Introducing mBTC — Unleashing Satoshi’s 1 Million Bitcoins

As the first value-pegging protocol, the Most protocol has been showing its potential since its launch. The MOST token, which pegs to USD, is the first demonstration that an algorithmic stable token is possible.

Can we build more with the Most protocol? As long as there is a price, we could use the Most protocol for pegging to any asset. Here we would like to introduce a new token — mBTC, the first value-pegged non-stable token.

Similar to the MOST token, mBTC is a token targeting to peg to 0.001 BTC (1 millibitcoin). The supply change rule is similar to the MOST token, aka deflating supply when the price is above ₿0.001, and inflating supply when the price is below ₿0.001.

However, unlike the MOST token with no token supply limit, mBTC will have a maximum token supply that retains the scarcity like Bitcoin.

As you might know, Satoshi Nakamoto has been disappeared for years. The 1 Million Bitcoins owned by Satoshi haven’t moved since the genesis of Bitcoin, even though we all know its existence.

Is there a way to release these Bitcoins without actually decrypting Satoshi’s private key, but with community consensus? The Most protocol is the key. We are going to lay out the details of mBTC below.

Initial mBTC Supply and Token Distribution

420K mBTC (420 BTC), Initial token supply
5% (21K mBTC), Team allocation with 1-year lockup
45% (189K mBTC), OTC & Uniswap listing
50% (210K mBTC), Liquidity mining & Community building

Maximum mBTC supply

1 billion mBTC (1 million BTC), Satoshi’s 1 million Bitcoins

Supply Change Stages

Stable Supply Stage: When the oracle rate is between ₿0.00106 — ₿0.00096, there is no rebase, thus no change in supply.

Inflation Supply Stage: When the oracle rate is below ₿0.00096, there is a positive rebase; thus, supply increases. The inflation rate is: (1 — oracle_rate) / 10 (Maximum 10% inflation rate).

Deflation Supply Stage: When the oracle rate is above ₿0.00106, there is a negative rebase; thus, supply goes down. The deflation rate is: (oracle_rate — 1) / (oracle_rate * 10) (Minimum -10% deflation rate).

mBTC Token Address

0x88923648E81eDE80949e1EC9832d280eA5eaeEC2 (Etherscan)

OTC

mBTC will firstly be available for OTC trading for the MOST token holders. The OTC trading rate is 1 mBTC = 5 MOST. Please PM the Telegram admin (@mostmoment) for the confirmation of OTC. Once it is confirmed, please send MOST to the unique admin account at:
0xFF5Cc0D04ceCe66CE71446a75c8a107D4A4Cb2C1
The corresponding amount of mBTC will be sent back to the sender’s address.

mBTC/MOST Uniswap Listing

With these exchanged MOST through OTC, we will create a MOST/mBTC trading pair with a starting price from 1 mBTC = 5 MOST so that more MOST holders can exchange MOST with mBTC through Uniswap.

mBTC/WBTC Uniswap Listing

We will purchase some WBTC using the remaining USDC in the admin account so that to create an mBTC/WBTC trading pair. The trading pair will serve as the mBTC oracle price feed. The rebase will be activated in due time.

More DEXs Listing

To increase the utility of mBTC & MOST, we will actively list them in more DEXs. One thing to notice that since we provide the MOST/USDC liquidity, we have earned more than $40,000 transaction fee. This validates our vision On Layer-1 Defi. If we keep the adoption rate, the Most protocol will become the backbone of the Defi ecosystem. To further secure the protocol value, we will use all transaction fee income to buy back mBTC and MOST monthly.

LP Token Liquidity Lockup

Crypto is a fast-changing space. Learning the lesson from the MOST launch, we are going to lock LP tokens into three TimeLock contracts with one month, two months, and three months lockup period, respectively. This will make sure we can not unlock all LP tokens at once and give us the flexibility to adjust the trading pairs and liquidity from month to month.

Liquidity Mining

Liquidity mining has proven to be an excellent community-building mechanism. 50% of the initial token supply is reserved for liquidity mining. More details will be announced shortly after this.