After spending some time in the DeFi world, staking and farming my coins to earn another token, I was able to come across another opportunity where I could let my crypto or money work for me.
Some time ago, I bought BTCST after the re-denomination of this token. I thought it was a good investment as it is related to Bitcoin. Lol 😂 I bought it at the price of $39 each thinking that it's already the dip, but it kept dipping and now the current price is $34. I couldn't sell it at a lower price so I searched for ways on how I'm going to take advantage of it while waiting for its price to pump again.
My first option was to farm it at Pancakeswap by pairing it with BNB to earn CAKE but the APR is too low. Then I stumbled upon the DApp of this token which is the BTCST Finance. I already knew about this before after reading it in PVM's article, which is why I even planned to sell all my Bitcoin to buy BTCST and farm BTC with it. But having a messy decision, I didn't do it.
So enough with my monologue, and let's talk more about what BTCST is.
What is BTCST?
"BTCST or Bitcoin Standard Hashrate Token was launched on Binance Smart Chain (BSC) on Dec. 13, 2020. It is collateralized by Bitcoin’s hashrate, with each token representing 0.1 TH/s of Bitcoin mining power at an efficiency of 60 W/TH. As such, miners contribute their computational power to the platform in exchange for newly minted BTCST tokens.
BTCST’s goal is to bridge liquidity to Bitcoin’s mining market. This will allow users to get exposure to mining rewards and hashpower of any size, at a low cost. The ultimate goal of the app is to increase the liquidity and efficiency of mining power markets."
-CoinMarketCap.com
What Makes BTCST Unique?
"BTCST is a token collateralized by real Bitcoin mining power; by staking BTCST, holders can receive daily Bitcoin contributions that correspond to the staked mining power. As such, BTCST allows users to mine Bitcoin from inside the decentralized finance (DeFi) ecosystem.
BTCST tokens can only be issued when eligible miners choose to standardize and tokenize Bitcoin hashrate. This is why the project hasn’t had any private or public sale events. The total supply cap is determined by the sum of all BTCST tokens staked on the app."
-CoinMarketCap.com
BTCST Finance currently has 5 vaults where you can stake your coins to mine other tokens. If you stake BTCST, you get to mine BTCB, BTCST, or tBitcoin. If you stake BTCT, you will mine tBitcoin. And if you stake tBitcoin, you will mine tBitcoin.
I only have BTCST and mining tBitcoin has the highest APY so I chose this option.
After less than an hour of staking my BTCST on the BTCST Finance, I was able to mine 0.00001257 tBitcoin or equivalent to $0.75, which is not bad at all. Once I mine more tBitcoin, I will also stake it on the vault to mine more tBitcoin. 1 tBitcoin is equivalent to 1 BTC.
If you also have BTCST, staking it on BTCST Finance is the best way to take advantage of it because you'll be able to earn money while waiting for it to pump.
At the end of the month, I will check how much was I able to earn from it and add it to my Passive income report.
If you plan to stake BTCST too, the process is the same as staking on Cub Finance or Pancakeswap.
Related Articles:
Building Passive Income on Cub Finance: Farms and Dens
Building Passive Income on Pancakeswap Finance: Farming CAKE-BNB LP
Dami talagang pinagkakaabahan nito, pahinga la naman oi. Asikasuhin mo muna si Jc mo, haha. Mejo diko gamay ang defi kaya utay utay lang ako, one step at a time kung baga.