The resurgence of Bitcoin, seemingly against odds, has astounded market spectators as ERC-20 based Bitcoin off-shoot projects see increased traction. The recent meteoric rise of BITCOIN (an ERC-20 token) exemplifies this, with a dazzling increase of 9,500% in its value. Driving this surge is an influx of $8.7 million in volume over the past 24 hours, along with the growing number of 6.7k holders seeking opportunities in the next Bitcoin off-shoot.
Simultaneously, BITCOIN2, another direct DEX coin, boasts of 2,000% return since its launch three days back. Even though BITCOIN2’s initial success may be fleeting due to a localised retracement, investors are nonetheless exhilarated by the $2.2 million volume surge that has pushed the token to the fore.
However, one cannot ignore the uncertainties surrounding these tokens. After all, it’s not unfamiliar to witness a significant drop after a colossal pump. The lack of committed development teams and the chaotic tokenomics could exacerbate these issues. Given this, it is reasonable to question the viability and longevity of these tokens.
Yet, as pessimism shadows these straight-to-DEX offerings, a silver lining emerges with another Bitcoin offshoot – BTC20. Developed by a committed team, BTC20 aims for a project growth spanning 120 years. With nearly $200k volume influx in the first 24 hours, BTC20 seems to be an earnest project bolstered by its pre-sale fundraising affair.
The unique part? BTC20 is Bitcoin, only better. It uses ERC-20 proof-of-stake technology and aims at minting a new generation of Bitcoiners. The project’s other noteworthy feature is its promise to drastically reduce Bitcoin’s carbon footprint, an issue that has been haunting traditional Bitcoin due to its high-energy-consuming proof-of-work model.
Aside from being a greener alternative, BTC20 also envisages reinventing Bitcoin’s benefits. They will soon introduce a stake-to-earn mechanism set to launch later this year. This will serve double rewards to committed holders and will proportionally distribute locked tokens, thus creating a better way for Bitcoin transactions.
Despite its many promises, BTC20 is in its nascent stages. Its long-term sustainability will heavily depend on market dynamism, the commitment of its developers, and it managing to carve a niche for itself amongst top-tier cryptos. Will BTC20 be able to live up to its expectation or fade away as just another Bitcoin off-shoot? Only time will be able to answer such a paradox.
For all eager minds, find your way to the BTC20 whitepaper and delve into the technology driving this project. Meanwhile, keep an eye on the market trends and maneuver your moves wisely!
Source: Cryptonews
