCST/USDT trading pairs.
According to Binance introduced, this is the 15th project of Binance Launchpool. Each BTCST is collateralized equal to 0.1 TH/s and standardized into a 60 W/TH efficiency.
After being listed on the exchange, the BTCST price immediately increased 125 times, from 8 USD sharply increased to 1,000 USD, recording a 12,400% increase.
However, after that vertical candle, BTCST has steadily declined and is currently trading around $ 77. However, BTCST also promptly put its name on the list of the best performing coins on Binance with a nearly 900% growth.
BTCST is a DeFi project without risks of impermanent loss. When a user un-stakes BTCST, the user is safeguarded by code to retrieve the same amount of BTCST along with the accrued Bitcoin mining rewards. BTCST has passed the scrutiny of CertiK, one of the world’s leading blockchain security firms, scoring a 98 out of 100 in a security audit.
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