BTCFi Pre-Launch Event

Bifrost
Bifrost
Published in
5 min readMar 14, 2024

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With Bitcoin reaching unprecedented heights, it’s increasingly evident that investing in Bitcoin is a strategy that consistently proves its merit. As we anticipate the upcoming Bitcoin halving, our team has been diligently preparing BTCFi — a groundbreaking platform engineered to transform your Bitcoin investment journey.

The launch of this service is imminent, and our excitement is through the roof. To spread the enthusiasm, we’re inviting you to get a firsthand glimpse of what BTCFi offers. This platform empowers you to generate passive income from your BTC, and through our pre-launch campaign, you have the opportunity to earn rewards by depositing BTC, mirroring the benefits of the full service.

During this campaign, we’re distributing a total of 1.2 BTC among participants! Valued at around $73,000 USD as of March 14th, this giveaway is our way of expressing our gratitude to our early users, and to have our users experience what it’s like to generate passive income from just holding BTC.

Depending on how many BTC is deposited, the amount of reward received during this pre-launch period will be anywhere between 6% to 30% APY for users during the event period. When considering that most centralized BTC custody services offer returns of less than 1% for BTC, the potential yields from BTCFi present a compelling case for transferring your BTC from centralized exchanges to explore the advantages of a DeFi service.

Until now you’ve only seen the articles and the diagrams — but now it’s time for you to experience BTCFi.

BTCFi is the new way of investing in Bitcoin — it acts as a risk-minimized, revenue-earning DeFi finance service, as well as a convenient self-custody platform. By enabling Bitcoin holders to earn additional revenue through decentralized staking, BTCFi offers users unparalleled flexibility, autonomy, and the ability to participate in the decentralized finance ecosystem without compromising their Bitcoin holdings.

And now, you can experience what it is, by participating in our pre-launch. The details are as follows:

[How to participate]

Go to BTCFi Website

  1. Event details

This event is an event that rewards users that deposit BTC prior to the official launch of BTCFi, and to experience the actual service upon launch by minting BtcUSD to deposit into Everdex pool (BtcUSD-USDC).

  • Pre-launch period: March 14, 2024 ~ April 17th, 2024
  • The first 120 BTC depositors will be eligible for participation.
  • The total amount of reward is 1.2 BTC, and will be distributed according to how much point the user accumulates in comparison to the overall points given out.
  • The reward will be paid in BTC(BTCB).
  • The deposited amount will be rounded to the nearest 0.001 BTC.

2. Point calculations

  • 0.001 BTC deposited, or equivalent, will be counted as 1 point.
  • Points earned will be proportional to the BTC the user deposits, and to the deposits made by users referred by the referrer.
    Example) 1 BTC deposited = 1,000 points, 0.1 BTC deposited = 100 points
    If Alice refers Bob, and Bob deposits 1 BTC, both Alice and Bob are eligible for 1,000 points.

3. Referral details

  • Upon connecting a wallet(i.e. Pockie) at the “Points” page, the wallet address is imbued with a referral code automatically.
  • The referrer will receive points proportional to deposits made through their referral link.
  • There is no limit to how many users a referral link can invite, and only the person who the referral link originated from will be eligible for the referral points.
    Example 1) Bob deposits 1 BTC, through Alice’s referral link, both will receive points proportional to 1 BTC. (1,000 points)
    Example 2) If Bob is referred by Alice, but Bob does not deposit; instead, Bob refers Charlie, and Charlie deposits 1 BTC. Bob and Charlie will receive points proportional to 1 BTC (1,000 points), and Alice will not receive any points.
  • If the user connects their wallet through a referral link, their wallet will remain locked to that referral code.
    - The referral link will stay the same until the user connects using a different referral link.
    - To use a different referral link, you must connect using the referral link you want.
  • If the user deposit at least once using a referral code, then the wallet is locked to that referral code and will not be able to use another referral code.

4. Event participation

All of the below conditions must be fulfilled to be eligible to receive your reward. Please read the below carefully.

  1. The deposit must be made during the pre-launch period, through the BTCFi pre-launch page to be eligible for points.
    - BTC can be deposited from variety of different networks, using Bifrost Network’s cross-chain capabilities.
    - The supported networks are as follows .
    — WBTC: Bifrost, Ethereum, Arbitrum, Polygon
    — BTCB: BNB Chain
  2. After the launch of the service, use the “Migration” function within the service to migrate your deposited BTC.
  3. Mint up to 50% of the deposited amount in BtcUSD
    - You can mint an amount of worth up to 50% of your deposited BTC.
    Example) Deposit 10 BTC, mint up to 5 BTC worth of BtcUSD
  4. Deposit to Everdex BtcUSD-USDC Pool
    a. From the “Earn” page, click on “Deposit to Everdex”|
    b. Deposit minted BtcUSD to [BtcUSD-USDC] pool to complete your event participation.
    - The more BtcUSD you deposit, the higher the reward amount.
  5. Reward will be distributed over 4 weeks after the service launch.
    - The reward is calculated as per points earned at the end of the event, and stays constant throughout the distribution.
    - The reward is calculated with the updated total deposit amount, on a weekly basis.
    - If you withdraw during this period, your reward distribution will be halted.

<Timeline for reward distribution>

  • First week reward will be calculated 7 days after service launch.
  • First week reward will be distributed 9 days after service launch.
  • Second week reward will be calculated 14 days after service launch.
  • Second week reward will be distributed 16 days after service launch.
  • Third week reward will be calculated 21 days after service launch.
  • Third week reward will be distributed 23 days after service launch.
  • Fourth week reward will be calculated 28 days after service launch.
  • Fourth week reward will be distributed 30 days after service launch.

The Fine Print

  • Points are not updated in real-time.
  • The Bifrost Foundation, and any of the related entities, are not responsible for changes in prices of related tokens.
  • Any and all parts of this event are subject to change.

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Bifrost
Bifrost

Bifrost is the ultimate cross-chain L1 blockchain welcoming all DApps! www.bifrostnetwork.com