Using Chainlink Oracles Live on Mainnet to Rebase Digital Assets, Reimagining How Blockchain Tokens Function
Chainlink’s market-leading oracles allow users to broadcast any data from outside the blockchain (off-chain) onto the blockchain (on-chain), directly connecting smart contracts to the real world and empowering novel products like decentralized loans, insurance, assets, and more. Expanding upon these oracle-enabled use cases, we have integrated Chainlink with xBTC live on mainnet to launch a new product type that uses Chainlink oracles to dictate a token’s economics. This first of its kind integration creates a spot price for a novel data point that has never before had a spot price: Bitcoin Market Cap Dominance (BMCD). …
When something new is created it is instructive to compare it to the most analogous instrument you can find. At the founding of Ampleforth (AMPL) they compared themselves to Bitcoin and considered the question: “What is the smallest change we can make to Bitcoin that is economically interesting?”. At the founding of xBTC we compared ourselves to Ampleforth and considered the question: “What is the smallest change we can make to Ampleforth that is economically interesting?”. We believe we have found that answer and will look at a direct comparison to explore the revolution that xBTC brings to the space.
Before the similarities, one key difference between xBTC and AMPL: AMPL is a pegged currency, xBTC is a pegged synthetic derivative. AMPL pegs their price to a dollar, creating a pegged currency. We peg our price to a novel oracle: Bitcoin Market Cap Dominance (BMCD), giving BMCD a spot price and making it tradable. …
xBTC is excited to announce the launch of our Mint Protocol this week. Liquidity is essential to any project and especially one that is either a currency or asset. xBTC aims to become a tradable form of Bitcoin Dominance. It does this by rebasing to Bitcoin Dominance, creating an open market synthetic asset. As every single altcoin goes up in dominance, positive rebases become more likely to happen with more frequency and larger size. Liquidity can enhance this tracking of altcoin dominance.
Liquidity Pools and Collateralization
As liquidity pools for xBTC grow in size and quantity xBTC becomes collateralized by altcoins. As an example, if xBTC were paired with Ethereum in a liquidity pool let’s look at what happens when Ethereum doubles in…
The wait is over. xBTC has publicly launched!
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This blog post is NOT FINANCIAL ADVICE!
The team behind xBTC is Social Capital. Our founding members want to build the next generation of finance with their community. xBTC is just the beginning for Social Capital. We will offer a suite of products that rethinks digital assets, making them more accessible and rewarding. We want our mission and products to spread to as many people as possible — improving their results and experiences.
Visit us: xbtc.fi
xBTC will be Mooniswap’s first exclusive token launch
What is the significance of this partnership?
This is the first partnership of its kind. As DEXes become more competitive and innovative, we see the future of token launches shifting in this direction. We are setting the standard for a DEX launch: through this partnership we are showing the power of our team, innovation and reach. We foresee DEXes battling over future token launches and creating more decentralized initial offerings. …
Re-imagine Investing with xBTC
xBTC is the first product by Social Capital. xBTC is a rebasing token that tracks Bitcoin market cap dominance as its target price. The concept behind xBTC is simple. Bitcoin is the current market cap leader. As other digital assets grow and new tokens are introduced into the market, they will incrementally challenge Bitcoin’s market cap.
xBTC intends to leverage the aggregate growth of all other digital assets that will naturally compete for market cap. As the institutional investment herd migrates to Bitcoin, the digital asset awakening has already seen an influx from a wide range of investors. Bitcoin’s market cap dominance will be challenged as the digital asset space evolves. New market participants are drawn to an array of value propositions and investment instruments (e.g. …